If my car was repossessed 7 years ago and I haven’t heard anything about it since then, what to o if the bank now wants to take me to court?

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If my car was repossessed 7 years ago and I haven’t heard anything about it since then, what to o if the bank now wants to take me to court?

Long story short my car was repossessed and the bank auctioned it. I paid an additional $1200 and they closed my account. I went on my way. Since then the account has shown as closed on my credit report. I’ve had 2 auto loans since then no problem. However, now they have sicked their attorneys on me saying I still owe money, plus additional interest. Since it’s been almost 7 years, can they do that? Do I have any recourse?

Asked on May 8, 2012 under Bankruptcy Law, Utah

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Since you vehicle was repossessed more that seven (7) years ago it would seem that you breached your loan agreement at least seven (7) plus years ago. If so and the lender's attorneys are now trying to get you to pay a deficiency amount owed on the loan, there is a good chance that any lawsuit would be time barred under your state's statute of limitations based upon breach of contract or common counts. In California, the statute of limitations for a similar matter is four (4) years to bring suit.

I suggest that you consult sooner than later with an attorney that practices in the area of consumer debt law to assist you in this matter and to look into the statute of limitations issues barring the claim against you.


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