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My car was repossessed in 1997. My balance with the bank was 11,700 back then. They have not contacted me for ten years now. Do I have to worry about them coming after me? Can they garnish any of my bank accounts? What would be the best thing for me to do? It is not on my credit report.
car repossession
Hi Miller,
Your car was repossessed in 1997. That means you had gone delinquent on the account before this. Repossession stays on your credit report for 7 years from the date of first delinquency, and then falls off. However, if a judgment had been entered against the repossession, can it remain for 10 years.
Can you tell me whether or not you were served with a notice as to what was going to happen to your repossessed car? Can you tell what exactly happened to your car after the repossession? The lender who repossessed your car, is required to let you know what they are going to do to the car. Whether or not they are going to keep it, or resell the car. If they are going to sell, they should provide you with a notice mentioning the date of the auction. This is required so that you can join the auction, and also get back the extra cash if the car sells for more than the amount you owe to the lender.
Thus, you need to check out these details.
Hope this helps.
Regards,
Aaron