Denver, CO asked in Bankruptcy, Contracts, Copyright and Collections for Colorado

Q: What is the Statute of limitations in a auto-loan delinquency. The account was originally listed as “ “ “ charge off “

The account is now listed as closed, I never made any agreement/payment arrangements w/ creditor after the car was voluntarily repossessed.

1 Lawyer Answer
Mike T. Ramsey
Mike T. Ramsey
  • Bankruptcy Lawyer
  • Ocean Springs, MS

A: Statutes of limitations vary by state. For example in Mississippi, the statute of limitations on an auto loan deficiency is only one year. Under Colorado Revised Statute 13-80-103.5, the statute of limitations is 6 years. This runs from the date of the last payment. The fact that it is reported as a "charge off" does not affect the limitations period or the ability of the creditor to collect. Neither does the fact that the car was voluntarily repossessed. Many lawyers offer free consultations. I recommend calling around for a local attorney for more information.

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