Legal Question in Credit and Debt Law in Texas

Charged off vehicle loan

I had a vehicle loan. I went through a real hard time and was not able to make the payments. The creditor did not reposess the car, they simply charged off the amount I owed them and sent that amount to collections. They still show a lien on the vehicle and are still reporting to the credit bureaus that I have an open auto loan. What if anything can I do about this? I can't trade the car in, sell it, or anything with the way they have it now.


Asked on 2/17/07, 2:20 pm

2 Answers from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: Charged off vehicle loan

You can drive it. You can write to the collector and see about paying off the loan at a reduced rate.

Until the loan is settled and the lien removed, you're stuck.

Read more
Answered on 2/17/07, 3:29 pm
James Grissom Law Office of James P. Grissom

Re: Charged off vehicle loan

You could sell it for parts.

Read more
Answered on 2/17/07, 3:39 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Texas