Interest on a defaulted auto loan

[Cregar]

My truck was repro'ed a few years back because I couldn't make the payments anymore. They sold it at a public auctions and I still end up oweing around $7500. I started sending them what I could afford each month. I recently checked my credit report and noticed the amount of the loan owed is still about $7500. I also recieved a bill from them and it actually is showing about $8100 owed.

My question is can they still charge me interest on the amount even though I don't have a loan with them anymore.

Also they are offering a payoff at 90% of the loan amount, is that about right?

Should the correct amount be updated on my credit report each month? (my payments and there interest if I have to pay it).

Thanks for any help

[Mr. Knowitall]

My question is can they still charge me interest on the amount even though I don't have a loan with them anymore.

Yes.

Also they are offering a payoff at 90% of the loan amount, is that about right?

You may be able to negotiate a better deal.

Should the correct amount be updated on my credit report each month? (my payments and there interest if I have to pay it).

I doubt that they would submit updated information monthly.

[lwpat]

Basically your payments are just covering the interest. I would stop paying anything and try to save up enough to offer them a settlement. Usually they will take 50 to 75%.