Jump to content

repo, what is the SOL and how long on my CR?


beeboah
 Share

Recommended Posts

I got a repo on my CR.

The SOL for the State of Florida is as follows:

STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: 4

Written Contract: 5

Domestic Judgment: 7 Renewable

Foreign Judgment: 5 if not recorded instate

Which "quantifies" a repo?

The credit union is reporting on my CR that the item will appear on my report for 10 years, is this correct??

Would getting the CR, to state a lesser time on my CR raise my score? I would guess not.

Thanks

Link to comment
Share on other sites

Only problem there is that once the repo happens and the vehicle is sold, the original contract is null void.

Repo's are covered under the UCC, Article 9 with an SOL of FOUR YEARS. That is also contingent upon whether or not you were sent all of the required papework regarding a right to cure and the sale. If they failed to follow the legal procedures then the SOL to collect a deficiency drops to 2 years.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.