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Posted in Auto Loans
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sromano83

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Is it worth it to pay a car repossession? It is in Charge Off status and last reported on 11/11.
I have a repossesion from 2008 that is now in the Charge Off status but hasn't actively reported since 11/11. I spoke with the company last week, in an effort to settle my account that they admitted they junked the car for $600.00 but wanted me to pay the full amount for the car. I have a hard time coming to terms paying for a car that no longer exists. I am desperately trying to settle my debts.

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You can try to negotiate with the company, they might be willing to settle with you. It is always a good idea to pay your debt. It is your debt, you committed to paying for it. There is no statute of limitations for how long they can try and collect on this debt, there is however one on how long they have to sue you, if they have not already. These vary by state, google will help you determine yours.

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Car repo and credit reporting

In Nov of 2011, I had my car repo'd. Prior to that I was a good payer, then I got into a money situation. It took me about 3 days and I got my car out of repo-land. I have since been paying my note on time and consistly. I recently pulled my free annual credit report and I noticed that since Nov 2011, my car creditor has me showing as Charged off. I owe about $800 left on this car until I pay it off.

What can I do to get the creditor to show I have been paying this account on time?

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