[gspanark]

I'm needing info about an old car loan debt that I voluntarily repoed at the bank over 8 years ago. It was a black mark on my credit report for 7 years as a "charge off" and now its off my credit report! We'll, I recently bought a new home and paid off old credit card debt under 7 years old and now since I done that, my old car loan collections is trying to sue me and collect a judgement. My question is... since that old car loan is over the statue of limitations could that be my defense? It seems like since I'd paid the old credit card debt off to get my house, the collections agency from the car loan is making a last effort to collect the money. Shoud I worry? What can I do?

Thank you!

[ScottGem]

If the loan is past the SOL then they can't sue you. That's what the SOL means, once past, the ability to sue (or prosecute in criminal cases) has been lost. However, that does NOT mean you still don't owe the money nor does it prevent the creditor from dunning you for the money.

[s_cianci]

The time factor may work in your defense. When the car was repoed, they no doubt sold it at auction. You should find out what the book value of the car was at the time of repo and what the financing company got for it when they sold it. Either way, they best they could collect from you would be the difference between it's book value at the time and how much they sold it for.