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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?

Asked By: dummy - 8/26/2006
Best Answer - Chosen by Asker
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... More
Answered By: movingthestarz - 8/29/2006
Additional Answers (2)
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....
Answered By: sheeez814 - 8/26/2006
 
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... More
Answered By: tdm1175 - 8/26/2006
 
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