Legal Question in Credit and Debt Law in Oklahoma

repossesion

I co-signed for a vehicle. Six months later it got reposessed. This was about five years ago. How does this effect my credit, and is there a statue of limitations on collections?


Asked on 11/05/06, 10:02 pm

1 Answer from Attorneys
Steve Chlouber Fuller, Chlouber & Frizzell, L.L.P.

Re: repossesion

Generally, after the vehicle is sold, and the sale proceeds are applied to the balance owed, the lender sues on the deficiency left. I believe it generally appears as a reposession on your credit. In OK, the statute of limitations on breach of a note/written contract is either six or five years.

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Answered on 11/06/06, 10:51 am


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