topic Re: Capital One Auto Finance charge off Leave on report? or Settle? in Rebuilding Your Credit

Capital One Auto Finance charge off Leave on report? or Settle?

utmcx — Tue, 26 Oct 2021 04:03:17 GMT

Co signed a loan with CPAF back in 2012 and was dumb and stupid.

Got the cost of the loan down to 8k and stop paying for it.

They last reported on it 2016 but every month i get a charge off report.

Is it best to call and try to settle? If so how should I do this to best help my credit profile?

Should i just wait it out to drop off?

FYI Don't have the car anymore...

Re: Capital One Auto Finance charge off Leave on report? or Settle?

FireMedic1 — Tue, 26 Oct 2021 08:36:51 GMT

You'll keep getting CO reported each month until its satisfied. Either settlement or PIF. Depending on the SOL in your state is when the cut off point for when they can take you to court and go the legal route. What is it in your state? And the DoFD.

"If so how should I do this to best help my credit profile? " PIF or settle then its gone no longer affecting util. And the CO updates will cease.

Re: Capital One Auto Finance charge off Leave on report? or Settle?

utmcx — Tue, 26 Oct 2021 13:51:44 GMT

I'm in MA so it looks like 6 on a debit Account.

So it sounds like next year the SOL would be over?

Re: Capital One Auto Finance charge off Leave on report? or Settle?

FireMedic1 — Tue, 26 Oct 2021 17:02:59 GMT

Look at your reports. Whats the date of the first late that led to a charge off. Not when they updated last.

Re: Capital One Auto Finance charge off Leave on report? or Settle?

OmarGB9 — Tue, 26 Oct 2021 17:24:13 GMT

@utmcx wrote:
I'm in MA so it looks like 6 on a debit Account.

So it sounds like next year the SOL would be over?

Also, just because the SOL is over doesn't mean the credit reporting will stop. SOL and reporting period are 2 separate things. Even if they can no longer sue, the updates on your credit report will continue until paid or until the 7 years have elapsed.

Re: Capital One Auto Finance charge off Leave on report? or Settle?

utmcx — Tue, 26 Oct 2021 18:29:53 GMT

Thanks for your help in understanding this,

Looks like it was 03/16 was the first late payment

@FireMedic1 wrote:
Look at your reports. Whats the date of the first late that led to a charge off. Not when they updated last.