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

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2015-07-16 18:30:51
2015-07-16 18:30:51

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.

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

The repossession stays on your credit report for 7 years.

Of course it is. You voluntarily turn the car in for repossession. It will stay on your credit report for 7 years.

Il a seize ans means he is sixteen years old

Same as a regular repo. The creditor may still put the repossession on your credit report and it would stay there for up to seven years. Notice the word "may", because it is at the creditor's discretion...

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

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.

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

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.

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

J'ai soixante seize ans literally means "I have seventy-six years" Which is like saying, "I am seventy-six years old"

depreciation fixed assets means to allocate the cost of fixed assets to all those fiscal years in which assets is used for revenue generation.

Yes, There is no statute of limitations on financial matters. You can probably challenge it being on your credit report. But you still owe the money.

Depreciation is charged to fixed assets so that cost of fixed assets can be allocate to all those fiscal years in which that fixed assets is used.

Yes. If the borrower is employed the lender can file a lawsuit and be awarded a judgment which can be executed as a wage garnishment. Even if the borrower does not have seizable income, assets or property at the time the judgment is awarded the lender can hold the judgment. Judgments can be from 5-20 years duration and most are renewable. That means it is highly likely that at some future time the debtor will be employed or have assets or property that can be attached.

When my car was rep'd, The finance company went to court and garnished my pay check for what I still owed on the car after they sold it at auction. This was in Kansas 10 years ago.

What makes you think you can just return it. You can't. You bought it, you own it. Now if you are talking about doing a voluntary repossession, of course it will ruin your credit for 7 years. A repossession is a repossession, voluntary or not.

J'ai seize ans. (I have sixteen years, literally)

10 years, a repossession will stay on your credit for 10 years.

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.

The repossession industry employs a group of people known only as skip tracers. Most people have no idea what a skip tracer does. Most skip tracers will not tell you what it is they do other than the the effect they find things. Skip tracers are typically highly skilled people who do just that, find things. Having worked in the industry as a skip tracer, I can state that I have found vehicles that have been out for repossession for as little as 24 hours and as long as seven years. I literally found one vehicle that was being hidden in the barn of the debtor's wife's brother's wife's parent's barn, and had been there just shy of seven years. The repossession company picked it up seven years to the day of the notice of repossession. People can run. People can hide. But, nothing lasts forever. Everyone leaves a trail. Those who issue challenges to those who have nothing more to do in their jobs but to devote time to finding them or their property or assets have entered a fool's game.

fixed assets used in business for more than one fiscal year and that's why cost of fixed assets allocated to all those fiscal years.

"Seize ans de rêve américain" means "sixteen years of American dream" in English.

J'ai 16 (seize) ans. = I have 16 years. (I am 16.)


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