if your car gets repoed and then 10 yrs goes by can they still come after you for the money you owe?

Answer 1

Yes they can, but they have a major Achilles heel at this point.

The question is, "Are you naive enough NOT to mention that the statute of limitations on this debt has passed and thus, they can not enforce payment of this debt in a court of law?"

Second, "Are you naive enough NOT to mention that per section 605(a) of the Fair Credit Reporting Act, the collection agency can not report adverse information regarding this debt AFTER seven years from the initial date of deliquency. Since the car was repoed more than seven years ago, the related debt can't be reported legally on your credit report.

The collection agency has been dealt an awful hand while you hold a beautiful "full house".

See . . .you know you are grown when you can manhandle collection agencies with laws that protect YOU from their own folly!

Answer 2

In general, no.

When a car gets taken back (or is a repo), the title holder will sell the vehicle for the lien (or debt) on the vehicle. Money collected from the sale goes toward the balance owed to the lender.

For example, If you owed $5,000 and the car sold for $2000, then you would still be responsible for $3,000. However, if the car sold for $6,000, then the lender would HAVE to pay you the $1,000 difference.

Now, about time frames...this will stay on your credit report for 7 years from the date of last activity (which is the date that you last incurred the debt). This will be the date that the lender sold your car and finalized how much you owed them or they owed you. This date is also important, because your state will have a "statute of limitations" on this type of civil suit (most states allow 2-3 years).

This means, that they have to file the motion AND serve you with paperwork within a set timeframe established by the state in which you live. I don't think they can....because after this length of time, even if they sold your car last week for the debt, you could still dispute the debt on your credit report as more than 7 years. Even if they turn you into collection, you can have those removed from credit, too for same reason.....it's been too long.

Answer 3

After the property has been repossessed, the creditors can sell it. The proceeds are then used to repay the original debt. Any remaining amounts are the responsibility of the original debtor, in this case... yourself. They can file for a judgement against you for the unpaid balance.
Now, 10 years is a long time to carry a balance forward without having had contact with you. If they're just coming after it now, the best advice would be to attain the services of a financial lawyer.

Answer 4

NO! Every state has a statute of limitations for collecting bad debt. The list is in my e-book, but I do not recall one state that allows collection of bad secured debt after 5 years.

Answer 5

No they cannot , UNLESS, you fall for a gimmick and get you to pay on it , along the way, if you pay , that will extend the Statue of Limitations from that Date.
Many Companies sell these old debts for 20 cents on the dollar, and the new guys will try to trick you into paying on it, which then gives them new statatory date.

Answer 6

No. When they take the car, you don't owe any more money (since you don't have the property any longer). It will sit on your credit report for about 7 years, however.

Answer 7

Companies sometimes sell unpaid loans to companies who will attempt to collect. Not to the original lender, but to the company that paid for your information.

DO NOT ACKNOWLEDGE THE DEBT!!!! Hang-up on them if they call, throw away any correspondence! Do not send them a dime!

If you acknowledge it, you could be legally bound to pay it.

Answer 8

No, they wont. #1) Statute of limitations
#2) They wrote it off a long, long time ago.