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Private Repossession 4 Years After Final Payment

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  • 04-23-2009, 03:31 PM
    danreg0118
    Private Repossession 4 Years After Final Payment
    My question involves a consumer law issue in the State of: Florida

    I purchase a car in 2001 from a private seller I knew who agreed to finance the vehicle for 4% and not the norm @ 5.9% at the time. I made sure that the loan was amortized and not a straight deal in the contract. Anyhow I made 42 payments of 396.02 and a final balloon payment of 12 payments. I know this person and work with him in construction, but it was about 8 months later when I sent a note asking for the title. About 2 months later he called and said he thought I still owed money. I said no way, produced the checks and final payment and sent to him. I explained that the balloon payment reduced the final year payment because of no interest for a year. I did not hear anything for almost 2 more yrs. when he stopped by a job site and told me he still thought I owed him money. I said I'd resend the info and he was to send me a print out of his record. I dropped mine off at office and he send me a print out both showing the exact same payments, but his did not reflect the difference in interest. Well another 5 months passed and I get a letter in the mail from an attorney saying I owed such and such, and I had 10 days to respond. I took all the information to his office and had the clerk personally take the package. Nothing occurred and the other night a midnight repo occurred. Is there a statue of limitation on when a formal letter telling of a dispute needs to be filed, and if not can a person just repo after 4 years of satisfactory payments?? There has to be some type of guidelines if not a private sale could come back in 10 years and say , hey you never paid me and I'm taking the car. By then most records are destroyed or so far off the beaten path you can't find them anyhow?? Please any lead or direction is appreciated.
  • 04-26-2009, 02:47 PM
    Mr. Knowitall
    Re: Private Repossession 4 Years After Final Payment
    At this point it's a 10 or 12 year old car? You really want it back? If it were me, I would sue him for high blue book value, take my proof of payments to court, and try to get cash for a new(er) car.

    If you knew this was a problem, twice documented to the guy that you paid him in full, didn't get title and destroyed your records anyway... well, what could I possibly say about that.
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