What is the statue of limitations for collection after an automobile reposession?

Answer 1

The answer to this question will depend on the laws of your state. Since you didn't include that, its doubtful anyone here can answer the question.

In some states, the statute begins running on the date of your default.. i.e. when you made your last payment. In other states, it will begin running on the date of the sale of the vehicle by the lienholder.

You need to provide more information, and/or provide what state you are in before any further information can be provided to you. Even then, only very general information can be provided by someone here. For specifics about your situation, contact an attorney license in your state. For a referral, contact your local or state bar association.

Answer 2

it will vary from state to state.

To give you an idea, in Georgia, the collection of the car does not affect the statute of limitations (SOL). What affects the SOL in Georgia is the date that the debt was last acknowledged in writing by the debtor.

This would include the date of last payment. SInce this is likely a written contract for the car, in Georgia it would be 6 years from the date of the last aknowledgment of the debt or 6 years from the date of the last payment.

The taking of the car would be in mitigation of the amount owed. That is, if a person owes 10k on the car, and the banks takes the car and sells it for 4k, then the person would owe the balance left, the 6k.

If concerned, contact a lawyer in your state that practices civil law. A good one should be ablke to answer your question in about 30 seconds and not charge you anything for a basic legal question.

Answer 3

I've heard of the statue of liberty but not the statue of limitations. Where is it?