Mailman showed up today with a letter for me to sign. I didn't look at it before I signed, I wish I would've... Nissan Motor Acceptance Corp. sent me a printout of my balance $7743 on a repo from June 1997!! I have not contacted them directly about this, I did go through the CRA's as not mine, and then Balance Incorrect. Would Nissan have contacted me from information the CRA's were inquiring about? I'm kinda nervous, as I do not know what to expect from them, now they do have my signature!! Am I in trouble? This car was bought in NC, repo'd in Illinois, and Nissan is located in TX...Now I know a creditor may sue if SOL is still valid for whatever state you reside now, but what if there are 3 states... Either way, I think I may be stuck cause SOL in IL for written contracts is 10 years... Like i said though, I haven't heard from them since the repo!! Help, should I worry!
No, don't worry, just QUICK move to Arozona where SOL is 4 years and Nissan would be SOL because of the SOL.
Congratulations. You are now a member of the "Woke the Beast" club. I'm a proud member as well I can't help you with the SOL advice. Whychat's site is probably a good starting point. I can't be 100% sure, but you can also check state statutes to make sure the repo was handled properly. I would guess that would be the state it was repo'd in, but don't take my advice on that one either. Just putting some thoughts out there for you.
Isn't the SOL applicable to either the state in which the contract was entered into or the state in which the person who signed the contract is now a resident? Either way, neither one of those states was Illinios so I wouldn't worry about the 10 year SOL for now. But check the SOLs for the two states I mentioned.
That is the problem...I am now residing in Illinois, Not NC or TX...Damn...I'll just have to pucker up and take the big one on this...It was due to come off my reports within a year anyway... Maybe the "giant" will just go back to sleep. I know my wife is gonna be ticked if they start coming after me for the balance...she isn't too sure about this whole credit repair stuff anyway!! I guess I'll just try to get them to produce a signature or contract or anything...
jlynn had some good advice. Brush up on the laws governing repos in the state where the repo was done. Make sure they followed the law. Many times they don't, and that will work in your favor. In some states they can't even sue for a deficiency balance, I think.
It is my understanding from Whychat that the SOL for a repo deficiency balance falls under the UCC instead of the written contract SOL. Once the car was repo'ed and sold that voided the original written contract. The new "contract" for the balance after the sale would then fall under UCC, which depending on your state ranges from 1 to 4 years. You might want to double check this with Whychat to be sure. Good Luck! paw67
If this is true then let me know. I have a repo from 3+ years ago and the OC didn't tell me what the car sold for at auction (which is req'd). The CA has only 7 days left to validate before I estoppel. And even if they do validate I have lots of ammo vs. the OC to make this last a little longer and cost much, much more. Post if you find anything out!
I'll check on the UCC laws and repo laws. I think my problem might lie in the fact that I was in NC when the car was repo'd in IL...I'm sure IL laws take precedence, but I'm not positive... I'll let you all know if I discover anything.
