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How a car loan charge-off works Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering you interactive financial calculators and tools as well as publishing original and impartial content, by enabling you to conduct your own research and compare information at no cost and help you make financial decisions with confidence. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies that compensate us. This compensation could affect how and where products appear on the site, such as for instance, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage home equity, mortgage and other products for home loans. This compensation, however, does not influence the information we publish, or the reviews that appear on this website. We do not cover the entire universe of businesses or financial offerings that could be available to you. Westend61/Getty Images
4 min read. Published October 25, 2022
Written by Mia Taylor Written by Contributing Writer Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation's leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the beginning of 2021. They are passionate about helping readers feel confident to take control of their finances by providing concise, well-researched and informative information that breaks down otherwise complex topics into manageable bites. The Bankrate guarantee
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If you have questions about money. Bankrate has answers. Our experts have been helping you manage your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to be successful throughout their financial journey. Bankrate follows a strict , so you can trust that our information is trustworthy and reliable. Our award-winning editors, reporters and editors produce honest and reliable content that will help you make the best financial decisions. The content we create by our editorial staff is factual, objective and uninfluenced by our advertisers. We're open about the ways we're capable of bringing high-quality content, competitive rates and useful tools to you , by describing how we earn our money. is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and, services, or when you click on specific links on our site. So, this compensation can influence the manner, place and in what order products appear in listing categories, except where prohibited by law for our mortgage or home equity products, as well as other home lending products. Other factors, like our own rules for our website and whether or not a product is offered in your region or within your own personal credit score can also impact how and where products appear on this site. Although we try to offer a wide range offers, Bankrate does not include details about every credit or financial products or services. If you have an auto loan that you've fallen behind on, the lender might decide to take over the loan and the lender believes that you won't be able to repay the debt. The fact that you have a loan taken care of doesn't mean that you're no longer on the hook for repayment. And it doesn't change the terms of the original loan. In many instances the lender may that will seek repayment from you. Understand your responsibilities and what steps will happen before and following the charge-off. What is an auto loan charge-off is charge-off, companies transfer an account, like an , from their asset column to a liability for accounting reasons. Often lenders take this step after unsuccessfully trying to collect on the debt for a prolonged period. For records purposes this lender is declaring the debt insolvent. Auto loans generally have to be paid off after 120 days of nonpayment. An auto loan could be paid off in as little as 60 days, if the lender is informed of the fact that the borrower declared bankruptcy. If lenders or companies take over a debt, they're able to write it off for tax purposes. But, you're still obligated to pay the money and nothing about the conditions of the loan changes due to the lender taking this step. The loan remains your sole responsibility for repaying the loan. What happens when you take out an auto loan charge-off process works If an lender finds an auto loan debt uncollectible, it can choose to begin the process of charge-off. Some of this process's steps have an impact on you, the customer. The debt shifts from asset to liability. Step one of the auto loan charge-off is just the accounting term used to describe. The lender moves the loan from its assets column, and then officially classifies it into a liability meaning that the loan is no longer considered income for the lender. Instead, it's deemed a loss. Notice of default. In accordance with your state, the lender could be required to mail you an notice of default and provide you with a chance to repay the outstanding loan. This is not the case for every state. A third-party collection agency could be able to take over the collection process. Often when the original lender is able to charge off a loan, it's sent to a third party like a collection agency, who is responsible for pursuing the repayment of debt. In the collection process, they may also sue you for repayment. If there's a judgment against you then a portion of your income could be garnished as repayment. The charge-off is recorded with credit agencies. Once a debt is charged off by a lender, your credit score also takes a hit. This is because the charge-off is usually reported to all credit bureaus. The credit report will show on your credit report as a charge-off, which is a serious negative sign that you did not fulfill your obligation. This mark can be on your credit report for as long as seven years. There could be as much as a 100-point decline on your score. You can have trouble securing a car loan in the future. Vehicle repossession. When secured car loans in which the vehicle serves as a security for the debt it could be . A car that has been in use for many years. Driving a charged-off car A car loan is usually secured by the vehicle purchased through the loan. If you fail to make your payments in time, the lender could take over and sell the vehicle to pay for the loss. However, if a lender charges off an auto loan, you may be able to drive the vehicle -- at least for a brief while. Based on where you live, a lender is required to issue a default notice , and offer you the opportunity to get the loan up to date before repossession. In these situations you may do so when you make satisfactory arrangement for payment. However it is not the case in all states. this obligation. If you purchase the vehicle, the car does not guarantee the loan and isn't able to be repossessed to the lender. What do you do if your vehicle loan is charged off When your vehicle loan is canceled there are a number of ways to proceed. If the account has not yet been handed over to a collection agency you may contact the lender and inquire if you can pay a flat amount to pay off the debt. This payment is known as a You might also consider negotiating loan terms that are more suitable for you. You can also research the laws for your state to determine how long a lender or a collection agency can continue to try and collect from you. The statute of limitations ranges from three to 10 , from the time of your default depending on where you live. Keep in mind that the charge-off can stay on your credit record for seven years and impact your eligibility to obtain additional auto loans. The charge-off on your loan will also affect your future interest rates, so resolve the debt directly if you are able. If you're facing financial difficulties You may think about filing for bankruptcy. All canceled loans should be included in the bankruptcy filing. What happens next is contingent on the type of bankruptcy you pursue. Options may include: Reaffirming the loan and making payments. The car can be redeemed by paying off the loan in a lump amount. Transferring the vehicle to the creditor, who will use the proceeds to pay off the outstanding debt, and release the remaining. The bottom line is that when you get a car loan is charged off but you're still accountable for repaying the debt. When a lender has canceled an auto loan it's likely that you'll be dealing with a third-party collection company. The car could be taken away or you may be sued for repayment. Accounts that are charged off can also harm your credit score. If you are behind on auto loan payments, the first step is reaching out to the lender or collection agent to clear the debt or negotiate manageable repayment terms. You may even seek a car loan settlement. If you're facing a lawsuit for repayment, you should most likely speak with an attorney.
Written by Contributing Writer Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation's leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances by providing clear, well-researched facts that break down complicated topics into digestible pieces.
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