PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Loans
Car Loan
Compare Car Loans with Jerry
Jerry's Expert Advice
Car Loan Guides
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
What's the difference between a charge-off and repossession for car loans?
I know both involve trouble making car payments, but how do they differ?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“When a car gets repossessed as the result of payment delinquency, the lender will sell the vehicle and put that money toward the balance of the loan.
A charge-off means that the lender has determined your debt to be uncollectible, but you’re still in ownership of the vehicle. As a result, you can sell the vehicle if it helps you gain the funds you need to pay off a portion or the entirety of the loan.
“
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance for Your Car
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
