First, if I were you, I would do whatever is necessary to find out what is owed on the vehicle. Your safe to think that the lender what "all" of the money owed. If there is equity on the vehicle, the lenders still want to repossess the vehicle so they can sell it off.
Secondly, just because your debts are reported as charged off on your credit report, you still are liable for whatever the debt that was owed before the charge off. A "charge off" is simply a tax advantage that the creditor gains when they report their income to the IRS. It's safe to say that the creditor sold the debt to another debt collector that will not forget about the debt. Unless you negotiate a payment plan in writing operate with the understanding that you owe just as much as you did before the charge off. Best bet it to address all of the debts and negotiate a payment plan. If a payment plan cannot be negotiated, bankruptcy may be the best alternative.
I hope this helps. Please rate my answer. Please let me know if you need any additional information.
Sounds like I should file for BK and move on. Thank you for your advice.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).