If your car is repossed-on credit report, it states-it was a charge-off, what does this mean?

on my credit report it states that it was repossed, and that it was charged-off.

If your car is repossed-on credit report, it states-it was a charge-off, what does this mean?

To add to the other posters comments, it also means that the account has been sold to a collection company who will now come after you for the remaining balance.

This will also show on your credit as a collection.

If you do not make arrangements to pay they can take you to court and get a judgment at that point they can attach bank accounts, garnish wages (if your State allows it) and file liens on any other property you may own like cars, boats land and homes.

All of this activity will show on your credit report for the next 7-years making it very hard to get any other type of loans without making massive down payments, paying huge fees and State maximum interest rates.

If your car is repossed-on credit report, it states-it was a charge-off, what does this mean?

Charged off means it was written off as bad debt. Make sure it shows a zero balance so that you can start working towards the seven time line when it can drop off your report.

If your car is repossed-on credit report, it states-it was a charge-off, what does this mean?

It means that you had a debt that you didn%26#039;t pay and the debtor is no longer trying to collect it.

If your car is repossed-on credit report, it states-it was a charge-off, what does this mean?

that you didnt pay the bill and someone else was left holding the proverbial bag.

It also means that you are going to have the dickens of a time trying to get another person to loan you money for a car with a reasonable interest rate.

You might consider saving up and paying cash for a clunker instead of paying 15-25% interest rate on a car from a buy here pay here lot

If your car is repossed-on credit report, it states-it was a charge-off, what does this mean?

It means that they repo-ed the car, sold it at auction, and even then, there was still a balance due on your loan. The balance is usually from, a low sold value, the cost of repo-ing, storage, and legal amounts from lawyers.

Since you didn%26#039;t pay the balance due, they charged off the balance (so it is not carried on their financial books).