lisak72 Posted April 23, 2003 Report Posted April 23, 2003 I have a second question but felt it needed a separate thread. Like many, had a car repo'd in 99. SOL appears to be 6 years on this, but I saw some info on other threads about the Scott vs Ford case in MD. That 4 year SOL appears to only pertain to Maryland. So does anyone know which SOL I would use to determine that for IN or who I could contact to find out?Thanks for any help you could give...
paw67 Posted April 23, 2003 Report Posted April 23, 2003 I am in Indiana also and understand the SOL for auto to be 6 years.6 Years Written Contracts; §34-11-2-9IC 34-11-2-9 Promissory notes, bills of exchange, or written contracts for payment of money Sec. 9. An action upon promissory notes, bills of exchange, or other written contracts for the payment of money executed after August 31, 1982, must be commenced within six (6) years after the cause of action accrues. Hope this helpspaw67
lisak72 Posted April 23, 2003 Author Report Posted April 23, 2003 That's what I figured...thought it was too good to be true Thanks for the insight!
slstafford Posted April 23, 2003 Report Posted April 23, 2003 Deficiency goes by UCC regulation SOL's and in most states is 2 years. Once a car is repoed it null and voids the written contract.
paw67 Posted April 23, 2003 Report Posted April 23, 2003 <blockquote>Originally posted by slstaffordDeficiency goes by UCC regulation SOL's and in most states is 2 years. Once a car is repoed it null and voids the written contract.</blockquote>slstafford,Thanks for the info. I had asked this question on another board and was told it would go by the 6 yr sol for written contracts. Thanks for updating, this is great to know.paw67 [Edit by paw67 on Wednesday, April 23, 2003 @ 03:29 PM]
lisak72 Posted April 23, 2003 Author Report Posted April 23, 2003 <blockquote>Originally posted by slstaffordDeficiency goes by UCC regulation SOL's and in most states is 2 years. Once a car is repoed it null and voids the written contract.</blockquote>Wow...okay! I've been digging deep to try to figure this one out. Guess I'll have to pull out the UCC codes and find that one! Thanks...there is hope yet
paw67 Posted April 24, 2003 Report Posted April 24, 2003 Any idea where to find the right code? I have searched several times on google and can't seem to find it. I have read several of the Indiana codes but couldn't seem to find info. about UCC SOL. Sometimes when they put it in "legal" terms it can get to be very confusing (at least for me LOL!!). Thanks!paw67
lisak72 Posted April 24, 2003 Author Report Posted April 24, 2003 <blockquote>Originally posted by paw67Any idea where to find the right code? I have searched several times on google and can't seem to find it. I have read several of the Indiana codes but couldn't seem to find info. about UCC SOL. Sometimes when they put it in "legal" terms it can get to be very confusing (at least for me LOL!!). Thanks!paw67</blockquote>Hey there...I've been digging too. Looks like it's in here somewhere at http://www.in.gov/legislative/ic/code/title26/ar1/ch9.1.html. From other cases I've read, I know it should be in the UCC, title 9. This address should take you straight to it and I believe it is IC 26-1-9.1-104, but am waiting for some verification on that. I'll post again if I hear back on it!
sisflomi Posted April 24, 2003 Report Posted April 24, 2003 <blockquote>Originally posted by slstaffordit null and voids the written contract.</blockquote>Where is the law or rule that would void the contract? I have been searching high and low for this info, but have found nothing to support it. Can you tell us how this information came about?
lisak72 Posted April 24, 2003 Author Report Posted April 24, 2003 <blockquote>Originally posted by sisflomi<blockquote>Originally posted by slstaffordit null and voids the written contract.</blockquote>Where is the law or rule that would void the contract? I have been searching high and low for this info, but have found nothing to support it. Can you tell us how this information came about?</blockquote>I'm not sure about where a law is located, but this is based on the case of Scott vs Ford Motor Credit Company. Read about this one on another thread and started investigating on my own. The UCC states 4 yr SOL to be the norm, but some states have ammended this time period to as little as 1 year, but no longer than 4. Some other threads have been saying 2 yrs, but I am awaiting a response from the Atty Gen's office in Indiana for our state's SOL in this situation.
