answersLogoWhite

0

  • Auto Loans and Financing
  • Repossession
  • Loans

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

User Avatar

Wiki User

βˆ™ 2006-08-23 14:49:17

Best Answer
Copy

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.

2006-08-23 14:49:17
This answer is:
πŸ€“
🀯
πŸ€”
User Avatar

Add your answer:

Earn +5 pts
Q: If your car was repossessed 16 years ago are you still responsible for that loan?
Write your answer...
Submit

Related Questions

If a car was voluntary repossessed and the cosigner was not notified is the cosigner still responsible?

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


If your car is repossessed do you still have to pay for it?

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.


If you voluntarily let your car be repossessed by the lender do you still have to pay on the loan?

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


Who is responsible when your car is being repossessed in Pennsylvania?

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


Is a co-buyer responsible for paying off a loan if the buyer has no job and the vehicle was repossessed?

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


Are you responsible for the balance of a loan after the collateral is voluntarily repossessed and auctioned?

YES, read your contract.


If a car is repossessed will the co-signer be left with bad credit?

Yes he/she is just as responsible for the loan as the signor of the loan.


Can a car be repossessed if the owner dies before the first payment is due?

The car can be repossessed. The estate is responsible to return the vehicle and resolve the lease or loan.


If you have never had a car repossessed you have had a house repossessed Can I still get a car loan?

Most likely not depending on what financial situation you're in.


What can happen if you don't pay a title loan and you still have the car?

The vehicle can be repossessed.


Can you still owe money after your car is repossessed because of the recall?

If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.


Can your vehicle be repossessed after the loan and security agreement has expired but you still owe a considerable sum?

Loan and security will always be active against the vehicle. It never goes away until paid or repossessed. Yes, the collateral may be repossessed at any time.


Where do you stand if repossessed truck is sold for less then the loan?

You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.


Can you still owe money on a car that was repossessed and resold to another buyer?

yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.


Can you still owe money after your car is repossessed?

Yes, your car will be sold and if the price they sell it for is less than the balance left on the loan, plus the repossession fees, you will be responsible for that difference and will have to pay it.


You have one day before your car is repossessed is there any payment options?

Call the lender, and make some kind of arrangements. Do not let your car get repossessed. You will be responsible for the balance on the loan. no


If the car was repossessed will the cosigner still be responsible for the loan if the primary borrower files for bankruptcy?

NO, as long as he co-signed the loan, he is standing good for the payment. They can get a judgment against him and garnishee his wages . Dont let that happen to your Dad.Take Care of Your Business.


Do you have to pay the difference on a repossession car loan?

Not sure of your question. Do you mean do you still owe after the car is repossessed? Or do you mean do you have to pay off a loan to buy a repossessed vehicle? It depends on the state you are in, contact the lender.


Do you still owe title loan after vehicle is not working and repossessed?

YES! Including any interest.


If your car is repossessed are you responsible for the balance after they sell your car in Illinois?

You are unless it's a TITLE LOAN, they usually write it off.


Is a cosigner's spouse responsible for the loan if he dies?

No you are not responsible but if your step daughter does not pay the loan they can still repossess the vehicle.


Do you still have to pay part of the loan depending on the value of the car if it is repossessed in California?

YES, you pay all the loan amount, sooner or later.


Is a person who is 65-years-old and retired responsible for paying a loan they co-signed for if the owner defaults?

Yes - unfortunately when you cosign a loan - you cosigned a loan and if the owner defaults you are still responsible no matter how old you are. You could check with the lenders but wait until they contact you.


Can a car be repossessed in California without a lien being placed on the title?

IF the loan is perfected, it can be repossessed. If you have signed a loan contract with the vehicle specified as collateral for that loan, it can be reepossessed if the loan is in default.


What happen if you can not pay your car loan?

When you don't make regular payments, your car will repossessed. Now if you had an upside down loan, you will still owe the lender.