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kidluvcudi

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Cap 1 Auto Loan Charge-Off: Settle or PIF?
I have a Cap 1 auto loan charge off from. 2013 that currently sits at $7,800. Cap 1 is currently using an agency called United Recovery Systems to collect half of the money in 6 month payments. On my CR, Cap 1 is still listed as the current holder of the debt. I need to get a new car and this debt is hindering me from doing that. Is it best to settle with them, and for what percentage? Or should I try to PIF? I can only PIF with monthly payments though, so I'm not sure if it's worth it to go that route.

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With accounts in collection and recovery, you don't need a new car. You have a less than stellar credit rating and any auto loan you get will be high interest. The PIF interest loan would throw you further in debt by paying interest only and no principal.  Keep the car you have or get a cheaper pre owned one. Anytime you're paying interest is wasted money.

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