Legal Question in Credit and Debt Law in California

Auto loan company sent paid off notice to release lien at end of 2005 but ask me (the co-signer) to pay the out standing balance + interest (about $1000) today (5/3/2011). And refused to tell me why they sent out the paid off letter before the loan paid off.

I would like to know what happened before I pay the balance.

Do I have to pay?


Asked on 5/04/11, 3:07 am

1 Answer from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

No. They can't legally collect the debt because it's too old. Don't speak to them and especially don't pay or promise to pay them any money (you might reset the clock and again give them the right to collect from you). If they persist you could well have the right to sue them for unlawful debt collection practices.

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Answered on 5/04/11, 7:36 am


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