Help! Should I send this in to remove off my credit?

[Anonymous]

Hey guys! New to the forum but I've Google so many times and I can't seem to find any kind of advice to at least point me in the right direction. 

I received a letter from the company that I had a car loan with. It basically says that the creditor closed the account and no further payments are owed. Im not sure if they sold the car so I'm released from the balance being owed or what. Has anyone else gotten a letter like this? 

Backstory: I got divorced and I was left holding the [finance] bag (2 car loans, credit card bills, etc). I let one of the vehicles go simply because I couldn't take the payments for both. 

[Anonymous]

It sounds like the one you defaulted on is charging off the balance or something.  This is not something you would want on your CR and will catastrophically impact your credit scores for a long time.  If the debt is your responsibility, which it sounds like it is, ultimately you'll want to settle it.

[RobertEG]

Under most state repo laws, the creditor can terminate the loan and dispose of the vehicle after certain time periods/conditions have occured, and the net difference between what they received under the sale and the remaining amount of the loan is still debt owed to them.

Notice is usually required to be provided to the consumer of the net debt balance.

I would not assume that termination of need to continue further payments on a closed loan means that they do not consider their to be a net remaining debt obligation.

I would advise contacting them and obtaining a clear statement of their view of the net remaining debt balance.