I inquired about this on another forum but I would like to get as much good advice as possible. I get so much conflicting information.
TLDR- Car loan started in MD, moved to IA - Repo. Trying to figure out the statute of limitations on a deficiency balance
2008 - Purchased auto in MD
2009 - Moved to IA
2010 - Car was voluntarily repo'd because of not being able to make payments
2010 - Car was sold at auction, I was given documents stating my deficiency balance
2014 - Have not heard anything from anybody about this debt.
I am trying to figure out what the statute of limitatations would be for this debt.
What state applies? MD since that is where the loan originated, or IA since that is where I moved to and defaulted.
I've heard that the Iowa UCC code says it is 4 years on deficiency balance, and others tell me that it still applies to the 10 year written contract.
I'm confused and would like to know what applies to this deficiency balance.
TLDR- Car loan started in MD, moved to IA - Repo. Trying to figure out the statute of limitations on a deficiency balance
2008 - Purchased auto in MD
2009 - Moved to IA
2010 - Car was voluntarily repo'd because of not being able to make payments
2010 - Car was sold at auction, I was given documents stating my deficiency balance
2014 - Have not heard anything from anybody about this debt.
I am trying to figure out what the statute of limitatations would be for this debt.
What state applies? MD since that is where the loan originated, or IA since that is where I moved to and defaulted.
I've heard that the Iowa UCC code says it is 4 years on deficiency balance, and others tell me that it still applies to the 10 year written contract.
I'm confused and would like to know what applies to this deficiency balance.
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