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What happens if a car loan is charged off?
What does it mean if a car loan is charged off? Is the debt automatically forgiven or do I still need to continue making payments to my lender?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If a
car loan
is charged off, it means payments have been delinquent for at least 120 days and the debt has been offloaded to a collection agency. After a charge off, you still need to pay the debt. If you’re struggling to make payments, and the loan hasn’t been charged off yet, you should ask the lender about modifying the loan or consider refinancing to make repayment more manageable.
Additionally, saving on other major expenses like your
car insurance
can help ensure you don’t miss any payments and pay off the debt quickly. To save on your car insurance, it’s this simple: download the
Jerry
app or go to getjerry.com. In less than 45 seconds, Jerry collects all of your information from your existing insurer. Choose from competitive quotes from 50-plus top insurance companies and Jerry takes care of the rest—securing your new policy and helping you cancel your old one. No long forms. No calling around. No hard work. Just savings. The average Jerry user saves $879 a year on car insurance. View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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