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Indiana SOL on car repos.


BTO429
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I had a repo back in 2004. It is on my CR, but the loan company has never tried, other than on my CR, to collect anything. I was wondering if anyone knows for sure what the SOL on repos is in Indiana. I have searched but found nothing so far. I think Indiana recognizes the Federal UCC but not sure. Can any one help.

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Now since that is figured out and it is past four years, I have a problem. I am trying to get a mortgage and the bank wants this account off my cr or proof that it is either paid or does not need to be paid. Wondering what to do next, even though it is past SOL to collect, i can still be on cr for seven years so I got a couple years left.

Trying to figure another approach to this. Any ideas.

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Try requesting a calculation of surplus or deficiency. You're entitled to one by law, 14 days upon request. If they don't provide you with one, they must issue a waiver, releasing any claim to the deficiency. If they do neither, you are entitled to statutory damages of $500.00.

If you go through the request process and find that you've got them on the violation, file suit against them. Make deletion of the tradeline part of the settlement conversation.

You could accomplish the whole thing in 30-45 days.

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Hello Nascar,

Your post caught my eye. I was wondering if you could elaborate on a couple of points. You stated that if the request for calculation of Surplus or Deficiency is not honored upon 14 days request, they must issue a waiver, releasing any claim to a deficiency. Is that a rule for states that recognize the UCC? What if the first you hear about your auto repossession is from a JDB who bought the account, and you request the Calculation of Surplus or Deficiency from them because they are now your creditor, and they don't send it, but about 2 months later you get this document from the OC containing info that is greatly in error?

What is the waiver? and how does one request it?

Try requesting a calculation of surplus or deficiency. You're entitled to one by law, 14 days upon request. If they don't provide you with one, they must issue a waiver, releasing any claim to the deficiency. If they do neither, you are entitled to statutory damages of $500.00.

If you go through the request process and find that you've got them on the violation, file suit against them. Make deletion of the tradeline part of the settlement conversation.

You could accomplish the whole thing in 30-45 days.

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Well I found my recorded conversation with the OC on this. I called and asked them to send the deficiency notice. I was told on the phone that they don not have to supply me with it, the OC old me they sent in to me once so they do not have to do it again.

I did find and confirm that it is 4 years SOL. Now since they refuse what next.

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Send the letter requesting it. Don' quote any laws. Make sure you send it CMRRR. Wait the required time. If they fail to respond, send another letter, again CMRRR, notifying them that since they did not provide you with the requested notice, you are requesting your waiver of claim. This time, quote the statutes. If they do not respond, file suit against them.

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I got a letter today and a phone call over my request for deficiency and surplus.

I was told they mailed those back in 2005 and were returned vacant home. They sent it to an addy where I have not lived since Nov 2004.

I was also told that this account was turned over to a CA. But the CA had never sent me anything and they are not on my CR. They refuse to talk to me or send me anything and that the CA will have everything I need and to contact them.

I don't really want to call them and open up a can of worms. but I may have to.

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Gunny,

If the lender did send you the notice of deficiency/meet your state’s laws back in 2004 then I don’t see that you have anyplace to go here. The “old address” is a non-issue in my mind unless you could show that they had your correct/current address at that time and, for whatever reason, chose not to use it.

That said, and as you already know, this can be on your CR for the allowable reporting period; even if it’s past the SOL (which it sounds as if it is). It’s also true, of course, that they could choose to sue you for the balance even though it’s apparently out of statute and even though you may well win such a case with that defense, it’s understandable that your potential mortgage company is nervous it.

Forgive me for saying so but I think we both know that you’ve had some significant financial challenges for a while now and that, coupled with that plus with this repo deficiency sitting out there; perhaps you aren’t ready to buy a house just yet?

Maybe the prudent thing to do would be to try and settle this deficiency and get it off your CR and then go to work on buying a new home.

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I got a letter today and a phone call over my request for deficiency and surplus.

I was told they mailed those back in 2005 and were returned vacant home. They sent it to an addy where I have not lived since Nov 2004.

