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Usually the SOL is 7-10 yrs. depending on your state. Its loooonger than you want to put up with the calls and letters. Steph, its better to make some sort of plan to pay it off. Those judgments get bought and sold over and over. Good Luck

I am wondering about a similar question. I filed bankruptcy a while ago & listed my car up for voluntary repossession. No one has yet to pick up the vehicle. (I think because it isn't worth maybe $1000). My bankruptcy was discharged 6 months ago. I am planning on contacting my lender because there is work that is needed to be done to the car & I don't want to shell out the money for them to repo it tomorrow. So I am planning on offering them a around $400 for it. I owe $9,000, though. They can't come after me for the balance can they? It is included in my bankruptcy right? If they don't accept my offer to buy it, can I force them to pick it up?

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โˆ™ 2015-07-16 18:06:39
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Q: How many years after repossession can they hold you responsible for the remaining balance?
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How can a repossession with a zero balance affect a credit score and can it be removed?

A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.


If car is repossessed do you have to pay the balance on the loan and if so how much?

Once they repo the car, the lender will sell the car for whatever it will bring. You will then be responsible for the difference in what the car brings and the balance on the note. You may even be responsible for repossession fees, and your credit will be ruined for 7 years.


What happens Repo car and can't pay the there lowest settlement price?

They will sell the car and you will be responsible for the difference in what the car sells for and what the balance on the loan is. You will also be responsible for any fees associated with the repossession. Also, your credit will be ruined for 7 years.


You returned a car you purchased because you could not pay for it?

That is called voluntary repossession. You will be required to pay the difference in what the lender sells the vehicle for and the balance on the note after that amount is applied to the loan. You did avoid repossession fees by voluntarily turning the car in. Your credit will also show this repossession for 7 years.


How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?

A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.


What happens if you stop paying your monthly payments?

Your car will be repossessed, your car will be sold, you will be responsible for the difference in the price the car sells for and the balance on the loan plus repossession fees, and your credit will be ruined for 7 years. Contact the lender and work something out. Don't let this happen to you.


Are you responsible for the unpaid car loan after your car has been repossessed?

No. Once your car has been taken away, that is the payment. The bank will have to resell the car and get what they can out of it. It depends on the state. Some (like mine) do not require the remaining balance after a resell. But your credit does get ruined for 7 years. The above answer is incorrect. Once they repossess your car, they will sell it. You are responsible for the difference in what the car sells for and the balance on the loan. You may also be responsible for the repo fees, depending on the state you live in. You credit will also be ruined for 7 years.


Can you be sued over the balance of a vehicle that has been voluntarily repossessed over three years ago when the repossession is on your credit report?

yes it has a 10 year limit


If your car was repossessed 7 years ago can creditors come after you for payment now in the State of Georgia?

Yes. Well, maybe. Your are legally responsible for payment of the remaining balance of the loan for seven years from the last date of payment. In the event a judgment was obtained, you are responsible for ten years after the date of last payment. Quite likely, there is a judgment, as this would be the only security the lender has of receiving payment.


How long after repossession can you get a car loan?

The repossession stays on your credit report for 7 years.


How do you surrender a car to the bank or lender?

Bad idea!! This is called a voluntary repossession. Your credit will be ruined for 7 years, and you will still be responsible for the difference in what the bank sells the car for and the balance on the note. Go to the bank and sit down and work out new payments. Sell the car yourself and borrow the difference if you are upside-down on the loan. Have someone possibly take over the payments. Do whatever is necessary to avoid a repossession.


How would repossession affect your credit if im co-buyer?

It will fester like a throbbing red boil for 7 years. And you can be sued for the balance due as well.


If a repossession is 6 and a half years old can they still seize your assets?

I am assuming that the repossession happened 6 1/2 yrs ago. If that is the case then more than likely a third party collection agency is trying to collect the remaining balance after the vehicle was sold at auction. You need to check the statute of limitations in your state. Example in Texas it is 7 yrs , if you made a payment of 1 cent the debt would be valid and the statute would be reset.


How long is a repossession on your records?

7 years


Can you return an auto without a repossession on your credit report?

Your credit report will state that the vehicle was returned. It will still show a balance remaining once this vehicle is auctioned off. This is your best option, but it already has done it's damage to your credit report with missed payment. Also, this will affect your credit score monthly for the next two years from the date of last payment.


How long does a voluntary repossession stay on your credit report?

For Experian, a voluntary repossession will remain on your credit report for seven years from the original delinquency date of the debt.


What is the statute of limitation of a repossession in the state of North Carolina?

The statute of limitations for a repossession falls under the category of debt collection. The statute of limitations in the state of North Carolina for a repossession is 4 years.


How long does it take for a car to be repossessed after the request was made to repossess it?

The time frame depends upon the lender. Regardless of whether the repossession is voluntarily done by the borrower or a forced repossession by the lender the consequences remain the same. The borrower will be responsible for any deficiency between the amount that the repossessed vehicle is sold for at public auction and the remaining balance on the loan agreement including added fees and penalties. The respossession will also remain on the borrower's credit report for the required 7 years. Be advised, a lender has no legal obligation to recover the vehicle but can instead file a lawsuit against the borrower for the entire amount of the loan plus legal and other associated costs.


If a repossession stays on your credit report seven years does that start from the date of the repo or the date of the final sale?

It stays on your credit report 7 years from the date of settlement not the date of repossession.


If you voluntarily turn in your car will it effect your credit?

YES! When you finance a car loan, you are NOT buying a car. You are BORROWING MONEY "secured" by an automobile. If anything happens to that vehicle, wreck, getting stolen or repossession (whether voluntary or involuntary); You are still liable for the amount of money you financed. This is why banks and other auto financers make you keep the vehicle insured during the term of the loan. The financer may auction the car for a portion of the remaining balance. If that is done, you are still liable the deficiency balance (whatever is leftover of the original loan). It will show as a "charge off, repossession" on your credit for seven years from the date of last activity.


What is the statute of limitations for remaining balance on a reposessed vehicle?

That would be a civil debt collection action. it will vary from state to state and could be as long as ten years..


Repo on your credit from several years back you were recently told you would have to pay this off to get a new loan Is this true?

I would think most lenders would be hesitant to loan you more money when you have a delinquent outstanding balance on an old debt. You would be considered a poor risk. Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.


You want to give back your truck to GMAC but it has a bent fender What would you do?

You need to specify if this is a lease or voluntary repo. You are going to ruin your credit for 7 years, and you are worried about a bent fender? It doesn't matter, they will sell the car anyway. After that you will still be responsible for the difference in what the car sells for and the balance on the note. Voluntary repossession is a stupid idea. Work something out with GMAC.


How long does a repossession in Mississippi stay on your credit report?

By federal law, 7 years from the date of repossession or sale or last payment. The state is irrelevant.


How long does a voluntary repossession affect your credit rating?

7 years.