Legal Question in Credit and Debt Law in Virginia

auto loan charge off

what is a charge off on my credit report

Asked on 4/25/07, 12:34 pm

1 Answer from Attorneys

Michael E. Hendrickson Attorney & Counsellor at Law
0 users found helpful
0 attorneys agreed

Re: auto loan charge off

It means that the company you've borrowed the money from (or owe the money to) has decided that your loan is likely uncollectable and therefore it should no longer be counted as a company or business asset. This in no way implies that you no longer owe the money or that it cannot now be collected from you. In other words, a so-called "charge off" amounts to little more than an accounting maneuver by a business, moving an item from the + side of the company ledger to the --.

Read more
Answered on 4/25/07, 4:16 pm

Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Virginia

Looking for something else?

Get Free Legal Advice

88953 active attorneys ready to answer your legal questions today.

Credit, Debt and Collections Law Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony SmithLawSmithLee's Summit, MO
Rahul Manchanda, Esq.Manchanda Law Office PLLCNew York, NY
Glen AshmanAshman Law OfficeAtlanta, GA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now