Hello, I am wondering if anyone can tell me if the state of Arizona has a statue of limitations on how long a creditor has to repo their collateral? Here is the situation: Back in September of 2007 my husband lost his job and we could no longer afford our vehicles, at this time I told the Credit Union we could not afford them and they should just take them back. They gave me an extension of 2 months, at the end of the two months I called them and told them I still could not afford the vehicles. Nothing happened they told me to just try to get a job and let them know. Now like many people in this world we were living way beyond our means at the time, we had 3 vehicles, 2 quads, a fifth wheel, and a trailer all financed. After about 9 months dq on the loans they repo'd our quads sold them at auction and sent us notice of the remaining balance. Now we had the fifth wheel, 2 quads, and one vehicle all located in open access and told them to come get them but they only took the 2 quads. Last June, I called them and told them where the other 2 vehicles were located at and they picked them up and sold them. However, I still have one truck and a fifth wheel parked at my home. The repo agent has been here several times while we were not home because I was out of town for 2 years taking care of sick family. But as of today I still have these two vehicle sitting in my lawn. I know we can apply for an abandoned title with the MVD and then they will send a 30 day notice to the lender to redeem their collateral or lose it. However, someone stole the hitch from our truck so we cannot take it to the MVD to have an inspection as required for an abandoned title. What are my options to get them to pick up the collateral, since I do not deny I owe the debt but cannot afford to pay it at this moment? I have taken the approach of get it taken back and deal with consequences later. Any help would be greatly appreciated. Thank you for reading this long drawn out request.
The SOL refers to the maximum amount of time after an event that legal proceedings can be initiated on that event. Basically, how long the creditor has to sue you for the debt. But the creditor in this case has the right to repossess the vehicles as soon as you're delinquent, without suing you or going to court. I'm not a lawyer, but it would seem to me that they can essentially take the vehicles anytime they want. If they don't ever get around to it, then that's their fault. Repo men are very busy these days, so it may just be a matter of time.
I understand that repo men are extremely busy but if they made the 3 hour trip to get here you think they would take the vehicles, I know for a fact that they were all submitted for repossession just never picked up. I really just wish they would come and pick them up so they are off my property. Thank you for your response.
