Q: If i had a vehicle repossessed in 2010, what is the statute of limitations for a collection agency to take legal action
I got a phone call 2 days ago about a vehicle that was repo'd in 2010 and sold at auction in 2013(according to collection agency) and this is the 1st time ive been contacted by collections
A: Usually the Note SOL is ten years from the last non-payment due date. But there may be some contract that modifies that, or the creditor may have got a Judgment on the Debt. If they sued upon the Note Deficiency, then they probably have until 2023 to collect, by levy, garnishment, etc.
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