Chase Repo!!!

[arthur280]

I have had a repo with chase in 2001 and its due to fall of in June 08. I am trying to get a mortgage and I need to clear this up. Should I send an investigation request to OC? SOL is 10yr in IL or try my luck in hoping they have no records? Anybody had experience with CHase auto??

[fyr196]

How did it go?

I have the same situation, but mine was in June of 03

I read that the SOL on a repo in IL is 5 years, is that true? If it is true I'm at the 5 year mark in one week.

They sent it to collections in late 03, but on my CR I found no collection company. I havn't heard from Chase or the CA in over 3 years. Should I wake them up? How was everyones luck with Chase Auto?

Thanks,

Me

[swirlgirl]

The SOL has nothing to do with the reporting period. The reporting period is 7-7.5 years. The SOL only matters as a defense in a lawsuit.

If the DOFD of your debt is from June 2003, then it can stay until 2010. You can always dispute with the CRAs and it may or may not wake up the CA. The question to ask is are you are in a position to possibly settle the debt.

[Magdalen77]

Generally, the SOL on repossessions is 4 years. That is 4 years from the time the repo'ed vehicle was sold and the creditor determined the deficiency balance. The deficiency balance is whatever was remaining due on the loan plus any costs associated with the repo and sale minus the sale price.

Just as an explanation most states have adopted the Uniform Commercial Code (UCC) for collateralized debts (like car loans). You need to find out if your has adopted the UCC and if they've adopted it in full if they've put their own twist on it.

[fyr196]

swirlgirl;

I'm sorry if I was unclear about my question.

I would like to dispute this TL and was wondering if:

Should I dispute it?

What kind of luck previous people have had with disputing a repo from Chase Auto?

How much of a score change can I expect with a removal of this TL?

Thanks,