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I have a 10 year old car loan that i am getting collection calls on. (2nd or 3rd company) If it helps I gave the car back to them. Because I was unemployed at that time.

I have looked around and can not find what categorize a car loan fall into.




Reposessions are generally covered under the UCC SOL of 4 years. The SOL starts when the deficiency balance is realized. When did the car get repo'd? When did they sell it at auction? What state do you live in?

Sub: #1 posted on Wed, 09/03/2008 - 02:55

NASCAR_Devil NASCAR_Devil
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I gave the car back in early summer of 98, sold shortly after. Ohio is the current state.

Sub: #2 posted on Wed, 09/03/2008 - 05:33

Unregistered


Where you in Ohio when the repo happened? If not what state and when did you leave it?

Sub: #3 posted on Wed, 09/03/2008 - 05:37

NASCAR_Devil NASCAR_Devil
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The Repo happend in WV and I left the state a few months after.

Sub: #4 posted on Wed, 09/03/2008 - 05:39

no.money101 no.money101

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Were you notified of the deficiency balance? If so, how soon after the repo did they inform you? Repo's are indeed covered by the UCC in Ohio so SOL is 4 years, not 15 as it would be with certain other debts.


Sub: #5 posted on Wed, 09/03/2008 - 05:58

NASCAR_Devil NASCAR_Devil
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Letting the car go back, them selling it at auction, and getting the paper work that says what was left, all happened when I was unemployed off in the spring/summer/fall of 98.

I did not see anything in what you quoted saying 4 years.

Sub: #6 posted on Wed, 09/03/2008 - 06:15

Unregistered


I keep getting logged off here. I am not used to a forum that will let you post as a guest.

Sub: #7 posted on Wed, 09/03/2008 - 06:20

no.money101 no.money101

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Sorry. SOL is covered in Article 2 of the UCC.

http://www.l aw.cornell.edu/ucc/2/article2.htm#s2-725

Were you notified w/in 10 days of deficiency? They have a lot of hoops to hop thru in order to make sure they did everything correctly. If tehy didn't follow the procedures, the SOL could be 2 years.

Sub: #8 posted on Wed, 09/03/2008 - 06:33

NASCAR_Devil NASCAR_Devil
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OK
We are talking about 2 or 4 year statue of limitations. But this is 10 years old. So is it still a issue or is the agency trying to get some thing from nothing?

Sub: #9 posted on Wed, 09/03/2008 - 06:58

no.money101 no.money101

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This is out of statute. You have no legal obligation to pay this only a moral one. The CA has the right to ask for payment, you have the right to either DV or send them a full cease comm. Also, monitor your credit reports to ensure they do not try to report this.

Sub: #10 posted on Wed, 09/03/2008 - 07:02

NASCAR_Devil NASCAR_Devil
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