"Auto Loan Charge Off"
Auto Loan Charge Off
What is an 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 be able to repay the debt. The lender will then write the loan off as a loss on their books. This can negatively impact the borrower's credit score and make it difficult to obtain future financing.
How can borrowers avoid an auto loan charge off? Borrowers should try to stay current on their payments and communicate with their lender if they are having difficulty making payments. If a borrower is unable to make payments, they may be able to negotiate a payment plan with their lender or sell the vehicle to repay the debt.
What are the consequences of an auto loan charge off? An auto loan charge off can damage a borrower's credit score and make it difficult to obtain future financing.
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