Legal Question in Credit and Debt Law in New York

Unpaid car loan

In 1996,I bought a used truck. I was laid off in 97 so I willingly took the truck back as I could no longer afford the payments and had just recently divorced. I know they sold it at auction for less than the original cost and it is on my credit report. However,just recently they have been calling me again. What can they do?


Asked on 7/24/01, 3:57 pm

1 Answer from Attorneys
Garry Hanlon

Re: Unpaid car loan

The normal contract statute of limitations is

6 years. So the company may be correct

in still attempting to enforce its debt as

the 6 years is not up. You can attempt

to duck them until it is, or negotiate with

them to pay less, or file reorganization/

bankrupcty or hire an attorney to explore

whether the surrender was in full satisfaction

or to negotiate a settlement

Read more
Answered on 7/25/01, 8:54 pm


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