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What are my current options for a charged-off car loan?

New York, NY |
Filed under: Car loan

In 2010, I had taken out a car loan with Santander Bank at an interest rate of about 25%. After almost 2 years of making payments, I fell into some financially hard times and the car was repossessed. Not wanting to "ruin" my credit, I paid the past due debt to retrieve the vehicle. Once the debt was paid, after running my credit report, I found out the loan was charged-off. I was never notified of this!

I'm continuously making payments at an extremely high interest rate, and I've only had a $2,000 reduction in my principal balance within 3 years of making payments (which seems odd to me). At this point, my credit is already ruined! What are my current options with this charged-off loan?

Attorney Answers 2

  1. A law suit to fix the report by litigating the debt will cost more than the charged off amount is worth.

    Good luck.

  2. I never heard of Satander bank but assume that it is a licensed NYS bank. If you took out a loan and are current with payments, the bank should be willing to correct your credit report.

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