slstafford Posted April 24, 2003 Report Posted April 24, 2003 That is correct Lisa. That is why I stated most states do tohe 2 year. Here in NH it is 4 I believe. But there is no way it is 6yr. I wanted to put some of you at ease about that. As far as the contract being null and void after repo, once they they take possesion of the (secured) property the contract that originated the sale is no longer. They have the property. It then turns into a UCC becuase now they have to be able to collect on what they didn't get back which in turn is now a new debt.
paw67 Posted April 25, 2003 Report Posted April 25, 2003 <blockquote>Originally posted by slstaffordThat is correct Lisa. That is why I stated most states do tohe 2 year. Here in NH it is 4 I believe. But there is no way it is 6yr. I wanted to put some of you at ease about that. As far as the contract being null and void after repo, once they they take possesion of the (secured) property the contract that originated the sale is no longer. They have the property. It then turns into a UCC becuase now they have to be able to collect on what they didn't get back which in turn is now a new debt.</blockquote>WOW...thanks sls, lisa and everyone looking into this. I too have been searching and not finding much. I appreciate all of the time that everyone has taken looking into this. paw67
Waxworks Posted April 25, 2003 Report Posted April 25, 2003 As far as SOL's, try this site...http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml.........i hope this has the answer to what youre looking for
Waxworks Posted April 25, 2003 Report Posted April 25, 2003 My question is about actual Charge-offs from the OC, now a CA (1 a repo and the other a lona from wells fargo) they were both co-signed. Whats the best way to have these items "supressed" or "deleted".........i know dispute verify wont work on this one.
lisak72 Posted April 25, 2003 Author Report Posted April 25, 2003 <blockquote>Originally posted by WaxworksMy question is about actual Charge-offs from the OC, now a CA (1 a repo and the other a lona from wells fargo) they were both co-signed. Whats the best way to have these items "supressed" or "deleted".........i know dispute verify wont work on this one.</blockquote>This depends I think on how old they are and if the SOL has passed especially on the repo. For me, the SOL isn't up on the auto deficiency left over from after the repo, so the best way to handle is to negotiate with the creditor or wait for the SOL to expire before trying to dispute. Age of the loan and whether it's a paid charge off or unpaid makes a difference also. Can you give more info?
lisak72 Posted April 25, 2003 Author Report Posted April 25, 2003 <blockquote>Originally posted by WaxworksAs far as SOL's, try this site...http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml.........i hope this has the answer to what youre looking for </blockquote>Hey Waxworks, thanks, but these SOL don't apply to this discussion about the unsecured balance after a repo. These would have applied to the original written contract that was null and void after the repossession took place. As stated before, this transfers to UCC SOL which is a little harder to dig up! But thanks
slstafford Posted April 25, 2003 Report Posted April 25, 2003 Waxworks, why do feel that wouldn't work? I am asking because I just recently got a repo which was cosigned with my hubby off both of our credit reports by disputing with the credit bureaus.
lisak72 Posted April 25, 2003 Author Report Posted April 25, 2003 <blockquote>Originally posted by slstaffordWaxworks, why do feel that wouldn't work? I am asking because I just recently got a repo which was cosigned with my hubby off both of our credit reports by disputing with the credit bureaus.</blockquote>Just curious, but which approach did you take to get the repo off and was the deficiency paid?