I was also told that this account was turned over to a CA. But the CA had never sent me anything and they are not on my CR. They refuse to talk to me or send me anything and that the CA will have everything I need and to contact them.

I don't really want to call them and open up a can of worms. but I may have to.

Why would you believe that they sent you anything at all? Doesn't matter anyway. You are entitled to request one any time you want, even if you have been provided with one previously. Every six months, you can request one and you must be provided with it free of charge. If you request more than one in a six month period, they can bill you $25.00 for it.

Why do you think I suggested that you do this? You are getting exactly the response I knew you would. You're making this more difficult than it has to be.

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...You are entitled to request one any time you want, even if you have been provided with one previously. Every six months, you can request one and you must be provided with it free of charge. If you request more than one in a six month period, they can bill you $25.00 for it.

That's news to me and good info.

Are you basing that on UCC?

It's been a long time since business law class but I've never read that before. :)

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Are you basing that on UCC?

Indiana Code 26-1-9.1(e)A debtor or consumer obligor is entitled without charge to one (1) response to a request under this section during any six (6) month period in which the secured party did not send to the debtor or consumer obligor an explanation pursuant to subsection (B)(1). The secured party may require payment of a charge not exceeding twenty-five dollars ($25) for each additional response.

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Yes I found the codes and I asked for a waiver since they refuse, I am just making sure that even though it is with a CA now I can still ask the OC for the deficiency or the waiver.

I know they wont do it so I am preparing my case so when i get it in writing that they refuse I will file it.

Just making sure I got all my t's crossed and I's dotted is all.

Should I even bother with the CA or maybe they wont respond either

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Indiana Code 26-1-9.1(e)A debtor or consumer obligor is entitled without charge to one (1) response to a request under this section during any six (6) month period in which the secured party did not send to the debtor or consumer obligor an explanation pursuant to subsection (B)(1). The secured party may require payment of a charge not exceeding twenty-five dollars ($25) for each additional response.

Ah...so it' isn't UCC.

That's a nice little benefit for Indiana. :)

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I got a latter in the mail a computer printout it says the truck was sold at auction on 11/04 and a customer ledger report.

The ca sent it not the oc.

At this point I am going to contact a lawyer and file bk. Its the last thing I can do with all these old bills and not enough to pay them.

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I got a latter in the mail a computer printout it says the truck was sold at auction on 11/04 and a customer ledger report.

The ca sent it not the oc.

At this point I am going to contact a lawyer and file bk. Its the last thing I can do with all these old bills and not enough to pay them.

From someone who is currently in a BK now, I STRONGLY suggest that you NOT do that yet. File that BK and you can pretty much throw any chances you have of wanting to buy a house, out the window for the next four years.

Repairing your credit takes time and patience. You need to be diligent in following through with the advice that has been given you regarding this repo situation. As nascar stated, you can accomplish this in 30 to 45 days.

Now I ask you to think about this: Considering you want to purchase a home soon, which sounds like the more plausible thing to do:

1. Delay your home buying for another two months while you take the time to have this cleared up and provide the prospective mortgage lender proof that you are working on this so there's no worries OR....

2. File a BK and destroy any good credit you do have. The BK will stay on your CR for up to TEN years after it has been discharged (not after it's been filed). You risk higher interest rates and an increased chance of being turned down for future loans or credit card applications.

Because of my BK, I have a much harder road ahead of me than those who don't have a BK under their belt. And my journey has only just begun. The BK is still in the processes so it hasn't even been Discharged yet, and it was filed in Feb 08. That's almost one year ago. Had I known then what I know now... I never would have done it.

It's a lot to think about, but IMO, never file a BK out of desperation. It's just not worth it if you can repair your credit on your own and get out from under old debts that keep haunting you.

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Well I am trying to figure out my next move. The OC won't talk to me or send any paper work I ask for, they tell me to telk to the CA.

The CA sent the letter of deficiency.

So far no one has been active in pursuing any collections.

It is past SOL so i can use that if they sue.

I don

t know if they CA bought the account or is just working for the OC.

I am not sure what to do now.

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