If we charged off a loan and reported it with a metro 2 code of 97 (charge off, unpaid balance reported as a loss) to the credit bureaus and then the borrower surrenders the vehicle, or we end up repossessing the vehicle, are we required to report the loan with an updated metro 2 code for vehicle surrender or vehicle repossession or can we continue reporting the loan as a charge off and reduce the amount that is being reported as "still due" once the vehicle is sold?

Original Charge-off Amount

For Status Codes 64 and 97 (all portfolio types), report the original amount charged to loss, regardless of the declining balance. Report whole dollars only.

If payments are received from the consumer, report the outstanding balance in the Current Balance and Amount Past Due fields.

However:

If the remaining balance is not paid and is subsequently charged off, report Account Status Code 97 (Unpaid balance reported as a loss – charge-off). In subsequent reporting periods, follow FAQ 34. For credit reporting purposes, Account Status 97 should not be reported until after the sale of the merchandise and the consumer has been given an opportunity to make payments on the remaining balance.