ANSWERS: 3
  • No, there is no statute of limitation on repossessions. Once the loan is defaulted on and the bank holds a lien on the title, they may repossess the vehicle at any time they feel it is to their financial benefit to do so. Filing a bankruptcy is one of the few ways to stop the repossession. Paying the bank off is the other way to stop a repossession.
  • I turn an auto in for non payment 4 years ago now 4 years later this company wants to sue me
  • Yes, 6-10 years depending on your state. Just because he hasn't been sued or repoed yet doesn't mean anything. Keep in in a garage and expect to see a subpoena in the final year of the 6-10 year timeframe. Have had mine for 3.5 years...god bless the garage!

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