My paid off Auto Loan is reporting Charge Off

[RobertEG]

In order to charge a delinquent debt to profit and loss in their accounting ledger, they must have made the determination that the debt, in addition to being delinquent, had reached the point of delinquency wherein they determined that is was not going to be paid by the consumer.

In accounting lingo, the debt must be 'uncollectible."

One month is hardly basis for reaching a determination that the debt had become "uncollectilbe."  I doubt that it meets min. IRS requirments for them to have reported it as uncollectible bad debt.

I would contact someone up the management chain and inquire as to their basis for reaching the determination of uncollectibility necessary to support a charge-off.

[kbel03]

this is very similar to what i am dealing with Mitsubishi Motor Credit America for a leased vehicle I purchased (when the lease was over). They are showing as a charge off but paid in full. what happened with your situation? did they remove it?

[Dapper_Dan]

If you have a copy of your last auto loan statement, send that and the letter explaining the car is paid off to all the CRA's.  Request the CRA to remove the CO because it's reported in error.  You were never late on your payments.

[ezdriver]

I am curious about what that final payment was for? If you were paying with coupons, you would have paid your account in full. Is it possible that it is not even a valid charge to you? Somthing does not make sense. I'd go to the dealer from which you bought the car and ask the finance manager to help you. I have done that when the credit has done stupid thinngs or made ridiculous request [eg: one directed me to get an auto insurance policy with WORSE COVERAGE than I had]. I contacted the finance manager and he called his dealer contact and I never heard from them again.

Good less to learn as it is good practice to contact creditors when you think that you are about to pay the full balance on any account.