If our car was voluntarily repossessed 4 years ago, how long does the finance company have to contact us regarding any monies owing?

UPDATED: Mar 4, 2012

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If our car was voluntarily repossessed 4 years ago, how long does the finance company have to contact us regarding any monies owing?

About 3 years ago, we moved to another state and just now received a collection notice for the balance owing, plus other fees. However, we lived at the same address from the time the car was repossessed to the time we moved and did not have any correspondence from the lender (about a year). They could have corresponded way after the car was taken away. Can a lender to do this – not advising of whether they auctioned the car, etc. and decide 4 years later to collect any money owing? Is there a timeframe in which they are required to collect any balance owing on the car?

Asked on March 4, 2012 under Bankruptcy Law, Utah


MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

No they cannot do that and in some states they must provide an accounting of the deficiency within a very short window of time. The best thing to do here is either do not affirm the debt and simply check your credit reports to see if this debt is on there and dispute the debt or check to see when the statute of limitations would run at maximum for the original debt and again do not affirm the debt.

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