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kiki | I keep asking this ques but no one is giving me an answer or understanding my question..? |
i took out a car loan/financed in 2000, went delinquent in 2/03, it was repo'd in 8/2005. When does the SOL start ticking? 2000, 2/03, 0r 8/05? in what year will the sol run out? |
 |
 
echo
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This is (basically) my answer to the same question you asked 3 days ago.
A repo voids the original contract.
With repos, the SOL starts to run on the date the vehicle was sold that created the deficiency.
*****Repo's fall under UCC 9, which means that it would be a 4 year SOL from the date they sold the vehicle.********
IF the loan company had not sent you all of the required notices within a reasonable amount of time, the repo would be considered illegal and they have no legal right to sue. But, that does not mean that they won't try if they want to.
The original creditor would have had to send you the notices before the repo, the notices before the sale and the deficiency letter after the sale. Plus the sale would have to have been done in a commercially reasonable manner and within a reasonable amount of time.
You should read your states statutes as far as the notices and time limits. Usually the time for a sale is within 2 months after a repo - usually.
I'm including a link to the Illinois Legal Aid that has an excellent write up about repos. |
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-*
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It's From the last activity.....if it was repo'd in 2005, then the next entry will be a judgement and then the clock starts ticking.....if they have not taken you to final judgement in court, it does not have a final activity on the acct so the clock hasnt even started...maybe they drag their feet and wait until Christmas of this year before the final step of court judgement? so 7 years from this Christmas, or whenever. |
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34th B.G. - USAAF
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Are you referring to the Statute of Limitations? If so, on what? Did you commit a CRIME or did you default on your loan. Most civil lawsuits have a 3 or 5 year Statute. Go to the Bank and try to work it out with them - you might be pleasantly surprised. |
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helixburger
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8/05, seven years unless you pay it off. |
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KA
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what's the sol? be more specific with what you want to know |
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hopflower
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Why don't you ask your finance company? |
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dukalink6000
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i agree. Ask the finance company |
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Jacque w
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If you call the creditor today, and say my account...... Your neagtive reporting begin today for 7 years. Each time you admit the account is yours the creditor can begin reporting all over again. I went to the hospital in 1998 a collection was reported in 1999. I gave paying it some thought last year, but I work with the credit companies and a gentlemen there said " its been 6 years and hardly hurts you today". If you pay it today, they can begin reporting it as new collection that was paid but the collection will appear to be brand new. The more recent the derogatory the more it affects your credit score. I found recently it is not on my credit at all, they could have reported it until 12-2006. Maybe it is true the closer it becomes to falling of your credit they just give up trying to collect. At one time 3 collectors all reported the same medical bill, and different amount due, thus really hurting my credit since it appeared to be 3 different collections. |
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it's your own fault
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You've been SOL since you went delinquent. |
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Credit Expert
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The statute of limitations starts to "tick" as you put it from the date of last payment.
This report will be on you credit as an I-8 or repo. for a 7 year period. You can still finance another car though at a higher rate as long as your credit score is 650 or better.
The sol is only relevant to suing you for the deficiency balance on the car. If you still have the contract look at the signature line. if the word "SEAL" is printed next to your signature that increases the sol to 10 years in which they have to sue you.
Depending on the state you are in sols run from 3-6 years. Check a search engine for the particulars in your state. |
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KP
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The Statute of Limitations throws people off because refers to the inability of the state to prosecute you after a certain passage of time after a crime. What this refers to is your credit. It should come off 7 years after the date of the repossession. Good Luck. |
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