Is there an expiration date on past due loan for creditors to stop trying to collect after the mdse was repo?

Question

Auto was repo by creditor, and creditor is now asking maker for bal. due on the auto. is there an expiration date for creditor to stop trying to collect bal. due.

Answer 1

No.  You still owe the balance.

Answer 2

The Statute of Limitations limits how long they have to decide to sue you.  They can try to collect outside of court for as long as they want.

Answer 3

A repo is covered under the UCC, which has a SOL of 4 years from the date the vehicle was sold creating the deficency...provided your state has adopted the UCC, which most have. The reason for this is that the repo voids the original contract.

Also check your state laws regarding repos. Many times there are steps the creditor must take and notices that must be sent. If the creditor has failed to take any of these steps, they would lose their right to the deficency.

Answer 4

Check the link below.....you are looking for the Statute of Limitations in your state.  This will be considered a "written" contract, and generally they will run a bit longer then open contracts (credit cards).

Answer 5

Bud....what are you talking about?

There's a statute of limitations. They can't try and collect on the debt forever but each state/province can have different time lines. Search your state/ provinces laws. It's always better to pay the debt because you legitimately owe it.

You'd want someone to pay you back right?