Need help with a charged off vehicle

[keikdasneak]

Hello all,

I had a car loan go bad and the loan was charged off in 2019. I still have the vehicle at my house but i want to get a new loan on it if that is ven possible?

Story behind it is the motor went bad and cost me $10K for a new one which caused me to fall behind on payments.

I owe $16k left on the loan which was charged off. Vehicles KBB value is $40K.

[Remedios]

Did you stop paying everything in 2019.

You have Citi CO from that same period..

If I understood you correctly, you stopped paying,  you fixed the vehicle that was charged off, but still in your possesion and now, a year later you want another one? 

First, you need to resolve the situation the charged off auto loan. You cannot sell or trade that car, you can certainly get sued over it since that's a rather large amount. 

I don't know who you're planning on applying for finance, but with at least two charge offs that are just a year old, that's not going to be easy or pretty. 

[RobertEG]

The lendor holds a lien on the securing vehicle, and wont relinquish its right to the vehicle until the debt is discharged.

You wont be able to obtain an auto loan on the same vehicle until the title is cleared.....

[keikdasneak]

No,

I do not want another vehicle, I want to keep the same one that was charged off and wanted to know if it was possible to get a new loan on the same vehicle for the amount that is remaining. Basically new bank reloans it and pays the debt to the old loan company. Kinda like refinancing i guess?

My ficos are 640-610-650

[Anonymous]

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@keikdasneak wrote:

No,

I do not want another vehicle, I want to keep the same one that was charged off and wanted to know if it was possible to get a new loan on the same vehicle for the amount that is remaining. Basically new bank reloans it and pays the debt to the old loan company. Kinda like refinancing i guess?

My ficos are 640-610-650

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No, you can not finance a vehicle that has been charged off. The balance has been charged off but not canceled, right? They didn't send you notice of debt cancelation and the title, right?

If not, then no, you have to pay the debt another way. When you have the money (I suggest not before so you do not reset the SOL to be sued), you can call them and see about settling for less. You can try getting a personal loan, if your scores are good enough, so to not be stuck with an insane interest rate.

Even while KBB is still a good value, you cannot sell or trade the vehicle while the balance is CO'd and you don't have the title. I would find a way to get enough money together to settle the balance to get the title.

You are lucky the did not repo it with the value still being as high as it is.

[keikdasneak]

Thank you!

This is what i needed to know. Going to get some funds together and try to call and settle.