Confused about SOL between states

[uloan]

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.

 

[Jeran]

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.

I'll try to look up one of my older posts on this very forum about this exact issue.

In my case, my state Arizona adopted the UCC statute of limitations for deficiency balances from car repos making it 4 years, rather than the normal 6 year SOL for written contracts, but it only applies if car loan originated at the car dealership rather than getting a loan from your bank and then using that loan to pay for the car.

I was actually able to find the old car loan agreement and right on the back side of that paper form, it quoted the UCC, so yes, the UCC does apply in those situations.

I also found local newspaper articles that said it, and even a local attorney who said it.


Look for something similar to this wording in your car loan agreement: "Upon the happening of any of the foregoing Events of Default and at any time thereafter, we may, at our option, and without any notice to you, declare all of your indebtedness to us to be immediately due and payable, and we shall have the rights, duties and remedies of a secured party, and you shall have the rights and duties of a debtor, under the Uniform Commercial Code as adopted by the State of Arizona..."


FOUND IT! https://forum.freeadvice.com/debt-collections-84/what-statute-limitations-car-loan-deficiency-balance-arizona-594706.html#post3158655