Legal Question in Credit and Debt Law in Illinois

Vechicle Repossession - 10 years ago

Is there a statue of limitation on trying to collect an unpaid portion of a vechicle repossession? The debt has been sold off many times, and after hearing nothing for over five years, a letter shows up stating $12,500 is owed (95 Olds Ciera that when repossessed less than $7,000 was owed). Car sold, originally had payments of remaining balance (around $3,000) be taken directly out of checking account. That stopped about 7-1/2 years ago, now I get this letter about $12,500 being owed. What do you think?


Asked on 10/31/07, 9:21 am

1 Answer from Attorneys
Lesley Hoenig Lesley A. Hoenig, Attorney at Law

Re: Vechicle Repossession - 10 years ago

was a judgment ever entered against you for the deficiency?

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Answered on 10/31/07, 2:57 pm


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