Closed-end loans, which include installment and student loans and automobile leases, are generallycharged off in full no later than when the loan becomes 20 days past due.

With a closed-end loan, the borrower cannot alter the number and amount of installments, the maturity date,or the credit terms.

A closed-end loan is a loan such as an auto loan, with fixed terms, and where the money is lent allat once and paid back by a particular date.