01-19-2011 06:41 PM
$0 for 62 months
>Charged Off as Bad Debt<
Loan Type: Automobile
>Profit and loss writeoff<
Estimated date that this item will be removed: 02/2016
Above is what is shown on the credit report. Basically this is the story, loan was cosigned by someone who declared bankruptcy, I haven't made a payment on the thing in 2 years and no one has come to repo it. Can someone tell me what the above information is stating and what are my options as to what i can do to make it right? can they still come get it? why haven't they come for it?
Any help and insight would be greatly appreciated.....Thank you
01-20-2011 10:27 AM
Is the car at the address that was on the loan application? Is it possible they have come for the car and cant find it? Maybe if you have moved or if you used the other persons address and they dont know where you live?
The loan is charged off and usually repoed pretty quick I am also shocked that you have it after 2 years.
01-20-2011 11:14 AM
Were you the owner or the co-signer of the vehicle? Which bank is it? I am thinking that the bank just cannot find the vehicle. When you file bankruptcy against a collaterized debt, then the bank has the right to collect the collateral. Have you received any notices in your name with regard to the debt? Normally what happens is if the debt is discharged for the owner, then the bank will go after the co-owner if payments are not being made.
I doubt that you will be able to have this removed as it sounds to be reoporting correctly. It may be possible to request a PFD or a GW, but that would likely mean being prepared to take care of the balance in full. You would not be able to sell the vehicle or trade it in, as I'm certain the title still holds a lien against it.
Was there a particular reason why you decided to stop paying on the vehicle?
01-20-2011 05:37 PM
FYI: If you call the original lender, or any of the other lenders or do anything trying to research the vehicle- DO NOT under any circumstances send any cash, monies, or make any statements of willingness or intent to pay- doing that could reaffirm the debt and rotate you back into the SOL on it.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO