Longsally1112
Member
What is the name of your state (only U.S. law)? South Carolina
so, I had my car repo'd voluntarily in 4/2003. I was about to give birth, hubby lost his job and I called them up and asked them to get the car. I had a child to feed, one on the way and it was food or the car. I paid 18,000 and pain 425 a month for 3 years perfectly. They sold the car for 8000 at auction. So, I pain 15,100.00 total towards the car and they made 8000 at auction. Now, they state I still owe them 10,000!!!!
I am aware that most of my payments initially went towards interest and I have never defaulted on anything before or since. It was just tough times.
Anyway, that was all in 2003. It is now 2011, a full 8 years later and I am receiving letters intermittently from a collection agency demanding 19,000 now. I have not answered them. I am smart enough not to ignore a legal summons, etc but that has not happened. I guess it all boils down to this:
1. How much can they actually sue me for ( they have massively inflated the amount) 2. What is the statute of limitations on a car loan?
I would like to add that this is all off my credit now after all this time and it is once again great. Advise, not lectures are appreciated.
so, I had my car repo'd voluntarily in 4/2003. I was about to give birth, hubby lost his job and I called them up and asked them to get the car. I had a child to feed, one on the way and it was food or the car. I paid 18,000 and pain 425 a month for 3 years perfectly. They sold the car for 8000 at auction. So, I pain 15,100.00 total towards the car and they made 8000 at auction. Now, they state I still owe them 10,000!!!!
I am aware that most of my payments initially went towards interest and I have never defaulted on anything before or since. It was just tough times.
Anyway, that was all in 2003. It is now 2011, a full 8 years later and I am receiving letters intermittently from a collection agency demanding 19,000 now. I have not answered them. I am smart enough not to ignore a legal summons, etc but that has not happened. I guess it all boils down to this:
1. How much can they actually sue me for ( they have massively inflated the amount) 2. What is the statute of limitations on a car loan?
I would like to add that this is all off my credit now after all this time and it is once again great. Advise, not lectures are appreciated.