Echo! what is the SOL for a loan for a Car in Illinois?

Question

if you financed a car in illinois and it got repossesed? when do they start the date for suing you from the time u went delinquent or from the time your contract started? sol in illinois?

you and studly are the smartest I ever had the privilege to talk with/meet.

Answer 1

The SOL starts to run on the date the vehicle was sold that created the deficiency.

Repo's fall under UCC 9, which means that it would be a 4 year SOL from the date they sold the vehicle.

IF the loan company had not sent you all of the required notices within a reasonable amount of time, the repo would be considered illegal and they have no legal right to sue. But, that does not mean that they won't try if they want to.

The original creditor would have had to send you the notices before the repo, the notices before the sale and the deficiency letter after the sale. Plus the sale would have to have been done in a commercially reasonable manner and within a reasonable amount of time.

You should read your states statutes as far as the notices and time limits. Usually the time for a sale is within 2 months after a repo - usually.

I'm including a link to the Illinois Legal Aid that has an excellent write up about repos.

In the second link I've added, you can find links to your states statutes (if you cannot find what them on the Legal Aid site). Also, scroll down to Letter to Dispute Repo Deficiency. Do not use that letter if it has been less than 2 years since the repo!!!!!!!!!
There is also case law on that page for repo's being 4 years.

The third link is for if you have any further questions, click on the forums and do some reading. If you still have questions, feel free to ask them in there.

Also, you can find what you need for debt validation and SOL letters that you mentioned in a couple of your other posts - about re-aged debts.

Answer 2

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