Credit Card Center Advertiser Disclosure†
03-19-2017 02:27 PM
Does anybody know if there is a way if Chase Auto will reinstate a loan from its charge off state if I still have the vehicle? I'm rebuilding my credit and would like to know if there is anyone that has any advice on trying to get this cleared up even its not paid off. Nor would they accept any payment. Do you know if I can refinance?
03-19-2017 09:05 PM
To give any kind of answer we need to know how old the charge off is and what the status is on the lien for the car. Also what the amount they charged off was etc. You say something about them not accepting payment, does that mean you have attempted to pay them and they refused?
03-20-2017 04:31 AM
03-20-2017 08:44 AM
My guess is they will repossess it at some point, by not paying the payments you defaulted so they can bascially demand the full amount. The problem with repossessions is that they send them to an auction and often times get a fraction of what you owe for the car and you end up legally owing them for the difference plus the fees associated with the repossesion. I am guessing you don't have 8 grand laying around (few of us do) and you cannot refinance a car with a lien that the bank won't release. They can seek a judgement and garnish wages etc etc so this isn't one that will go away, I have read stories of circumstances like this that go on for a while and then end in judgements, repossessions or both.
Do you know the value of the car? Also when did they charge this off?
03-20-2017 08:49 AM
It seems like that have stopped looking for the car since i've not let them into the neighborhood. We live in a Gaurded neighborhood, haven't recieved a letter from them. its a 2008 BMW 5 series with over 136k miles valued at 8k. charged off in 2015. I dont think in texas they can garnish wages but for sure a judgement but they have not sent me anything.
03-20-2017 08:55 AM
It may be that the value is low enough that they won't go after the car but the statute of limitations on the debt probably won't expire while you have the property secured with the lien. I would probably do a quick consult with an attorney and see if they have advice. I allowed a 2k credit card to get charged off years ago and right before the statute of limitations was ready to expire they filed a law suit, that would be what I would worry about. Really stressful. Fortunately I was able to work things out with them and had the ability to pay them to make it go away. Wish I could provide you a decent answer but its a tough situation.
03-21-2017 06:11 AM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.