What is the time limit to pay debt if car is repossessed?

Question

What is the time limit to pay debt if car is repossessed?

Answer 1

Well, that depends. They can sue you depending on state laws whenever but it will remain on your credit as a repo for 7-10 years. If you pay it in full it will report as charged-off: pain in full, or settled in full if you reached a settlement. Either is bad (paid is better), you may be able to redeem the car if your finance company permits it and you can afford the fees, etc. It will certainly help your credit and prevent legal action. Get someone to loan you enough to redeem the car and prevent a lot of headaches...

Answer 2

Just a guess here but, If it's already been repossessed, I’d say you are done.  I'm sure they gave you more than 1 or 2 chances to pay before they took the car right?  If you could have paid you should have.  Bye bye car, you don't really need it anyway its just costing you money you obviously don't have, maybe a blessing in disguise