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  1. #1
    Join Date
    Jul 2011
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    Thumbs down Collection of Debt From Car, Repossessed 10 Years Ago

    My question involves an auto loan or repossession in the State of: Mississippi. In 2001 I had a car repossessed. We had bought the car new, paid cash and then later took a loan out with the car as collateral. The loan was for far less than the car was worth. I didn't hear nothing else from them and in 2003 I moved to Georgia. Now, after 8 years I get a letter from the bank asking for the money. Isn't there a statue of limitations or something like that? I mean, 8 years, really????

    Moderators-could you please change the spelling of repossessed in the thread title?It wouldn't let me change it! Thanks

  2. #2
    Join Date
    Jul 2010
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    Default Re: Car Repossed 10 Years Ago

    It sounds like you would have a SOL defense. Send them a drop dead letter and wait to be sued. That's when you would want to raise the issue of SOL. When was the last time you made any kind of payment on the loan?

  3. #3
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    Jul 2011
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    Default Re: Car Repossed 10 Years Ago

    What is a SOL defense? The last payment was before the repo, obviously, I did not even know I still owed money-until yesterday! OH never mind SOL statue of limitations dummy me !!!

  4. #4
    Join Date
    May 2008
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    111

    Default Re: Car Repossed 10 Years Ago

    Please don't take this wrong, but why would you think the car was payed off if you never received the title back?

  5. #5
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    Default Re: Car Repossed 10 Years Ago

    Quote Quoting free9man
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    It sounds like you would have a SOL defense. Send them a drop dead letter and wait to be sued. That's when you would want to raise the issue of SOL. When was the last time you made any kind of payment on the loan?
    have you checked to see if there is a tolling of the SOL if the debtor leaves the state? If so, it is likely the SOL has not expired as the OP left the state about 2 years after the delinquency.

  6. #6
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    Jul 2011
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    Default Re: Car Repossed 10 Years Ago

    Quote Quoting shelbydakota
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    Please don't take this wrong, but why would you think the car was payed off if you never received the title back?
    Don't take this wrong, but why would I recieve the title of a repossessed car back?

    Quote Quoting jk
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    have you checked to see if there is a tolling of the SOL if the debtor leaves the state? If so, it is likely the SOL has not expired as the OP left the state about 2 years after the delinquency.
    How would I go about checking this? And in that 2 years that I was there, shouldn't I have received something about what I owe. I was at the same address for those 2 years, and my son live there for another year after that.

  7. #7
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    Sep 2005
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    Default Re: Collection of Debt From Car, Repossessed 10 Years Ago

    Quote Quoting sandradee
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    Now, after 8 years I get a letter from the bank asking for the money.
    This letter is from the actual bank - the lender - not a debt collection agency or "junk debt buyer"?

    Did they obtain a judgment against you?

  8. #8
    Join Date
    May 2008
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    111

    Default Re: Collection of Debt From Car, Repossessed 10 Years Ago

    I'm completely sorry, I misread the question. My apologies. I would first ask what you owed when the car was repossessed including fees. Then I would ask what they received at auction and go from there if sol does not work.

  9. #9
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    Default Re: Collection of Debt From Car, Repossessed 10 Years Ago

    Quote Quoting Mr. Knowitall
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    This letter is from the actual bank - the lender - not a debt collection agency or "junk debt buyer"?

    Did they obtain a judgment against you?
    Yes, it is from the actual bank, and as far as I know, there is no judgement against me, yet.......


    Also, can anyone point me in the right direction for finding the statue of limitations on this? I see in other places on this website people have quoted sol's from other states.

  10. #10
    Join Date
    Jan 2006
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    Default Re: Collection of Debt From Car, Repossessed 10 Years Ago

    I believe the pertinent SOL would be 6 years.

    and yes, there appears to be a tolling statute that exempts all the time you were not within the state of Georgia.

    there is an exception to the statute of limitations if the contract is under seal. If that is the case, the sol is 20 years.


    The law is clear that to constitute a sealed instrument, "there must be both a recital in the body of the instrument of an intention to use a seal and the affixing of the seal or scroll after the signature."

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