I’ve missed multiple car loan payments. The lender said the loan might be charged off soon, but what happens if your car loan is charged off? Is the debt just forgiven?
Keep in mind: If your lender hasn’t yet charged off your loan, there may still be time to negotiate a repayment plan or a refinance with them. In some situations, lenders will even negotiate a settlement for a percentage of what you owe rather than pushing to collect the full balance of the debt.
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