Hello, We bought a car in Sept. 2002 and then had it repossed in April 2003 (I know, short term, we were a new family just starting out). Now 5 years later we got a letter in the mail saying that we owe them all this money, and we haven't heard from them since we got our car repossed. Do we have any options and what are they?

What state do you live in?

You need to know what the statute of limitations are on a written contract in your state for starters.

Once you know that, then you can figure out what options you have.

To buy some time, you should request validation of the debt. The letter should have stated that you need to do so within a certain time limit, usually 30 days.

Thanks for the answer, forgot to mention we are from Alberta, Canada.

Thanks for the answer, forgot to mention we are from Alberta, Canada.

In that case, I have no valuable information for you, sorry!