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Posted in Auto Loans
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Question By
Cstrouse814

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How to deal with an auto loan charge off
After getting out of the military I found it difficult to get a good paying job so I allowed my auto loan payment to go delinquent for 16 months. I now have a pretty good paying job and am able to make payments. The current status on my credit report for the loan reads charge off but capital one has still reported it every month as a missed payment. What would be the best course of action to handle this issue?

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After 16 months of not paying, the loan is closed and charged off. You cannot just resume payments on it. The wisest thing for you is to really do a lot of reading on this and NOT do anything until you can make an informed decision. You should NOT contact Capital One at this time. I am surprised that the repo man hasn't appeared and I am also suprised that there is not a collection on your reports for this. If you could afford to pay the full balance you may consider it, however keep in mind that added interest may be incurred. What is the "statute of limitations" in your state to be sued for this type of debt? You should look that up to see where you stand. If you are close to having the SOL expire on the debt and you do not have the means to pay it in full, you probably do not want to do anything that would bring any attention to yourself on this debt

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