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If your car was repossessed 16 years ago are you still responsible for that loan?


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Wiki User
2006-08-23 14:49:17
2006-08-23 14:49:17

There are only 2 states where the statute of limitations is the longest--15 yrs., Ohio and Kentucky. Either way--the time starts when the last payment/sale of the car amt. was applied to the balance. Make sure your time limit is up when you call your Attorney General in your area. Have the name of the company, phone number and the name of the collector/s for the Attorney General Check the following link for your state's statute of limitations http://www.bankrate.com/brm/news/cc/20040116b1.asp?print=on I Would Contact Your County Attorney About This. Sounds Like The Sham Artists Are Out Again. I`m Almost Sure In No Way You Are. But For All Concerened, This Needs To Be Made Known. Call The County Attorney Give Him The Facts And The Person`s Name That Has Called.

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Yes. If you signed the loan, you are still legally responsible for it.

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The vehicle will be sold at auction, the proceeds will be applied to the loan and to the repo fees, then you will still be responsible for any remaining amount owed to the loan.

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Yes! It will still be listed on your credit report as a voluntary return and you will still be responsible for the cost

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The owner of the car (person(s)) who took the loan on the car are responsible

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Yes, he or she would be equally responsible for the repayment of the loan balance.


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