statue of limitations on truck repo collections after sold at auction?
had tractor semi truck repoed. how long can they try to collect balance after sold at auction. for less than owed?
I have been in the repo business for several years. When your ride was repossessed and went to the auction PacCar or who ever you had it through still holds the note on it against you for the remaining balance. They will send you a notice telling you what you owe. Lets say it is 20,000.00. When you do not pay it and obviously you have no truck to make that money with so being a company driver, you will never make it, they will send it into collections at a collection agency if they do not have a in house collections. Here is a little information that not many people know. You will get 3 to 5 letters of demand from the collection agency before they start calling you. Do not avoid them, tell them that they can not contact you at that number anymore, under the C.A.R.S. Law they have to stop phone contact. Give it 8 to 12 months and it will become a charge off.
People do not understand that collections for credit cards, collections hospital bills, collections for unsecured debt and collections for secured debt all have different consumer rules.
I hear people who apparently flunked out of law school tell me the repossession laws everyday. You know where they are saying it from? The curb as they watch their car go down the street.
It will go into charge off status. Associates is about an 8 month charge off, PacCar is less than a year. Select is 4 to 7 months. It makes no difference what state you live in, it is where the finance company is located is what matters.
Don’t sweat it. E-mail me and I can tell you how to get that charge off removed from your credit history should you decide to try and buy another truck.
Right now with fuel prices so high a lot of people are loosing their trucks, but that makes it a buyers market. I kick back 20 to 30 a month. A truck is the one unit I will not repo.
After being an o/o I don’t know if you would never be happy as a company driver. There are some pretty fair companies out there, but there as you know are companies that are not worth putting the key in the ignition.
If you need a hook up on a decent/cool/fun job, let me know. The company I was leased to for 16 years hauls concerts around, they are also looking for tour bus drivers. (Entertainer Coaches)
Good Luck To You!
Be Well.
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It depends on your state Law’s. Judgements can be as long as 20 years, and in the state of michigan they can be extended after the 20 years. Sounds crazy but true….
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As long as the financial institution that financed the loan pursues it. They are only going for less as law states after repo and sold at auction the bank can only go after the individual financed for the remaining balance of loan after auction sale. Say you had $4,000 principal balance and they auctioned it off for $3,000. The bank can come after you for $1,000 plus interest.
References :
I have been in the repo business for several years. When your ride was repossessed and went to the auction PacCar or who ever you had it through still holds the note on it against you for the remaining balance. They will send you a notice telling you what you owe. Lets say it is 20,000.00. When you do not pay it and obviously you have no truck to make that money with so being a company driver, you will never make it, they will send it into collections at a collection agency if they do not have a in house collections. Here is a little information that not many people know. You will get 3 to 5 letters of demand from the collection agency before they start calling you. Do not avoid them, tell them that they can not contact you at that number anymore, under the C.A.R.S. Law they have to stop phone contact. Give it 8 to 12 months and it will become a charge off.
People do not understand that collections for credit cards, collections hospital bills, collections for unsecured debt and collections for secured debt all have different consumer rules.
I hear people who apparently flunked out of law school tell me the repossession laws everyday. You know where they are saying it from? The curb as they watch their car go down the street.
It will go into charge off status. Associates is about an 8 month charge off, PacCar is less than a year. Select is 4 to 7 months. It makes no difference what state you live in, it is where the finance company is located is what matters.
Don’t sweat it. E-mail me and I can tell you how to get that charge off removed from your credit history should you decide to try and buy another truck.
Right now with fuel prices so high a lot of people are loosing their trucks, but that makes it a buyers market. I kick back 20 to 30 a month. A truck is the one unit I will not repo.
After being an o/o I don’t know if you would never be happy as a company driver. There are some pretty fair companies out there, but there as you know are companies that are not worth putting the key in the ignition.
If you need a hook up on a decent/cool/fun job, let me know. The company I was leased to for 16 years hauls concerts around, they are also looking for tour bus drivers. (Entertainer Coaches)
Good Luck To You!
Be Well.
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