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  1. #1

    Default Payments on Repossessed Vehicle

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

    Back in 2004 we had our car repossessed. We never heard anymore from the
    auto loan company, we were assuming since they got their property back,
    it was settled. Now four years later we get correspondence from a lawyer stating that we owe $8000, which includes fees and interest. We never received any kind of correspondence the fees or interest was acruing,
    can they just suddenly do this after four years without letting us know.
    My wife talked to the lawyers and they said we needed to pay $320
    for 3 years. We have two young sons and have a hard time making ends
    meet there is no way we can afford this on a car, that would be junked by now. It was close to 100,000 miles when it was repossessed.

  2. #2
    Join Date
    Apr 2007
    Location
    Southeastern Michigan
    Posts
    1,226

    Default Re: Payments on Repossessed Vehicle

    Having a car repossessed does not release you from your loan agreement. When they repo'd the car, they sold it at auction and you're responsible for the difference (owed - sold), including fees (aution fees, paperwork, attorney, etc). This along with interest can add up.

    The Statue of Limitations (SOL) on an written contract is 5 years. If you fail to pay, they most likely will sue and, if awarded a judgement, can garnish your wages, bank accounts, tax returns, and place leins on your property.

    Consult with an attorney in your state regarding this collection just to ensure that the SOL on this debt has not expired.

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