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Auto Charge off Still have Car

Member

Auto Charge off Still have Car

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?

Message 1 of 8
7 REPLIES
Valued Contributor

Re: Auto Charge off Still have Car

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?

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores Aug 2017: EQ 675 TU 695 EXP 698
Message 2 of 8
Member

Re: Auto Charge off Still have Car

That's for getting back with me! Status is charge off written off as loss. Amount was 8k roughly. Back in early 2015. I had a rough spot in real estate. Then when I had attempted to pay them what I was passed due they sent my payment back and said my account was charged off and I had to give them back the vehicle or pay them the full amount. luckily I'm still in possession of the vehicle.
Message 3 of 8
Valued Contributor

Re: Auto Charge off Still have Car

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?  

 

 

 

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores Aug 2017: EQ 675 TU 695 EXP 698
Message 4 of 8
Member

Re: Auto Charge off Still have Car

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.

Message 5 of 8
Valued Contributor

Re: Auto Charge off Still have Car

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. 

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores Aug 2017: EQ 675 TU 695 EXP 698
Message 6 of 8
Member

Re: Auto Charge off Still have Car

thank you so much for the info!

Message 7 of 8
New Contributor

Re: Auto Charge off Still have Car

You will need to pay in full.
They really have no reason to give you another loan
What is the long term plan for you ?
How will you sell the car with no title ? It's only getting worth less
Message 8 of 8