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In a repo after the 7 years is up can they still to collect even though they have not tried in 6 of those 7 years?
Wiki User
∙ 18y ago
If the institution who financed your vehicle has wrote that note off as a charge off then another company can come in and purchase that debt and pursue to collect on that debt ==Answer == The 7 years in which a negative entry remains on the credit report has nothing to do with the ability of the lender to repossess a vehicle. A vehicle is a secured debt and therefore the lender may initiate action whenever they choose. In the majority of states the SOL for debt does not apply to this type of financial transaction. It would seem the lender is not interested in repossession and would rather recover the full amount of the loan, plus penalties, interest, legal costs and court fees by pursuing litigation at some future time.
Wiki User
∙ 18y ago
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