repossed car,$11,000.00, settlement of $6,000.00, charged off in 2002

Hello Bo,
I have paid off all my old debt with the exception of one bill. It is the balance from a repossed car,$11,000.00 is the difference left after they sold the car. They are reporting this amount on my credit report but they are willing to take a settlement of $6,000.00 to clear this out. The debt was charged off in 2002. And my credit report says that it is scheduled to come off my report in May of 2009. they are still calculating interest to the balance. Tell me what is the best way to handle this.
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Who are THEY
The original creditor or a collection company.
Does the account show as a charge off or uncollectable on your report from the original creditor?
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The original company is Americredit. And they have sent it to a collection company. I spoke with a supervisor at the collection company and he was nice enough to tell me that they are not going to report it to the credit bureaus. They have 90 days to collect and then it goes back to the original creditor.
This is the way it's reading on my credit report:
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Once someting is charged off i do not think it can be sold.
Charged off means the Americredit showed a lower income or an expenditure which reduced a tax liability. I am not sure it is ok for a charged off account to be collected. I think I would contact the BBB or ask a lawyer or possibly consult an online forum that might have a lawyer who has experience with repos.

Still it is a debt and you should pay if you can. The problem with paying a collection agency on an account that is reported by the original creditor posses a problem. I do not see how paying a collection agency will change anything on your report as it stande right now. The collectiuon agency cannot report for Americredit. So you might pay and still your report shows you owe 11,000. You need more advice here I think.
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Okay,
Thanks Bo
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