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advice on what to do with a car you haven't paid on loan in 2 years

advice on what to do with a car you haven't paid on loan in 2 years

Balance: 

$8,033  

Date Updated: 

01/2011  

High Balance: 

$19,608 

Past Due: 

>$8,033< 

Terms: 

$0 for 62 months 

Pay Status: 

>Charged Off as Bad Debt<  

Account Type: 

Installment Account  

Responsibility: 

Joint Account  

Date Opened: 

03/2005 

Date Closed: 

01/2010 

Loan Type: Automobile

Remark: 

>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

Message 1 of 4
3 REPLIES
Established Contributor

Re: advice on what to do with a car you haven't paid on loan in 2 years

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.

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2011 Credit Goals
1. No Lates
2. Join the 700 club
3. No inquiries
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Message 2 of 4
Established Contributor

Re: advice on what to do with a car you haven't paid on loan in 2 years

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?


Starting Score: Eq: 662 Tu: 532 (03/02/2011) CH7BK 01/12/2009 Discharge
Current Score: Eq: 712 (02/03/2017) Tu: 717 (04/03/2013)
Goal Score: Eq: 760 Tu: 760

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Message 3 of 4
Valued Contributor

Re: advice on what to do with a car you haven't paid on loan in 2 years

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.

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Message 4 of 4