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  1. #1
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    May 2013
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    Default Can Lender Revive a Debt from 19 Years Ago

    My question involves collection proceedings in the State of: California

    Hello, I wonder if you could kindly help me.

    I bought a 1989 Nissan pickup truck in 1990. Since my credit was bad, I was charged 14 percent interest by the lender. My payments back then were $328 per month.

    In May 1995, I had made all the payments except the last one. Since the lender did not bother me for the last payment, I never made the last payment.

    I now want to sell the car but the lender is listed on the registration as the lienholder.
    I believe the Blue Book price of the car is only $300. (It has over 230,000 miles on it). I have found someone who is willing to buy the car for $300, and I desperately want to sell the vehicle since it is costing me a fortune in repairs.

    If I contact the lender to see if the lender would accept something like around $100 or so to release the lien, and if the lender refused to do so, would my entering negotiations with the lender revive or reactivate the debt, and allow the lender to put it on my credit report?

    I’m particularly concerned since I fear that the lender may ask not only for the original $328 but also for interest and penalties for the last 19 years.

    I would greatly appreciate hearing your thoughts and advice.

    Thank you very much for your time, attention and kind assistance.

    Tom

  2. #2
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    Sep 2011
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    Default Re: Can Lender Revive a Debt from 19 Years Ago

    It is possible. You must understand, when you screw a finance company leaving you stuck with the remains is their only sweet justice.

  3. #3
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    Default Re: Can Lender Revive a Debt from 19 Years Ago

    Quote Quoting Disagreeable
    View Post
    It is possible. You must understand, when you screw a finance company leaving you stuck with the remains is their only sweet justice.
    Pretty much what we told him over at lawyers.com but not quite as succinctly.

  4. #4
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    May 2013
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    Default Re: Can Lender Revive a Debt from 19 Years Ago

    I wonder. Did I screw the finance company?

    Or did they screw me with the fortune they charged me in interest over a period of 5 years?

    I think that if they really wanted the last payment I owed them, they would have threatened and tried to repossess the vehicle like they did time after time when I was struggling to make the hefty payments.

    I think they made enough profits so they let the last payment slide.

  5. #5
    Join Date
    Nov 2007
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    Officially across the country from where I've been all my life
    Posts
    4,494

    Default Re: Can Lender Revive a Debt from 19 Years Ago

    Yes you screwed them. You entered into an agreement, they kept their word and they expected you to keep yours. You didn't hold up your end of the bargain, hence you screwing them. You agreed to those "hefty" payments. You got a schedule of payments when you drove off with the car. You knew exactly what you were getting into from the time you signed your name on those papers.

    Don't make any excuses for your bad behavior. Pay them what you owe them, otherwise, you don't have the legal ability to sell a car you don't hold title to.

  6. #6
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    May 2013
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    11

    Default Re: Can Lender Revive a Debt from 19 Years Ago

    Sorry CourtClerk, I disagree with your opinion and your tone.

    When a poor person who works at minimum wage jobs enters into an agreement with a large finance company, then that agreement is not a fair and just agreement. The bargaining power and leverage between the two parties are totally uneven and completely skewed in favor of the finance company. The poor person is desperate and destitute, the finance company is in control and sitting on piles and piles of cash.

    Thus, while the agreement is legal since the laws are designed to protect the rich, the agreement is neither fair nor just. The agreement I entered into was designed to rip me off as all agreements and contracts between the rich and poor are.

    It is not true that I knew EXACTLY what I was getting into when I signed those papers. I’m not a lawyer and could not understand many of the details. I needed a microscope to see some of the details listed on the form.

    The finance company, on the other hand, KNEW EXACTLY what they were getting into which is why they had preprinted forms with clauses that favored them in every way and why they eagerly sold a car to a person with bad credit.

    I signed the agreement cause I had no choice. The way the auto companies, oil companies and tire company dismantled the electric transit system we used to have and destroyed our public transportation system means that we have no choice but to buy cars from these thieves. And given the below subsistence level wages we get paid, it means we have no choice but to get these outrageous loans from these finance companies that screw us royally.

    You applaud the finance company for keeping their word. You didn’t expect them to break their word, did you? Why should they? I guess you think it’s honorable for a company to keep its word and continue to suck the blood of a poor consumer. However, I’m not impressed by their “honesty.”

    If I didn’t make the last payment it was not because I wanted to rip them off or screw them as you say. I didn’t have the money. You try working for minimum wage, my friend, and see if you can make ends meet.

    You say that the finance company was screwed since I didn’t pay them the last $300 and some odd dollars. Oh, my heart bleeds for them!

    You think the finance company couldn’t threaten to repossess the car? Time and time again when I was struggling to pay them, they threatened to take the car and I have no doubt that they would have taken it had I not finally made the payments at the last minute month after month.

    The only reason they let the last payment slide was because they had already charged me four times the amount the car was worth and sucked my blood for 5 long years and they were now busy with new, more profitable, and fresh poor victims that could provide them with a new and continuing stream of "hefty" payments for several years, new victims that they could screw for a long time. That’s why they didn’t waste any more time with me for one last, lousy payment $300 and some odd dollars.

