Can capital 1 come after me?

[TigerRed]

Hello, 

Back around 2006 I burned capital one auto financing on a car loan that I got for someone who had defaulted. It wasn't a co-sign situation I was the only person on the loan. The person defaulted (I defaulted) and I couldnt afford to pay it. Fast forward to today they approved me for financing for a new vehicle at a decent rate of 3%. Can't they come after me for the balance remaining after the car was auctioned off? I also burned them in a credit card (in the 90's or early 2000) but that was under capital one bank, that may be a seperate issue.  If anyone knows the answer please let me know.

[Luscher]

If they wanted to, they would have already. Don't worry about it.

[TigerRed]

Isn't this called re-ageing or something like that? Can't it make an expired statute of limitation null and void and re-start the clock on the old debt?

[tufa4311]

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@TigerRed wrote:

Isn't this called re-ageing or something like that? Can't it make an expired statute of limitation null and void and re-start the clock on the old debt?

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When you say "this" what are you referring to? Isn't "what" like re-aging?

You are talking about 3 completely seperate installmanet loan/trade lines here and while the financial responsibility, or lack therof, you have demonstrated on any other tradelines can influence the terms, or even the approval, of any future installment loans or tradelines they are still just that, seperate. You will see dinstinct accounts for each of these on your CR and the opening or closing of any one of these accounts does not affect the DoFD of the account in question - the DoFD is only updated if the account is brought back into good standing but again, that neither affects, nor is affected, by another account.

Yes, if you are still within the SOL for either legal or reporting ramifications they can "come after you" - but again, this has nothing to do with the "re-ageing" of said account.

[Anonymous]

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@TigerRed wrote:

Hello, 

Back around 2006 I burned capital one auto financing on a car loan that I got for someone who had defaulted. It wasn't a co-sign situation I was the only person on the loan. The person defaulted (I defaulted) and I couldnt afford to pay it. Fast forward to today they approved me for financing for a new vehicle at a decent rate of 3%. Can't they come after me for the balance remaining after the car was auctioned off? I also burned them in a credit card (in the 90's or early 2000) but that was under capital one bank, that may be a seperate issue.  If anyone knows the answer please let me know.

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IMHO both of those debts are too old to appear in your report. More than likely both debts were charged off and sold to a collection agency. 

It also appears that both debts are past the SOL in your state, most states are 6 years from the time you first defaulted.

Now to your question, can they come after you? yes, legally they can still call you, send you demand letters, etc but because the SOL period seems to have expired, the creditor is limited in what they can do to collect the debt, at this point they probably can't win a judgement against you, can't garnish your wages, etc.

[Anonymous]

I'm surprised Capital One approved you.  Most of the banks i do business with will never extend financing to you once you've burned them.  As a matter of fact, one of my customers had repo'ed with one of those banks we deal with over 10 years ago and it no longer showed on the CR.  We rolled the car over the weekend based on his excellent credit and in anticipation it'll be bought by said bank.  Come monday morning after we rolled the car when we actually talk to the credit buyer, he said no way in a million years.  That wasn't fun.