3 years ago I had a truck that belonged to my husband, but in my name. We split and I told them to come get the truck I could no longer afford it. Now this was not a finanicial institution it was a buy here pay here place here in Georgia. Now 3 years later they are asking for the remaining balance ($7,000) is there a statute of limitations on how long they can wait to do this? Should I call a lawyer or is it even worth the effort?
2007-03-26 02:59:29 · 5 answers · asked by stephanie m 3 in Business & Finance ➔ Credit
The SOL for written contracts in Georgia is six years.
Check th link below:
http://creditinfocenter.com/rebuild/statuteLimitations.shtml
2007-03-26 03:11:30 · answer #1 · answered by Ti 7 · 0⤊ 0⤋
This is what happened. They repossessed your truck, sold it at auction and now you owe the difference between what they got for the truck and the balance due on your loan.
As far as a S.O.L. it varies by State, but they are well within their rights if the time that has passed is only 3-years. Most S.O.L. are 6-7 years.
As far as fighting it, you state that the loan was in your name only so there really is nothing to fight. You are responsible for the balance plus any lawyers fees, court fees and interest.
This is why I always tell people, never, never, never co-sign or sign for another person unless you are ready, willing and able to make the payments yourself.
Sorry for the bad news, but that's just the way it is.
2007-03-26 03:14:41 · answer #2 · answered by ? 7 · 0⤊ 0⤋
The company was required to send you notification of the auction of your vehicle by certified mail in order to give you the chance to buy it yourself. I have had this happen to me. I was not sent this letter. And I was in the process of trying to buy a house. The lender would not give me my loan until this was cleared up and I owed around 7 or 8 thousand on my voluntary repossesion as well. In the end I paid a lawyer about $500. The bad information was completely removed from my credit report. And I settled with the auto company for about 3000. The whole situation completely sucked and I felt it was unfair, because I had tried to settle with the company before I gave up the vehicle by asking if they could defer my payments for a couple of months while I was on maternity leave and had zero income. They would not work with me at all. I wish I had gotten a lawyer in the first place. I don't know the statue of limitations in GA, but in Missouri they have 5 years to collect the money. They can do it by suing you and garnishing your wages.
2007-03-27 13:53:30 · answer #3 · answered by cane_holder 4 · 0⤊ 0⤋
I would get the facts before making any decisions. How much did you owe vs. how much the truck was worth? Did they actually loose 7,000 after reselling the truck and are they willing to prove to you how much is was sold for vs. how much you owed. You would have to check on the statute in your state. I'm surprised after 3 years you are hearing about it or have they been after you this whole time? I would attempt to turn them toward your X rather than you. Have they tagged your credit already?
2007-03-26 03:36:03 · answer #4 · answered by kpd2020 2 · 0⤊ 0⤋
Did you sign something stating you were turning it in voluntarily? If not, the auto lot is required to send you notice of repossession and right to redeem. If they did not do that, they will be unable to collect the remaining balance. Consult a lawyer or research yourself.
2007-03-26 03:34:26 · answer #5 · answered by Blackjack 2 · 1⤊ 0⤋