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Statute of Limitations The creditor has 4 years from the time it repossessed your car to sue for a deficiency. If more than 4 years have passed, the statute of limitations has run. If you believe the statute of limitations has run, you should notify the creditor and ask them to dismiss the lawsuit.
In order to do so, they must pay back the full amount that remains on the loan, as well as any late fees that they may have incurred and reasonable expenses from the repossession or storage.
If you are late on a payment, the creditor can choose to accelerate your loan. You will then owe the creditor the entire amount due on the loan. If you can't pay the entire amount due on the loan in a certain time period (usually 10 days), the creditor can then take back, or repossess, the property.
If you are late on a payment, the creditor can choose to accelerate your loan. You will then owe the creditor the entire amount due on the loan. If you can't pay the entire amount due on the loan in a certain time period (usually 10 days), the creditor can then take back, or repossess, the property.
The law states someone first must have missed payments for 90 days. Then a dealership must send a certified letter. If the person fails to pay for 30 days after that, they are guilty of "unlawful failure to return a motor vehicle subject to a security interest."