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Once my car payment has been charged off, do I still have to surrender the car?

Asked Jan 12, 2012, 12:08 PM — 2 Answers
I have not paid my car note for years. Recently I contacted the bank and they told me that the car had been charged off and I need to surrender the car to some insurance company. Is this accurate

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ScottGem's Avatar
ScottGem Posts: 58,583, Reputation: 28375
Computer Expert and Renaissance Man
  
#2

Jan 12, 2012, 03:43 PM


Charge off simply is an accounting term that allows the creditor to take a tax loss against income. It has NO affect on your obligation to pay the loan. In fact, keeping the car without payment for it is, essentially, theft.
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ballengerb1's Avatar
ballengerb1 Posts: 25,654, Reputation: 11296
Home Repair & Remodeling Expert
  
#3

Jan 12, 2012, 04:06 PM
I am shocked a repo man has not taken the car buy now. The debt was sold to a third party and you still owe he money. Apparently they aren't chasing after you the way they normally do but they can take the car anytime they want.
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