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Posted in Auto Loans
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Question By
weirdedout

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charge off/never late on car loan
There is a car loan on my report that shows as charged off/never late. The vehicle was repo'd after 1 month behind. We contacted them and they said that we would have to pay balance after vehicle sold at auction. They never contacted us again. That was 2008. It now shows on report as charged off/never late but there is the balance reported every month. Why would it say never late? And will it drop off 7 yrs from date of charge off?

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Top Contributor
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That is odd that it shows never late yet repo'd.  If the auto company sold the car at auction, and the amount they received was less that the amount you owed, then they are allowed to report the balance (the difference between what they received and what was owed through the note).  It will drop off 7 & 1/2 years from the date the note went past-due.  However, you can certainly write to the auto folks and ask them for all the auction information (you'll have to give them the vehicle VIN number, otherwise this probably won't work).  Sent a letter asking if the company that repo'd the vehicle have a license to do so? Ask for copies of the sale documents so you can see what the car sold for.  Take the sale amount and subtract it from what your balance was when repo'd, this should be the balance showing on your credit report.  If not, then you need to dipsute it.  Ask for a complete copy of your payment history.  It will take some work, but if you dispute with the creditor and the credit bureaus at the same time, you may get it off your report.  Best of luck!!

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