Legal Question in Credit and Debt Law in Indiana
Repossession Question
I had a repossession on a vehicle in 1996. I just received a summons in the mail stating that I was being sued for the balance of the repossession of $3,800. When I voluntarily gave up the vehicle, I was told that because it was voluntary, I was free of any obligations to the debt by the finance company. What options do I have on this at this point?
1 Answer from Attorneys
Re: Repossession Question
It sounds like the statute of limitations has expired. You can try calling the collection company or law firm and telling them so and then go from there. Usually when there is a repossession, voluntary or involuntary, the finance company does go after the borrower for the deficiency. If you have something in writing to the effect that they agreed not to do that in your case, then you are home free. Otherwise, you will have to rely on the late collection attempts as a defense.
Feel free to call me at 248.679.1552 if you need additional assistance.
Good luck.
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