Rebuilding Your Credit

[nashfm]

I live in Texas and the SOL is 4 years. My question is about an auto rep. Is it 4 years from the time you became delinquet or from the time when they sold the vehicle at auction. It shows a DOFD as 01/06 on my CR. Thanks

[guiness56]

That is a good question.  I will try to find an answer.

[Noah_Bodie]

SOL in TX is 4 years, and for a repo it's under UCC.

I'm told by RKIs that SOL starts when the vehicle is sold, but TX is very debtor friendly. As such, the OC has a number of procedures they must follow or else they can't sue and collect the difference.

The relevant sections appear to be 2.725 (SOL) and 9.607-9.617 (procedures in case of default).

http://www.statutes.legis.state.tx.us/
http://www.statutes.legis.state.tx.us/Docs/BC/htm/BC.2.htm#2.725
http://www.statutes.legis.state.tx.us/Docs/BC/htm/BC.9.htm#9.607

[melprieve]

Does anyone have the answer to the SOL of a repo in Texas?  I had a car repo in 02/2003 and date reported was 07/2005.

[guiness56]

Does it show a DOFD?

[melprieve]

It does not show a DOFD.

[guiness56]

If you got your reports directly from the CRAs TU and EX will show a drop off date, EQ would show a DOFD.

Are you talking about just one report or all three?

[melprieve]

It's appearing on my TU & EX

[llecs]

If you look at your EX and TU reports if pulled directly from those CRAs, as mentioned, you can find a drop off date. Subtract 7 years from that date to get DOFD. It's important you find this. If the car was repo'd in 2/2003, then your DOFD would be at or before that date. It shouldn't be reporting at all if that 2/2003 date is correct because the CRTP is 7-7.5 years. At the latest it should only report up to last summer. You can get the reports for free via annualcreditreport.com.

Nonetheless, aside from the reporting, if TX SOL is 4 years, then you are done anyway. They can't sue now because SOL is up (assuming you didn't pay since then, make a promise to pay, etc.).

[melprieve]

Here's a copy of the listing on my EX report:

Status: Transferred,closed/Never late. Balloon payment of $14,982 due Jun 2005. 
Status Details: This account is scheduled to continue on record until Jul 2015. This item remained unchanged from our processing of your dispute in Oct 2006.
Date Opened: 10/2000
Date of Status: 07/2005
Reported Since: 10/2000
Last Reported Date: 07/2005
Type: Installment
Terms: 54 Months 
Monthly Payment: $0
Responsibility: Individual 
High Balance: N/A 
Recent Balance: N/A
Recent Payment: