Auto Repo WFAF

[jman52]

I had a auto repo/CO in 2011 from WFAF.  As I am checking my CR today, I see that the last time that WF reported was in 03/2013.  With this last report, my past due amount was changed to $0.  Does this mean that they had sold the account to a collection agency? If so, should I try and dispute with WF to have it removed? Thanks in advance for any ideas!

[gdale6]

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@jman52 wrote:

I had a auto repo/CO in 2011 from WFAF.  As I am checking my CR today, I see that the last time that WF reported was in 03/2013.  With this last report, my past due amount was changed to $0.  Does this mean that they had sold the account to a collection agency? If so, should I try and dispute with WF to have it removed? Thanks in advance for any ideas!

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It very well may have been sold to a JDB, since you dont know for sure I would not poke the bear unless you can payoff the deficiency or it passes states SOL, check your states UCC codes to see if they have control over general SOL laws.

[jman52]

Thank you so much for the reply! I have done some searching on the SOL.  I was wondering if this statement from the Kentucky site, is what I am looking for??

190.124Statute of limitations on action for breach of retail installment contract.

(1)

The holder of a retail installment contract shall commence an action against the retail buyer to recover monetary damages or other relief for breach of the retail installment contract within the earlier of the following:

(2)

The provisions of this section shall control over any contrary provision of KRS Chapter 413.

Effective:July 12, 2006
History: Created 2006 Ky. Acts ch.242, sec.62, effective July 12, 2006.

(a) (b)

(c)

Four (4) years after the maturity date of the retail installment contract;

If the motor vehicle has been repossessed, voluntarily or involuntarily, four (4) years after the date the motor vehicle was sold or otherwise disposed of by the repossessing retail seller, sales finance company, or other owner of the retail installment contract; or

If the maturity date is accelerated by reason of default, regardless of whether the motor vehicle has been repossessed, within four (4) years of the accelerated maturity date.

[gdale6]

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@jman52 wrote:

Thank you so much for the reply! I have done some searching on the SOL.  I was wondering if this statement from the Kentucky site, is what I am looking for??

190.124Statute of limitations on action for breach of retail installment contract.

(1)

The holder of a retail installment contract shall commence an action against the retail buyer to recover monetary damages or other relief for breach of the retail installment contract within the earlier of the following:

(2)

The provisions of this section shall control over any contrary provision of KRS Chapter 413.

Effective:July 12, 2006
History: Created 2006 Ky. Acts ch.242, sec.62, effective July 12, 2006.

(a) (b)

(c)

Four (4) years after the maturity date of the retail installment contract;

If the motor vehicle has been repossessed, voluntarily or involuntarily, four (4) years after the date the motor vehicle was sold or otherwise disposed of by the repossessing retail seller, sales finance company, or other owner of the retail installment contract; or

If the maturity date is accelerated by reason of default, regardless of whether the motor vehicle has been repossessed, within four (4) years of the accelerated maturity date.

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Thats it..

[jman52]

Great!! It is confusing, because this auto repo statement, seems to be different from general debt collection.  In Kentucky, the SOL on "written contracts" is 15 years!  But this statute seems like the correct one.  Thanks so much!