Charge Off, No Reposession

[Anonymous]

Hello... I've been unemployed for the last year. I fell behind on my car payments of course. For the last few months I hadn't heard ANYTHING from the Creditor. I decided to log onto my account, once I did, the system said that it was NO record of account for me. I then checked my credit thru Credit Karma. It's reported on my credit as a Charge Off/Closed - Profit/Loss on TU.. And Charge Off/Closed - Paid In Full on Equifax. What does this mean?? I reside in Georgia.

[Anonymous]

It means exactly that...   They charged off your loan...   and they still retain the title...   How long did you have before it was paid off?        If it wasn't long they probably didn't think it was worth reposessing....        

[Anonymous]

I know the definition of a Charge Off... I must not have been clear. My fault. I'm trying to understand why the 2 different "languages" in the reporting or does that even matter in the big picture.

I have 3.5 years to go on the loan. The car is only worth maybe 5-6K however... I was in a tight spot (divorce) and I had to go to a buy here/pay here type.. (DriveTime).. So it was a BAD loan from the jump. Of course hindsight is 20/20 but bad times sometimes result in bad decisions.

[Anonymous]

Also it was 18K still owed with interest etc...

[Anonymous]

Must have been an error in reporting the loan paid off.....    Is that one showing as deragotory or satisfactory?        Either way it doesn't make much of a difference...   If they have your current address the repo guy will show up some day unless your paperwork slipped through the cracks....  With that much left on the loan...   Crazier things have happened....       In order to get the title you would have to call and come to some arrangement/settlement.        That's if they don't want to get the car back....   

[Anonymous]

Both TransUnion and Equifax are reporting Charge Off CLOSED....

TU says Profit/Loss
Equifax says Paid In Full


I have never hid the vehicle. They have my address and even if I did try that, the car has a GPS tracker on it... You know they started doing that years ago on these sub-prime loans.

I was thinking maybe they're position was because of the amount owed coupled with what the car is actually worth at an auction or something like that, then the tax write off for them would be more money. Maybe I will get a 1099C at the end of the year who knows. Bad decision on my part from jump.

[RobertEG]

Reporting of a $0 balance, if you know you did not pay it, could have been based either on their sale of the debt, or their cancellation of the remaining debt.

However, neither would also result in a reporting of paid.

I would give them a call and inquire as to their intent and current ownership of the debt.

Normally, the vehicle should be repoed and sold, and the net debt adjusted as the difference.

Update to show no debt raises questions that only they can answer......

[Anonymous]

Thanks for your reply. It's still a showing the balance that was charged off of 18K... Just different language. I know the debt is still owed. I guess the Profit/Loss thing kinda confused me along with NO correspondence whatsoever and of course the car still being in the driveway.

I have read some instances where they don't actually repo the car and IRS sends you a 1099C... I just dont want ANY tax issues.. But I will take your advice and give them a call.. Like I said the car has been sitting in the driveway for almost 2 months. So maybe they don't want it...

Also how can they charge the FULL AMOUNT OWED OFF before they repo and sell the collateral?? The deficiency balance won't be that amount. So how do they justify their books/tax write off??? Or is it up to me to dispute the final amount at that point??