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What is the Statute of Limitations on an Auto Loan

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  • 07-12-2017, 10:35 AM
    Family2017
    What is the Statute of Limitations on an Auto Loan
    My question involves collection proceedings in the State of: Maryland

    Auto loan taken out in 2005 and defaulted in 2008, have had no contact with original financing company or with a collection agency in over 5 years and have made no payments since 2008. I was then just contacted in 2017 from a National Processing company stating that a civil suit was being filed & I was scheduled to be served at my job for the defaulted amount.

    I returned the call from the voicemail They stated they would take a settlement or payments over 36 month timeframe.

    Hasn't the statue of limitations passed on this written contract in Maryland? Can they still file a suit and try to get a judgment against me.

    Thank you
  • 07-12-2017, 10:42 AM
    Mr. Knowitall
    Re: What is the Statute of Limitations on an Auto Loan
    The statute of limitations for a contract, or promissory note or instrument, is three years; if it's written and under seal, the limitations period is 12 years. For a contract to be executed under seal, there must ordinarily be a clear statement of that intention within the body of the agreement. See Maryland Code, CJP, Sec. 5-1-1, 5-102.
  • 07-12-2017, 10:48 AM
    Family2017
    Re: What is the Statute of Limitations on an Auto Loan
    How would I know if a contract is executed under seal?
  • 07-12-2017, 10:56 AM
    Mr. Knowitall
    Re: What is the Statute of Limitations on an Auto Loan
    You would read it.
  • 07-12-2017, 11:16 AM
    Family2017
    Re: What is the Statute of Limitations on an Auto Loan
    Quote:

    Quoting Mr. Knowitall
    View Post
    You would read it.

    I don't have copy of original contract as it was signed in 2005, are any auto loans ever put under seal?

    I mean no notary signed it or sealed it, was regular document and I've bought 2 cars since this time
  • 07-12-2017, 06:24 PM
    adjusterjack
    Re: What is the Statute of Limitations on an Auto Loan
    Quote:

    Quoting Family2017
    View Post
    I don't have copy of original contract as it was signed in 2005, are any auto loans ever put under seal?

    I doubt it.

    However, should you actually get served a summons and complaint, don't ignore it. You will have to raise the SOL as an affirmative defense either when you file an answer (if written answer is required) or when you appear in court (if a written answer is not required).

    You'll just have to wait and see if you do get served.

    Might have just been a bluff to scare you into paying.
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