The date of exclusion of a charge-off is set under FCRA 605(c) as 7 years plus 180 days from the date of first delinquency on the OC account.
Secion 605(c) also refers to charge-offs or "any similar acion."
A repo is, in my opinion, such a "similar action," as it is business accounting for loss on a debt. However, they cannot take their business accounnting based on repossession until they have the vehicle, so I dont see the reporting of a repo until they have possession.
They could report both. I would presume that each would have a CR exclusion date based on DOFD, and would both be equivalent in credit scoring effect.
IF they didn't repo the car, they can not claim it as a charge off....I'm pretty sure.
As you know the only way they can repo a car is if the person falls behind on the loan - however there is more to the repo than just taking back the car.
When they take back the car they then sell it at auction. Lets say you owed 1000 on the loan (we'll keep the math simple and just use round numbers) when they repo the car it doesn't matter what it may or may not be worth (blue book or dealer value) what matters is when they put it up for auction - usually by the following month - how much it sells and what is the high bid.
So lets say you owed 1000 and when it goes to auction they sold it for 900. They can only charge off the 100 PLUS any auction fees PLUS any repo fees (and filing fees and what not that may be associated). The action of charging off means that they are claiming that debt as a loss of income. If they didn't repo and sell the car yet, then they really can't claim ANYTHING as a loss yet.
NOW if you have the money to make good on your loan (I'm assuming you mean PIF the balance - not just what your behind) I'm sure if you call the bank and say "I can make a payment for the remaing principle right now with certified funds, I am willing to do so if you are willing to retract the repo and change my current lates to No Data on my report."
Your basically doing a PFD of the info that lead up to the repo. They will probaby tell you that they can't delete the info, but you might get lucky. Either way pay it off and get that title in your hand and check your reports after you get the title back in the mail. They will send you a debt satisfied letter saying that you paid off the entire loan principle and that the title is free and clear of any leins. IF after you get the title and this letter you have a CO on your credit reports, you can try sending a letter to the CRA and having that info removed and have it show as paid (which may have a series of lates but PIF as agreed would be better than paid CO with a manual review)
Most lenders will assume a series of lates is automatica with a repo though, so thats why you want to fight to get 1 or two of the most current lates off if at all possible when PIF the principle.