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    JENN05's Avatar
    JENN05 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 5, 2009, 04:58 AM
    What to do with a charged off car
    Hello,
    A frind of mine got this car, but she lost her job and was unable to pay her car note. The car was just rencenly chareged off, so what's the next step? Would they still be looking for the car or can she drive the car?

    Thanks-
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Mar 5, 2009, 05:03 AM

    Hello J:

    Charged off is an accounting term. It does NOT mean that she is off the hook. They WILL repo it and they WILL put a collection agency on it.

    excon
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #3

    Mar 5, 2009, 05:04 AM
    Charge Off is simply an accounting term which means they have sold the debt to a collector for action who WILL come knocking for the money.
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