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How does CapOne Auto report settlements?

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I've been told that the settlement I've been offered could hurt my credit if the charge off hasn't been reporting monthly (it has) should I pay it. I'm settling for about 20% of the original loan and am confused about how it reports because I've also read that FICO still reports a settlement as a charge off. I do hope to be able to finance a car again in the future so just want the best possible outcome as I don't think anyone will finance to me (even with a 660) if I have an auto charge off. Thanks!

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a paid bad account is still a bad account for FICO.

 

Chances are you will be able to go into debt again for a car but it may not be inexpensive in terms of APR.

 

is crap1 issuing a 1099 or selling the remainder?

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I don't know yet, is there a way to find out?

18 hours ago, hegemony said:

a paid bad account is still a bad account for FICO.

 

Chances are you will be able to go into debt again for a car but it may not be inexpensive in terms of APR.

 

is crap1 issuing a 1099 or selling the remainder?

 

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On 9/15/2020 at 5:10 AM, silversky520 said:

I don't know yet, is there a way to find out?

 

what does the written agreement for the settlement say?

Edited by hegemony

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On 9/14/2020 at 12:49 PM, silversky520 said:

I've been told that the settlement I've been offered could hurt my credit if the charge off hasn't been reporting monthly (it has) should I pay it. I'm settling for about 20% of the original loan and am confused about how it reports because I've also read that FICO still reports a settlement as a charge off. I do hope to be able to finance a car again in the future so just want the best possible outcome as I don't think anyone will finance to me (even with a 660) if I have an auto charge off. Thanks!

You should negotiate trade line reporting as part of your settlement agreement.  Is the account beyond the SOL? How old is the account?  If the loan is old and time barred, what would be the advantage of even settling unless the trade line is also deleted?

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