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charged off auto loan

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charged off auto loan

Im in a dilema and trying to seek  assistance. couple months i fell behind on my car payments since i lost my job, wellsfargo sent my account to charges off. ive been trying to work with them, but they want all the monies up front, in which i wish i had. they are willing to settle for 13533.00, or get a loan, or refinance. with my credit shot i see no company willing to finance  a loan the car and has not been yet repo. the agent from wells suggested trading the car which i tried but after going thru all the process i was declined because the loan is in charge off mode. i dont know what to do i dont was to lose the car. can anyone shed some light my way?

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Re: charged off auto loan


@dlatin01 wrote:

Im in a dilema and trying to seek  assistance. couple months i fell behind on my car payments since i lost my job, wellsfargo sent my account to charges off. ive been trying to work with them, but they want all the monies up front, in which i wish i had. they are willing to settle for 13533.00, or get a loan, or refinance. with my credit shot i see no company willing to finance  a loan the car and has not been yet repo. the agent from wells suggested trading the car which i tried but after going thru all the process i was declined because the loan is in charge off mode. i dont know what to do i dont was to lose the car. can anyone shed some light my way?


Hi OP and welcome to the forum.  Sounds like Wells Fargo has to interest in working with you.  Since the loan has been charged off that is an indicator that the payment were very far behind...hence the reason they don't want to bother.  

 

Getting a refinance on a vehicle that has an auto loan attached to it that has already been charged off is going to be next to impossible as I'm sure your credit has taken a huge hit for it.  

 

Short of getting someone to co-sign on a refinance I don't think you have many options other than Wells picking it up.  

 

Wish there were better options but unfortunately I don't know of any.  Best of luck to you. 

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