how many years can they legally dun you for a repossessed vehicle?

Answer 1

Legally, forever. Debt doesn't just magically go away. They can keep trying to collect forever.

However, there does come a point in time when they can no longer get a judgment against you. If the statute of limitations has run, they can no longer sue you for the debt. That doesn't mean you don't still owe it and they won't try to collect it but it does mean the statute of limitations has run out.

The Statute of Limitations is different in every state. You'll have to check your state laws to find out how long before yours runs out. (Link below to check your state.) If they haven't sued you by the time it runs out, you're probably safe but they can still try to collect as long as they feel like it.

The Statute starts from the date of the last activity on the account, so in your case, probably from the date of the reposession or the last time you paid them something, whichever is later.

Also, this will stay on your credit report for 7 years. If they get a judgment against you, it will stay on for 10 years but they can renew the judgment for another 10 in most states.

Answer 2

Like the other two posters said, they can try dun you forever. (unless you utilize your rights if you are past the collecting SOL)

A repo voids the original contract.
Repo's fall under the UCC for a 4 year collecting SOL.
The reporting and collecting SOL's starts to run from the date the vehicle was sold creating the deficiency.

As long as the original creditor followed the repo rules of your state, and the FTC, and had sent all of the required notices, before and after the sale, in a legal and timely manner, the person who picked up the vehicle did not break the peace, the vehicle was sold in a legal and timely manner - that would mean the repo is a legal repo.
If they failed on "any" of those points it would be considered an illegal repo and the deficiency would be considered legally uncollectible.

You might go to the following link and read the information on that page.
http://whychat.5u.com/repoltr.html

If you have any questions about that page or additional questions about the repo you might go to the following link and ask your questions in the credit forum
http://www.creditboards.com/forums/

Answer 3

For all intents & purposes, they can come after you until the deficit balance is paid in full. There is a statute of limitations, but it varies. You should try to gather up about 50% of the original deficit balance & settle with them. BUT: Get any settlement offer IN WRITING before sending them a dime & make sure it says "settlement in full". Also, pay by money order or cashier's check. DO NOT give them access to your checking account. They will clean it out.

Answer 4

nicely, this would get truly sticky. even nonetheless that's written into your divprce decree, you're the two nevertheless legally to blame for the automobile and that i don't think of you have the criminal desirable to take it based purely on the divorce decree. In teh eyes of the regulation, he's co-proprietor so he could have posession of it. it would desire to certainly take a civil healthful to get this straightened out. you want a launch of interest to get his call off it. stable success with this one. additionally--reporting it stolen could be unlawful too, as you would be submitting a pretend checklist. If he remains area proprietor on the workplace work, he has not stolen it. you will desire to have the skill to eliminate him out of your coverage with one telephone call. regularly for a prevalent repo, 3-6 months in the back of is whilst banks start up finding for the automobile for reposession.