Legal Question in Credit and Debt Law in California

What is the statute of limitation on paying the balance on an auto loan and how long does the Credit Union have to repo the car?

The first payment I missed on a Credit Union car loan was back in August 2005 and I have not made a payment since for various employment, health reasons etc. I paid $25,000 out of the $30,000 owed, still owing a balance of approximately $5,000. This collection is scheduled to come off my credit report in 9 months. I can not find my loan documents for an attorney to review. Also, now I am able and open to talking to the Credit Union about making payments to pay off the loan but I am concerned they will screw me somehow on my credit reports.


Asked on 11/03/11, 7:55 pm

2 Answer from Attorneys
Tony Carballo Carballo Law Offices

There is no statute of limitations to repossess a car because technically it is their car (that's why you don't have the pink slip) and your account fell through the hole somehow. It could be that your vehicle at this time might not be worth the $5,000 you still owe, not to mention the interest and penalties since August 2005. It sounds like you should just continue to drive the car until the Credit Union decides to take the car if it ever happens. You could talk to the CU but they might then realize that someone screwed up and didn't go get the car from you and they will then hurry up and get it now. It might be that you have moved and they couldn't find you or that the CU went out of business. You have been lucky for over 6 years, why not just leave it alone? The problem will be that without the title you cannot junk or donate the vehicle at the end of the vehicle's life (again, because you are not the legal owner).

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Answered on 11/04/11, 5:42 am


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