Tax Liability of repo

[LittleCat]

Not sure where to put this question, so here goes:

I had a repo in 3/03 and never paid it off. Fast forward to now, I get a 1099 from the OC saying I am liable for paying tax on the difference that the car sold for at auction. I guess its treated as income.

Is this legit? If I owe, I owe and will pay it but it just seems strange that almost 10 years later they send me this.

Thanks!

[llecs]

Certainly check with your tax advisor, but forgiven debt can be considered income and is reported to the IRS via a 1099-C if over $600.