If my car was repossessed over 4 years ago, does the loan company have the right to make me pay for the remainder of the loan now?

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If my car was repossessed over 4 years ago, does the loan company have the right to make me pay for the remainder of the loan now?

My husband had a car that was repossessed over 4 years ago. A few months ago the loan company called his work to get in touch with him, then proceeded to tell him he owed them $180 a month. My husband did not ask any questions and gave them our bank information. I am now wondering whether or not we legally owe them money since he has not been in possession of the car for years and they have never taken him to court. They also have never sent us any documents via mail and we have no information on the company or the total they are asking us to pay.

Asked on August 18, 2011 Connecticut

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

You are right to have had the matter send up a red flag under the circumstances.  You may in fact owe money after the party that repossessed the car sold it and if there was any balance left on the loan.  But you need documentation to be sure and you really have no idea if the loan company that called was legitimate.  So now what you need to do s to protect yourselves against this all until such time as the matter is investigated and found to be legitimate.  Go and close the bank account what your husband gave them on the phone.  Open a different account preferably in a different bank.  At least for the time being. Hopefully he did not give them any other personal information such as your social security numbers. If he did then I would look in to those services that monitor social security numbers.  Good luck to you.


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