repo collections

[ablessin]

What is the name of your state?New York
I have another question. My boyfriend had a truck loan that he was no longer able to pay on, so he called Americredit and they had "lost" their refinance license, so they agreed to repo the truck! Ok - so they came and took his truck away, auctioned it off - this was about 2 - 2.5 years ago - - OK - NOW - they keep sending him a bill for like 6 thousand dollars...... does he have to pay the rest after they repo'd the car and sold it off ????????????

I keep telling him I don't think they can do that - so it's open to all you great folks - any advice is welcome.

thanks

[Debt Guy]

Yes. He is obligated. Read the note and loan agreement -- it describes what happens in the event of default.

If the lender "lost their license" that might prevent them from making new loans. But a loan already on the books is a legal debt and the note and loan agreement are controlling.

Check the SOL on the debt -- there may be some relief from that angle.

[ablessin]

What is the SOL in New York? The truck was repo'd "think" September 2002 - so the DOL - last payment was about 3-4 months prior to that.

Thanks a lot

[Happy Trails]

Originally Posted by ablessin

What is the SOL in New York? The truck was repo'd "think" September 2002 - so the DOL - last payment was about 3-4 months prior to that.

Thanks a lot

New York is 6-years.

[url]http://www.creditrepairkitsoftware.com/limits.html[/url]

[Ladynred]

Did he get any notices before the sale of when it would be -- date, time etc. ??
Did he get any notices AFTER the sale that accounted for what the truck sold for, how much the deficiency was, plus all the added fees ???

IF not, then Americredit may not be entitled to a deficiency. They have to follow ALL the rules in a repo, otherwise they forfeit.. and the SOL is determined by the UCC for this one.

[ablessin]

I don't remember if they notified him WHEN the repo auction was, but they did send a letter stating they auctioned the truck for a little over $6 thousand. I will have to ask him what he got on this - dos SOL start date of auction then (when Americredit sold the truck)

Now - this 6 years - is that from date of last activity/payment?

I see on my credit report an account it says:
updated 7/2003 balance $720
opened 3/1999
closed 12/2000 past due $720
status as of 7/2003, charged off as bad debt


and another account reads :

updated 12/2002 balance $1750
opened 11/1995 most owed $ 1750
closed 6/1999 >past due $238<
Is the SOL expired on these and if so, should I write a letter to TransUnion having the accounts removed? If the accounts were closed 1999 then the SOL is up 6/2005, right?????

I mean, I am trying to clean up my credit, I have written letters asking for settlements, BUT - I certainly am not going to offer $ to an account that could potentially either be about to fall off OR should be off my credit report!!

Thanks a lot