Legal Question in Credit and Debt Law in New York

Voluntary repossession and statute of limitations

Does the voluntary repossession of a car extend the statute of limitations within which a loan company can sue to collect on a car loan ? In other words, if the last payment of money made is 4 months before a car is voluntarily repossessed, does that 4-month period count toward extending the statute of limitations? Will the NY 6-year statute of limitations run from the date of the last money payment, or will it run from the date of the subsequent voluntary repossession?


Asked on 5/02/07, 8:35 am

1 Answer from Attorneys
Robert R. Groezinger GroezingerLaw P.C.

Re: Voluntary repossession and statute of limitations

The 6 years can also run from the date of the "charge off"...which cannot be known until after a sale becasue the shortage amiunt will not be known until then.

Good Luck

RRG

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Answered on 5/02/07, 8:45 am


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