Charged off as bad debt Profit and loss write-off

[Hershey45]

I did a Voluntary Repossession and brought back my truck to my local bank. (Because, the truck was having transmission issues and Chevrolet would not come good for it even though it had a full warranty. I did let my Bank know before I brought it back and discussed the issue with a higher-up of my bank. I also have numerous loans out with this bank). 

On my credit report, they listed this as a (**Charged off as bad debt Profit and loss write-off**).  On my report shouldn't it have said Voluntary Repossession Instead?  Why would my Bank Lie?  I have 4 other loans there Including a Home loan, Etc. 

I've tried contacting them 4 times over the past couple of weeks via Email with No Response at all.  Thank You

[sccredit]

I don't know if it makes a difference in scoring but IMO I'd rather have it say charged off than repossession.

[Hershey45]

Thank you for your information. Ya, my score went down 140 points. Then a week later raised 75. 

[Brian_Earl_Spilner]

I don't think they lied. Based on what you stated, the vehicle needed a major repair. A lender will leverage what they can to repair the vehicle whether it's filing a claim through your insurance or trying to get the vehicle repaired under warranty, but if they end up taking a loss on the vehicle and loan, they'll charge it off to balance their books. Based on what you said earlier about Chevy not honoring the warranty, they probably took a good loss on it. The next step will probably be trying to recover the difference either through collections or by selling the debt to a collections agency.