Collection Agencies
Date: Wed, 11/05/2008 - 23:21
I had a repossession several years ago. I understand that the Car Co resells the vehicle to recoup the money. On my credit report it shows that the Car co charged ti to profit and loss. Can they still come after me for any money once it was charged off?? Can they sell that to a collection agency and that agency come after me for any money??
What state do you live in and when was the last time you made a
What state do you live in and when was the last time you made a payment? If it is passed the statute of limitations, they can not legally sue you. If it has passed and they sue you, it is up to you to bring the SOL up as a defense.
In most states, Repo's are covered under the UCC SOL of 4 years.
In most states, Repo's are covered under the UCC SOL of 4 years. The SOL clock starts when the vehicle is sold and a deficiency balance is realized.
