Legal Question in Credit and Debt Law in California
Defaulted Car Loan Statute of Limitations
Back in October, 1994 I originated a car loan and defaulted on it and they repossessed the vehicle on December 17, 1996. Since that time, I have been contacted occassionally through mail and recently phone in an effort to collect on the debt. Obviously they have reported it to the credit agencies as a negative. I have not spoke with anybody myself for years. Today, a representative from the collection agency spoke with my fiance. He asserted that he nothing of the repossession or debt and took a basic message (i.e. name, phone number, requested general information).
The debt is for $8,157.78. Do I have to pay them or have they passed the Statute of Limitation for this debt? I purchased the vehicle here in California however, the finance company is out of Tennessee.
I have not made any verbal promise to pay in fact up to a a couple of months ago I hadn't heard from any agency regarding this debt. I know that the debt has passed through several collection agencies.
Thank you so much for your help. I'm at my wits end.
2 Answers from Attorneys
Re: Defaulted Car Loan Statute of Limitations
While certain factors may exist, they may have missed the statute of limitations. Was there a lawsuit? Please call Mary at my office to set up an appointment for consultation.
Re: Defaulted Car Loan Statute of Limitations
Your payments may have extended the Statutory period, which, of course, has run. If that is the case, your last payment would be the date you would begin calculating the statutory period. Seems like a penalty for diligent payment, doesn't it? Don't spend more money, just attempt to negotiate a payout with the collection agency. You may find that you can resolve this for the cost of an attorney.
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