cancel
Showing results for 
Search instead for 
Did you mean: 

I have a question about a Charge Off From BMW

tag
Bouvan
Established Member

Re: I have a question about a Charge Off From BMW

I could pay like $300 a month towards what I put on my credit card ...

Before the Repo hit my credit report I took out a auto loan so I'm rebuilding now .. But the company only reports to Experian

My other option is to not put the $8500 on my credit card and this setup a payment plan with them .. If I do that then I would have to pay the full amount of $17,111.. I could this pay them $300 a month

If I do that will this account still drop off in 7 years

Thanks
Message 11 of 15
fury1995
Valued Contributor

Re: I have a question about a Charge Off From BMW

No. If you can keep yourself from paying $17k by paying the $8500, that's what you should do. Either way there will be consequences whether it's monatarily or adverse action.

The account will stay 7 years either paid/settled or unpaid and fall off no matter what. It's a charged off acount regardless.

Just make sure if you pay $8500 with credit that you can pay off the balances without falling behind on the cards. Try and use your lowest APR cards.
August 28, 2023 FICO 8

August 28, 2023 FICO BankCard 8

August 28, 2023 FICO Auto 8

citi-costco-ImgurCiti-Double-Cash
Message 12 of 15
fury1995
Valued Contributor

Re: I have a question about a Charge Off From BMW

And get the agreement to settle the account in full in writing and never lose that agreement.
August 28, 2023 FICO 8

August 28, 2023 FICO BankCard 8

August 28, 2023 FICO Auto 8

citi-costco-ImgurCiti-Double-Cash
Message 13 of 15
Anonymous
Not applicable

Re: I have a question about a Charge Off From BMW

If it's me I'll tell BMW collection to go kiss my ass.. U pay or not it's still staying on ur credit already.. So why pay it?? U already have another car loan out.. U have credit card still ur credit will go back up as that charge off gets older
Message 14 of 15
fury1995
Valued Contributor

Re: I have a question about a Charge Off From BMW


@Anonymous wrote:
If it's me I'll tell BMW collection to go kiss my ass.. U pay or not it's still staying on ur credit already.. So why pay it?? U already have another car loan out.. U have credit card still ur credit will go back up as that charge off gets older

Why pay it?

 

This is completely irresponsible advice.

 

The OP is within the Statute of Limitations for this debt.

 

BMW Financial could absolutely sue and the OP would have a Judgement and possible payroll and/or bank account garnishments and worse... liens attached to property in addition to having the reposession reporting.

August 28, 2023 FICO 8

August 28, 2023 FICO BankCard 8

August 28, 2023 FICO Auto 8

citi-costco-ImgurCiti-Double-Cash
Message 15 of 15
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.