I bought a pick up truck in 1990 and I obtained financing from Toyota Motor Credit. Since my credit was horrible, they charged me an exorbitant interest rate. I continuously had great difficulty making the monthly payments, and I would receive collection notices from them almost each month. Finally, around 1996 or so, I made my â??lastâ? payment to them. That is, I still owed them around $400 or so, but they no longer sent me any collection notices or any letters requesting payment. I think they had already charged me an arm and a leg on the truck and had made extraordinary profits so they didnâ??t care about the last $400. Now, almost 13 years later, I am trying to sell the pick up truck. Yet, I donâ??t have title to the car since the lien holder continues to be Toyota Motor Credit. In order to sell the car, I have to get the lien removed. I would like to contact Toyota Motor Credit but I fear that, if I do, they will demand the $400 plus interest. The pick up truckâ??s blue book value is only about $400. Is there anything I can do? Any help would be deeply appreciated!!!
What state are you in? How does it show up on your credit report? If the debt is considered too old by your state, you may not have to pay it. A creditor or debt collector usually gives up the right to collect a debt after 6 years from when the debt was written off (or the date of last activity on your credit report), but you may run into a situation in which the state allows up to 15 years to collect delinquent debt. For $400, you may be opening up a can of worms. My advice is to drive the car into the ground.
strip the truck down and sell it as junk.it would probably would bring a couple hundred in junk.or just try to part it out chop it up and sell it in parts.
