"Auto Loan Charge Off"
An auto loan charge off is when a lender decides that a borrower has defaulted on their loan and will not repay the debt. The lender will then write off the loan as a loss, which can negatively impact the borrower's credit score. There are a few things that can lead to an auto loan charge off, such as making late payments, skipping payments, or having a high balance that you can't afford to pay down. If you're in danger of an auto loan charge off, there are a few things you can do to avoid it. You can make arrangements with your lender to catch up on missed payments, or you can try to refinance your loan with a new lender.
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