sisflomi Posted April 25, 2003 Report Posted April 25, 2003 Here are UCC I think that covers most of our questions. It seems that UCC is Federal, but each state has its own interpertation of it. At the end, there is a link to IN (Your code there is called Uniform Consumer Credit Code)4) "Cancellation" occurs when either party puts an end to the contract for breach by the other and its effect is the same as that of "termination" except that the cancelling party also retains any remedy for breach of the whole contract or any unperformed balance.(1) An action for breach of any contract for sale must be commenced within four years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitation to not less than one year but may not extend it. (2) A cause of action accrues when the breach occurs, regardless of the aggrieved party's lack of knowledge of the breach. A breach of warranty occurs when tender of delivery is made, except that where a warranty explicitly extends to future performance of the goods and discovery of the breach must await the time of such performance the cause of action accrues when the breach is or should have been discovered. (3) Where an action commenced within the time limited by subsection (1) is so terminated as to leave available a remedy by another action for the same breach such other action may be commenced after the expiration of the time limited and within six months after the termination of the first action unless the termination resulted from voluntary discontinuance or from dismissal for failure or neglect to prosecute. (4) This section does not alter the law on tolling of the statute of limitations nor does it apply to causes of action which have accrued before this Act becomes effective. This is for IN only!! It looks as if they can not enforce you to pay at all. Read the last section!! I can't find anything to do with years of limition here.Limitation on default charges in consumer related sales Sec. 604. Limitation on Default Charges in Consumer Related Sales.(1) The agreement with respect to a consumer related sale may provide for only the following charges as a result of the buyer's default:(a) reasonable attorney's fees and reasonable expenses incurred in realizing on a security interest;( deferral charges not in excess of twenty-one percent (21%) per year of the amount deferred for the period of deferral; and© other charges that could have been made had the sale been a consumer credit sale.(2) A provision in violation of this section is unenforceableHope this helps you!!!http://www.in.gov/legislative/ic/code/title24/
paw67 Posted April 25, 2003 Report Posted April 25, 2003 Thanks for the info sis. It is a big help!!paw67
Anonymous Posted April 25, 2003 Report Posted April 25, 2003 <blockquote>Originally posted by sisflomi(1) An action for breach of any contract for sale must be commenced within four years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitation to not less than one year but may not extend it. (2) A cause of action accrues when the breach occurs, regardless of the aggrieved party's lack of knowledge of the breach. A breach of warranty occurs when tender of delivery is made, except that where a warranty explicitly extends to future performance of the goods and discovery of the breach must await the time of such performance the cause of action accrues when the breach is or should have been discovered. (3) Where an action commenced within the time limited by subsection (1) is so terminated as to leave available a remedy by another action for the same breach such other action may be commenced after the expiration of the time limited and within six months after the termination of the first action unless the termination resulted from voluntary discontinuance or from dismissal for failure or neglect to prosecute. (4) This section does not alter the law on tolling of the statute of limitations nor does it apply to causes of action which have accrued before this Act becomes effective. </blockquote>I'm really dense when it comes to legal talk so please bear with me. Does this mean from when you were notified of the balance due or from the last payment made on the balance due?
lisak72 Posted April 25, 2003 Author Report Posted April 25, 2003 If you click on the underlined section above for statute of limitations, it gives the info on figuring out the SOL. Basically the first date of serious delinquency (or the last payment you made on an account) is when it starts. If you have made sporadic payments, the SOL time clock can re-age, but that is state specific.
Anonymous Posted April 25, 2003 Report Posted April 25, 2003 Thank you lisak, but I meant specifically these words "cause of action has accrued". What does that mean pertaining to a repo? Is it from when they notified you of deficit, or from the time you made last payment on the deficit? As far as my state's SOL, I know what it is, but haven't figured out if re-ages or not? [Edit by melamom on Friday, April 25, 2003 @ 01:37 PM]
sisflomi Posted April 25, 2003 Report Posted April 25, 2003 <blockquote>Originally posted by melamomThank you lisak, but I meant specifically these words "cause of action has accrued".</blockquote>Each state is different I think. Michigan casue of action begins when each payment falls due with installments. Then it states the sale date as casue of action for def. The laws are so hard to figure out, you have to read read read. And read read read some more!!!!!!!!!
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