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  1. #1
    Join Date
    Oct 2008
    Posts
    2

    Default Repossessed 10 Years Ago

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

    My husband had his Geo Tracker repossessed 10 years ago in Texas. We have never had the money to repay anything because they always wanted it in a lump sum. Just recently we had a call from another collection agency asking for even more money, including all the accrued interest(which is 2x the principal). After 10 years, do we still have to pay the loan back, including all the interest or has the statute of limitations run out?

  2. #2

    Default Re: Repossessed 10 Years Ago

    I just got a Civil Summons from the State of North Carolina NC about the same thing. Sort of. THey repo'd my car over 3 years ago.

    Then today I got a Civil Summons.
    I didn't get served. It arrived in a mailbox. Does it matter?

    There's no time or date or address listed. Where do I go, and when?

    I've been in prison since 10/04/04. Just got out last July. So does the three years SOL count? Does the SOL return when someone else buys my debt?

    Clearly I need a lawyer.

    -DWMC

  3. #3
    Join Date
    Apr 2007
    Location
    Southeastern Michigan
    Posts
    1,226

    Default Re: Repossessed 10 Years Ago

    Quote Quoting memolire
    View Post
    My question involves an auto loan or repossession in the State of: Texas

    My husband had his Geo Tracker repossessed 10 years ago in Texas. We have never had the money to repay anything because they always wanted it in a lump sum. Just recently we had a call from another collection agency asking for even more money, including all the accrued interest(which is 2x the principal). After 10 years, do we still have to pay the loan back, including all the interest or has the statute of limitations run out?
    Was your husband sued by the dealership/bank? From what I've read, if he was, and a judgement was awarded to the bank/dealership, theh Judgement SOL is 10 years and is renewable, which mean they can renew it every 10 years and continue their attempts to collect.

    They can also include attorney fees, court costs, and interest.

  4. #4
    Join Date
    Oct 2008
    Posts
    2

    Default Re: Repossessed 10 Years Ago

    My husband was not sued by anyone. Only collections agencies have called and no action has ever been taken. We have been willing to make payments but no one wants payments, only the lump sum.

  5. #5
    Join Date
    Apr 2007
    Location
    Southeastern Michigan
    Posts
    1,226

    Default Re: Repossessed 10 Years Ago

    Here is the statute

    Texas Statutes of Limitation

    The Texas Civil Practice & Remedies Code provides a 4-year limitations period for types of debt. The SoL begins after the day the cause of action accrues, (Section 16.004 (a) (3)).
    Basically, the SOL begins one day after he made his last payment. If that was over 4 years ago, the SOL as expired and they have no legal remedy to collect the debt.

    Your husband needs to request, from the collection agency, a copy of the account records to show when the last payment was made. If it was indeed over 4 year ago, then they cannot collect, at which time to send them a cease and desist letter demanding they stop collection actions and contact.

    If they refuse to provide you with the proof, send the letter anyway.

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