Legal Question in Credit and Debt Law in Virginia

charge offs with auto loans

what happens when the finance company gives your a charge off... do they still reposess the vehicle in this situation?


Asked on 9/28/07, 12:16 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: charge offs with auto loans

The charge off signifies merely an accounting action on the part of the creditor with respect to the debtor's loan, meaning, that they no longer are counting it as a collectible asset in their company's portfolio. It in no way changes anything with respect to what legal action may be pursued against the debtor, including the repossession of his or her vehicle or a court action to secure a judgment against the debtor for what remains unpaid on the loan.

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Answered on 9/29/07, 10:10 am


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