    I think to side with the people who are struggling rather than the banks and finance companies who are ripping us off is the right thing to do.

    But since we come from completely different worlds, and have totally different values I don’t expect you to understand that.

  7. #7
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    Default Re: Can Lender Revive a Debt from 19 Years Ago

    How exactly is it someone else's fault that you signed something without understanding it?

    You make many assumptions, my friend. You might want to drop that habit.

  8. #8
    Join Date
    May 2013
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    11

    Default Re: Can Lender Revive a Debt from 19 Years Ago

    I said that I’m not a lawyer and, therefore, I could not understand many of the details that was on the agreement. I needed a microscope to see some of the details listed on the form.

    This happens often to common people and goes to show the flaws in the SYSTEM which is controlled by the rich given the uneven powers that exist between the average consumer and the powerful finance companies and the fact that consumers often have no choice but to enter agreements that are totally unfavorable to them.

    Dogmatique, you sound very dogmatic. You should loosen up a bit and try to understand the perspective of the have nots.

    By the way, is this site run by Finance companies and collection agencies? I ask only because of the speed with which you responded - within a minute - to my post.

  9. #9
    Join Date
    Nov 2007
    Location
    Officially across the country from where I've been all my life
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    4,494

    Default Re: Can Lender Revive a Debt from 19 Years Ago

    Quote Quoting Tom2653412
    View Post
    Sorry CourtClerk, I disagree with your opinion and your tone.

    When a poor person who works at minimum wage jobs enters into an agreement with a large finance company, then that agreement is not a fair and just agreement. The bargaining power and leverage between the two parties are totally uneven and completely skewed in favor of the finance company. The poor person is desperate and destitute, the finance company is in control and sitting on piles and piles of cash.

    Thus, while the agreement is legal since the laws are designed to protect the rich, the agreement is neither fair nor just. The agreement I entered into was designed to rip me off as all agreements and contracts between the rich and poor are.

    It is not true that I knew EXACTLY what I was getting into when I signed those papers. I’m not a lawyer and could not understand many of the details. I needed a microscope to see some of the details listed on the form.

    The finance company, on the other hand, KNEW EXACTLY what they were getting into which is why they had preprinted forms with clauses that favored them in every way and why they eagerly sold a car to a person with bad credit.

    I signed the agreement cause I had no choice. The way the auto companies, oil companies and tire company dismantled the electric transit system we used to have and destroyed our public transportation system means that we have no choice but to buy cars from these thieves. And given the below subsistence level wages we get paid, it means we have no choice but to get these outrageous loans from these finance companies that screw us royally.

    You applaud the finance company for keeping their word. You didn’t expect them to break their word, did you? Why should they? I guess you think it’s honorable for a company to keep its word and continue to suck the blood of a poor consumer. However, I’m not impressed by their “honesty.”

    If I didn’t make the last payment it was not because I wanted to rip them off or screw them as you say. I didn’t have the money. You try working for minimum wage, my friend, and see if you can make ends meet.

    You say that the finance company was screwed since I didn’t pay them the last $300 and some odd dollars. Oh, my heart bleeds for them!

    You think the finance company couldn’t threaten to repossess the car? Time and time again when I was struggling to pay them, they threatened to take the car and I have no doubt that they would have taken it had I not finally made the payments at the last minute month after month.

    The only reason they let the last payment slide was because they had already charged me four times the amount the car was worth and sucked my blood for 5 long years and they were now busy with new, more profitable, and fresh poor victims that could provide them with a new and continuing stream of "hefty" payments for several years, new victims that they could screw for a long time. That’s why they didn’t waste any more time with me for one last, lousy payment $300 and some odd dollars.

    I think to side with the people who are struggling rather than the banks and finance companies who are ripping us off is the right thing to do.

    But since we come from completely different worlds, and have totally different values I don’t expect you to understand that.
    I, when I was working minimum wage, rode the bus, rode a bike, walked and caught rides with friends and family until I could buy a car I could afford. You say you didn't have a choice? At what point did someone at the car dealership hold a gun to your head and threaten to kill you unless you signed a finance agreement?

    Why didn't you call the police the minute you left and tell them that your life was threatened?

    You are right. We do come from absolutely different worlds. In the world I'm in, I take responsibility for my actions and I don't make excuses for stupid mistakes I made when I was young and foolish. I just dealt with the consequences of my actions.

    You? You're a victim of everyone. I wonder how you go about life without being victimized from the time you wake up until the time you go to sleep. Your parents should have done a better job raising you. They forgot that lesson in responsibility.

    - - - Updated - - -

    Quote Quoting Dogmatique
    View Post
    How exactly is it someone else's fault that you signed something without understanding it?

    You make many assumptions, my friend. You might want to drop that habit.
    He can't drop that habit. It may force him to look at himself and his own stupidity.

  10. #10
    Join Date
    Sep 2011
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    OH10
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    17,019

    Default Re: Can Lender Revive a Debt from 19 Years Ago

    Once you had a track record of on time payments, you should have refinanced at a lower interest rate with another lender.

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