Repossession
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Is there a statute of limitations on a loan for a car repossessed 7 years ago?

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2004-12-11 05:23:42
2004-12-11 05:23:42

Depends on what state you are in. Call a local attorney for state specific advice.

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Federal student loans do not have a statute of limitations. If it is a personal loan, it may have one.

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I believe that when the car is turned in and the remaining balance is owed the month of last activity would start the running of the statute of limitations. However in California I believe it is 4 years from the date they say you owe them money.

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

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Yes. If the loan is not paid within the time limit on the promissory note you can sue in court. However, pay close attention to the statute of limitations in your state.Yes. If the loan is not paid within the time limit on the promissory note you can sue in court. However, pay close attention to the statute of limitations in your state.Yes. If the loan is not paid within the time limit on the promissory note you can sue in court. However, pay close attention to the statute of limitations in your state.Yes. If the loan is not paid within the time limit on the promissory note you can sue in court. However, pay close attention to the statute of limitations in your state.

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It starts when the loan agreement is signed by the Borrower and Lender. At that point the contract is in effect.

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If this is a Federal Student loan unfortunately, THERE IS NO STATUTE OF LIMITATIONS. If this is a PRIVATE, UNSECURED STUDENT LOAN, by LAW, this is subject to a STATUTE of LIMITATIONS. One quick way to check what kind of loan you have is to simply contact the Dept. of Education and ask them for a full account and record of all your Federal student loans. Depending on the competence, or honesty of the judge and lawyers involved, you should expect a reasonable resolution of the statute of limitations has passed. Sallie Mae is a dirty company and will lie about terms of your contract, date of origination and sometimes even what school the loan was for. Make sure to keep ALL your records and come prepared to court. Call an attorney and Good luck.

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Depends on your State, it can range between 3-6 years on average, and much higher in some States.


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