Legal Question in Credit and Debt Law in California
Repossession
About 3 - to 4 years ago I singed my name to a car lease for a guy I was seeing which resulted in a repo. The guy was taking care of the payments so I was not aware what happened exactly. I was contacted back in 2006 and I made a payment of 150 but that was it. GMAC send me an invoice stating that I have over 7k balance. I would like to know what my options are.. is there a statue of limitation?
1 Answer from Attorneys
Re: Repossession
Yes, there is a statute of limitations, but you may not be there yet. Regardless of who was (or in this case wasn't) making the car payments, since you signed for the loan, you are 100% responsible for it. You could sue the old boyfriend for reimbursement, but if he lost the car to a repo, then its very unlikely that you'll get much there. You need to get an accounting from GMAC of what happened, and review this with an attorney, or negotiate some sort of payment plan or settlement with GMAC to pay off the $7K before they start collections.
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