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Carmax charge off debt but I still have my car??

New Member

Carmax charge off debt but I still have my car??

I bought a car from Carmax about 2 years ago and after a year of making payments I came across some major financial troubles and was having a very hard time making payments on time.  Eventually, my car was very close to be being repossessed.  During this time, I was able to to talk to a Carmax representative about keeping my car only if I made a large down payment to make up the late payments.  I made the payment and was able to keep my car, ever since then I have been making my regular payments on time every month.  However, a few months after this happened I noticed on my credit that my Carmax loan was charged off instead of showing as a revolving debt. When I called Carmax to ask them about it, they said that the "late fees" that I paid was to go toward the charge off loan in order to pay it off.  Do I have any legal rights with this case?  Have you ever heard of such a thing?  It doesn't make sense to me that my loan is being reported as a charge off account when I am still in possession of my vehicle.  Any help is appreciated.

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Super Contributor

Re: Carmax charge off debt but I still have my car??

This is a duplicate post ~ locking to direct others here:

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Judgement-Lien-Car-Loans-and-Credit-Cards-loo...
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
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