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Statutes of Limitations

Is there a statute of limitations for a repossession?


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Wiki User
2011-03-16 08:21:50
2011-03-16 08:21:50

Been 4 years then they came and got our Personal Water Craft, after they said they didn't want it and it could stays ours. We were stunned,but they proceeded to claim they would "write it off". What are our rights now?

Did you receive any mailings or correspondence in those 4 years from the creditor? If not, you may be able to claim abandonement, but I would check with an attorney.

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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.

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I don't think there is a statute of limitation on repossession of a vehicle anywhere as long as there is an overdue payment outstanding.

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As far as I know there is no statute of limitations on repossession in any state. Check with your state Attorney General to be sure. I will post a link for you to read.

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As long as a vehicle is collateral for a loan, it can be repoed.

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All states vary and Im not sure about Colorado but the nom. is 7-10 years.


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