I owe 1600 on truck loan chase thought I could settle for a specific amount, not sure amount yet the loan is due at the end of may after may the late payment will be reported late until loan paid off or if I settle this is reported also which way is best and will the settle drop off 7 years later but late payments stay on 7 years also so what difference will either make

You are taking a big risk by trying to wait out the Statute of Limitations or waiting for the negative item to fall off your credit report. First, your finance company can repossess your vehicle, and often, you end up owing more than you did to begin with after towing charges, and impound fees. Additionally, they have a slam dunk case against you should they wish to simply sue you to obtain a judgment. This judgment has no sol, and can be renewed. This will allow them to garnish your wages and/or levy your bank accounts. Do you really want to take this chance?

Even if you were to wait them out and they weren't able to sue you, you would still owe the money. They do not have to stop trying to collect. The SOL only stops them from suing you. I would be trying to work out a settlement with them, but that is just me. You know the possible risks of ignoring the debt, but the decision is yours.