[Steve20062006]

My question involves an auto loan or repossession in the State of: Texas

I have this truck that I have not made a payment on in over 5 years. The last communication I had with lender was also over 5 years ago. At
that time I tried to negotiate a catch up payment plan which they would
not consider. A couple of months later I made contact to lender to
notify them of a payment I was going to make and resume my monthly
payments. They said that I would need to make full payment of loan to
pay off, and a monthly payment would not suffice and the loan was not
in their possession anymore. They would not tell me who had or where
the loan was. They said otherwise they needed to pick the truck up. I
have been driving it daily. They have not called in over 4 years, nor
have they repossessed. A few months ago, someone showed up at a friends
house whom I work with to inquire where they might find me. Since then
some recovery company, representing the bank where I made loan, calls
me one or two times a month asking me to return their call, which I have
never done. I have never received anything by mail. My question is, I
tried to work out a payment plan 5 or 6 years ago, and they said no.
They have not picked my truck up. I have a fair amount of money
invested in down payment and monthly payments, so I'm not willfully
going to give it up. Is there any statute of limitations regarding
their ability to legally pick the truck up? Also, if I were to call the recovery company, won't that open up a new statute of limitations? They have said in previous voice messages, that they would like to settle for a lessor amount. That also will negate the SOL? Thanks in advance

[LawResearcherMissy]

Is there any statute of limitations regarding their ability to legally pick the truck up?

No. You still owe the loan, they can still repossess.

Also, if I were to call the recovery company, won't that open up a new statute of limitations?

Sure, which means they could sue for judgment and win. Whether you call or not, you still owe the loan, though.

The SOL does not excuse you from paying the loan, it merely gives you an affirmative defense should they sue.

They have said in previous voice messages, that they would like to settle for a lessor amount.

Take the deal and run with it. Elsewise, you may wake up one morning and find your vehicle has been repossessed.

[Mr. Knowitall]

Merely calling them shouldn't renew the debt, but admitting the validity of the debt, entering into a payment program, or paying any amount of money normally will. Make sure that any deal includes their providing you with clear title.