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

    Jan 12, 2012, 01:08 PM
    Once my car payment has been charged off, do I still have to surrender the car?
    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
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Jan 12, 2012, 04:43 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.
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #3

    Jan 12, 2012, 05:06 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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