Here is my dilemma. In May 2014 I purchased a vehicle through Chrysler Capital. Made payments, but ended up in a super financial hardship & unable to make payments. I paid what I could. I gave Chrysler Capital new contact information including where the vehicle was located. Fast foward to January 2017. I totaled the vehicle in an ice storm. Made a claim with my insurance & they covered the value of the car. After reviewing my credit reports, I find out that the loan defaulted in August 2016 (which I expected). They wrote it off as a bad debt or something to that effect. I was under the impression my insurance company paid the entire loan off. After a little investigating and work on my end, I made contact with my insurance company because I knew that I had GAP coverage and my loan should have been paid in full (with the exception of late fees or payments). Long story short, Chrysler Capital ended up getting the entire loan paid through insurance with the expection of late fees. I guess my question is, even though the account is paid, can they still show it as a charge off? They charged it off but still collected on the loan. I've disputed this account on my report and they have yet to respond. I'm not asking it be removed, I just want it to show paid and not still in collections because its not. I had the car until it was totaled with no contact whatsoever from Chrylser Capital. I know in the past, letters are sent out informing of repossession but I never received anything at all from them and still, to date nothing. Any thing I can do????
I have a question and a suggestion
1) When did you inform Chrysler Capital of the financial hardship?
The fact that you need to know is the charge off date. You can get that from Experian pull the report from annualcreditreport.com. If it does not look at the status date(status last updated) reported on the account. That date would be the approximate date if not the charge off date. Secondly you could call Chrsyler Capital and find out. Please update with what you find out.
If I understand your question correctly, they are showing a charged-off amount on your CB's still? and you had late fee's that Chrysler Capital never collected?
If so, the charged off amount is the late fee's they never collected, and it won't be reported as a paid account until they collect them.
In addition, typically if a loan is charged off by a lender, and a customer (in this case, insurance company) pay's off the loan after the fact, it will still show as charged off as bad debt, typically under that it will say payment after charge off or something of that sort.