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Posted in Auto Loans
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Question By
njos

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Dealing with an Auto collection/charge-off
I had a Nissan auto lease opened in June 2010 charged off in January 2013 after I fell behind on payments and surrendered the vehicle. Balance listed is $2300. I've received several 50% settlement offers through Vital Recovery Services.

I'm working to be in a financial place to finally address the debt - potentially in full. What is the best course of action to repair my ability to get an auto loan in the future?

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Educate yourself on "Pay for Delete Agreements". The best thing that you could do is to get a pay for delete agreement for the account. You get them to agree prior to paying that they will delete the account in exchange for your payment. Usually if you simply pay an account it will just be marked as paid and not removed from your reports and that does little to help you.

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