Do I have to pay this charged off vehicle?

Question

I live in Florida. I was behind on my car payments but made it current the month that my finance company did a charge off on the car. I even spoke with them on the phone and nothing was mentioned to me about the charge off happening. I was only told that I should refinance to trade the car in. They then sold it to a debt collector without being told until I received mail from them about how much I owed and that they now have taken over my account. So am I legally entitled to this car without making a payment now?

James L. Arrasmith · Answer

Even though your vehicle was charged off, you may still be legally responsible for the remaining balance on the loan. A charge-off means the lender has decided the debt is unlikely to be collected and has written it off their books, but this doesn’t cancel your obligation to pay. The debt can be sold to a collection agency, which is why you received communication from them. 
 
Since you were not informed about the charge-off when you made your payments, it’s important to review your payment history and any communication from the lender. You may want to ask for clarification on why the charge-off occurred if you had caught up on payments. 
 
Legally, unless the debt is resolved or settled, you still owe the amount remaining. If the debt is now with a collection agency, they are likely responsible for collecting it, and you’ll need to deal with them to resolve the matter. You should also review your credit report and speak with a legal professional if you feel your rights have been violated.

Q: Do I have to pay this charged off vehicle?