I’m still in possession of my vehicle and current on my payments but I looked at my credit and found out that It’s been charged off.
I had my vehicle repoed in Fed and paid $2000.00 to get it back and have been making payments since. I looked at my credit report and it showed my truck loan as a charge off…so I disputed it. The bureau replied “contact the lender” so I did and they informed me that it has been charged off.
OMG…I’m freaking out but I have my vehicle still. I have no idea what to do?????
Wow. Now that’s a f***ed up situation.
The lender can’t have it both ways. They can’t take the charge off and still collect your payments and say your loan is good.
The big concern here is two fold. First, will the truck be repossessed even though you made good on the deficiency and are back making payments again. I can see how a bureaucratic snafu could label the vehicle as needing to be picked up.
Second, if you made all the payments, would you even get a clear title to the vehicle if it was charged off by the lender. Will they get that right if they have messed this important fact up.
Since you’ve already contacted the lender and they confirmed that the vehicle has been charged off according to them, I would go straight to a local attorney and ask them for help. Let the lawyer write a letter asking for clarification and resolution. Do that right now.
The lawyer letter will get some attention and this situation will get resolved.
P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.