auto loan charge off
what is a charge off on my credit report
1 Answer from Attorneys
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 --.