Legal Question in Credit and Debt Law in Arizona

Which Statute of Limitations for car purchased in Virginia

In 1995, we purchased an car in Fredericksburg, Virginia. The car was repossessed in March of 1997 following a disastrous financial decision on my part. Apparently, the original creditor sold the note to another creditor at some point after the repossession and after the car was sold at auction. There is a $5,808.40 deficiency. What is the statute of limitations in Virginia - I see some that says 6 years and others that say 5 years. Also, which statute of limitations applies here. The so-called attorney (collection agency) is based in New York and I know that the current lien holder has done business nationwide.


Asked on 10/07/02, 8:35 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Which Statute of Limitations for car purchased in Virginia

If the deficiency judgment was perfected in the form of a lien(you reference a lienholder), properly recorded in the judgment lien book(s)in the appropriate Virginia jurisdiction(s),

the lien would be valid(and fully collectible) for a period of twenty years, and upon expiration,

renewable for another twenty.

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Answered on 10/07/02, 11:14 pm


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