If your vehicle was charged off because it was repossed, are they allowed to still have a balance showing? This amount is showing up with my currect credit card balances.
Status as of | Feb, 2008 |
Date opened | Dec, 2006 |
Date of last activity | Sep, 2007 |
Date closed | Dec, 2007 |
Loan type | Automobile |
Largest past balance | $24,368 |
Account Type | Installment Account |
Account holder | Joint Account |
Scheduled Payment Amount | $509 |
Industry | Credit Unions and Finance Companies |
Descriptions
- Unpaid balance charged off
Contact Information
3625 West Royal La
Suite 100
Irving, TX 75063
(800) 533-0580
Balance | Current Status |
$11,938 | Charged off as bad debt |
Seven year payment history
30 days late | 0 times |
60 days late | 0 times |
90+ days late | 0 times |
Worst Delinquency
None Reported |
The Worst Delinquency reports the worst missed payment status that has been documented on this account. Your FICO® score evaluates how recently that missed payment occurred and in general, the more recent, the more impact it has on your score. However, the fact that it occurred is still predictive of future payment risk and could be considered by your FICO® score. |
Starting Score: 672 TU, 669 EQ, 659 EX FAKO(10/3/11)
@pizzadude wrote:
Yes. When your car was repo'd it doesn't eliminate your debt. They might be able to re~sell/auction your car to offset some of the outstanding amounts, but you can still be held responsible for the loan balance, fees, etc....
This would stil be considered installment debt, so FICO won't ding your revolving utilization even though the amount shows in your total debt.
+1 - I have the same issue - they sold the vehicle but I have about $7,000 as the balance owed - not really sure what to do with it - its too large to pay outright and even a settled amount would probably be beyond my means