tx3amigos

another SOl car repo question

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EX-wife and I bought a car together in Colorado while I was in the Army. I moved to Texas and we divorced. She got the car in the the divorce(she didn't re-finance, so my name is still on it) so the car went back to her in Colorado. I found out a year later she let it get repoed in Colorado. She has since moved to California.

Even though I'm a TX resident and was listed as one in the service, I'm sure the car contract probably had a "choice of law" (I think that's what it's called) of which state the SOL would fall under. I 'm guessing since we bought it in COlorado, it would be that state. I don't have the original contract so I don't know. Been holding my breath during the 6 year CO SOL time limit.

My question is: 1. The contract could possibly have a: choice of law" clause for any state it wanted to use. So the SOL could possibly be for a state with a 10 year SOL, right??

2. If we get sued, will they sue both of us? Is the debt divided between the two of us? Would we both get a 1099 for 1/2?

3. If there is no "choice of law" clause, which state laws do they follow/ my TX(4yr sol=Ok) or her CA(6 yr sol=almost there) or the state the car was purchased in (CO-6yr sol= almost there)?

Edited by tx3amigos

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I'm only guessing at this since I just went through about the same thing. Since you now live in TX they may have to uphold the TX SOL. May be wrong, but I think they would.

Got a divorce and two vehicles were repoed that was in ex's pocession. The creditor doesn't care, your name is on it, they will come after you, especially if you have deeper pockets. She may be harder to find than you are two.

I just got a 1099C from one of them for over $26,000. CPA said that if I end up having to pay taxes on it, it will cost me about six hundred dollars. Guess that will be cheaper than the $26,000. or a judgement. Don't like it, but so far that's where I'm at. Good luck.

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So the SOL could possibly be for a state with a 10 year SOL, right??

Very unlikely. Deficiency balances are a creation of the U.C.C., which has its own, substantive statute of limitations; 4 years.

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Thanks recovering, I am looking at all possible ways to defeat this. I noticed that on my other repo that the JDB has looked at my CR twice in about a month now. I think they may be up to something too. I do appreciate all of you guys help and I know TX3ameigo does too

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Just make sure that in the years to come, everytime a new JDB tries to come after you to DV them within the 30 days or they may try and slip a default judgement against you without you knowing it.

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