Personal Finance
Money Management

If you still owe money on a car after a repossession is there a time limit for how long the loan company has to collect it?


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Wiki User
2011-09-12 22:19:28
2011-09-12 22:19:28

check the SOL in your state. Usually 7-10 yrs. but the judgments get renewed so it goes on and on like an Energizer bunny...


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No. They're not there to collect money, they are there to reposess.

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You being arrested has no bearing on your loan. As long as you make the payments on time there will be no repossession. The loan company does not care if you are in jail as long as they get their money.

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Money, Knowledge of the laws,proper state permits and ENERGY. Good Luck

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A company can continue to collect from you indefinitely. As in, when you die, if you owe them money, they can collect from the executor of your estate, and get part of your life insurance policy. The best thing to do is to contact that company, and work out some kind of payment schedule with them, perhaps get them to work with you on lowering the interest rate, or disregarding any fees you may have accrued (ie: late fees, over-limit fees, etc)

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