Auto-written Contract Or Open End Account

[simplysilky]

I have a repo on my CR and have JUST found out that the SOL for NJ is 3 years for open ended accounts. The date of last payment was 8/02 and reports as an installment account. I moved to GA and the SOL is 4 years, so if I went by the 3 or the 4 years, am I in the clear (until they sue me, of course)?

Is an auto a written contract or open ended account?

I even noticed the same thing with Crap 1!! That account's date of last payment was 9/01!! CC's are open ended so that SOL was up in 2004...right? If all this is true, I'm gonna have BIG FUN disputing this stuff off my reports....(hopefully)..

[IHateCAs]

I think NJ has a blanket 6 year contract sol.

Car loan is a contract for sale. 4 years in GA.

[simplysilky]

Wow...I have noticed the SOL for NJ on this website is different than other websites. Now, I'm confused.

6 years across the boards on other websites compared to 6 across and 3 for open ended on this board!!

[mtnman1951]

A repo is covered by U.C.C. which is 4 years. The repo voided the contract.

[simplysilky]

A repo is covered by U.C.C. which is 4 years. The repo voided the contract.

So, the repo would be considered SOL?

[PolarBearnCO]

If all this is true, I'm gonna have BIG FUN disputing this stuff off my reports

Sorry to destroy your hopes, but I believe you are confusing SOL with reporting period. SOL defines "the period within which legal action may be taken." Reporting period is 7 years from DATE OF FIRST DELINQUENCY.

So, if the debt is out of SOL, they can't legally collect on it. They can try. They can sue you. But they will lose in court if you simply say that it's out of SOL and show such.

Even if the debt is out of SOL, it may still be reported for up to 7 years from date of first delinquency. Your repo should fall off your reports around October 2009. Cap1 will fall off around October 2008.