Legal Question in Credit and Debt Law in Texas

Auto Loan Defaul

What happens after my lien holder has charged off my debt? I am still in possession of the vehicle. No more repossession attempts are being made.


Asked on 2/06/08, 10:42 pm

1 Answer from Attorneys
Sharon Campbell Sharon K. Campbell

Re: Auto Loan Defaul

Charge-off is merely an accounting procedure that creditors are required by law to do - has nothing to do with whether or not you owe the debt. If they are the lienholder, they are on the title, and until you pay them, you will never get their lien released; if you have stopped paying, you are in violation of the contract you signed.

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Answered on 2/07/08, 12:48 am


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