[treetopflya]

My question involves an auto loan or repossession in the State of: california
being in construction my truck is a vital to survival. I put my payment before any other bill. when my indusry turned cutthroat and i had to build more for less $, well even that ran dry things went very badly. I got evicted, eventually defaulted on my autoloan and every credit card, had a checkbook stolen-owe on checks i didnt even write, my credit score is the same as my golf score!
its been a year now,tags are due, i havent been able to turn things around. i pulled my credit recently- the bank charged off the loan. I wouldve gave it back long ago but ive been living in it. heres the deal. I paid 23k, 1200 down & 455 a mo on time for 37 mo. thats 17.5k of my hard earned highly taxed bread.the truck bluebooks at around 10k. I feel there is something illegitamte about the bank charging off 16K
I want to do whats right, but its unclear what that is at this point. if its been charged off, that means the bank took the tax credit then probly sold the debt. Am I wrong to feel this my truck since I still owe 16k nomatter who has the truck? Am I wrong to think it would be auctioned off at much less than what its worth then have to fight to get that small amount deducted
from that overinflated balance?
Is there anyway to negotiate a win win here? like i said I want to do whats right, but what ive learned about banks this last year, Im feelin they can have the truck when they pry my cold, dead fingers off it...
any replies good or bad will be appreciated

[OhMy]

If a car is repoed it is sold off at auction.

No matter what the truck or car sells for you owe the outstanding amount of the loan. You sign a loan for MONEY and you give the truck as partial property to cover the loan.

If the truck sells for only $10,000 you will still owe the lender for the balance of the loan, repo costs, attorney fees etc.

You can end up having to pay more for the truck by not owning it then if you just continued the payments.

[divemedic]

Chargeoff has nothing to do with the bank or how the bank views the loan. It is a Federal thing, that a loan must be charged off when it is 6 months delinquent. It does not mean that the bank has abandoned collection efforts.

[treetopflya]

I think I could sell it for more than they'll get at a wholesale auction. has anything like this ever happened? I mean, putting the bank in touch with some one who'll pay bluebook? I know its unlikely, but why do u suppose theyd rather get less through the auction?

[Betty3]

You might see if you can work it out where you can sell the vehicle privately. You might be able to get more. You might call the lienholder & see what can be done.