topic Re: Any Advice On How To Approach a Repossesion in Rebuilding Your Credit

Any Advice On How To Approach a Repossesion

jcknight007 — Thu, 01 Jan 2009 21:24:05 GMT

I had a car reposssed back in 2005 with American Honda Finance. I'd like to get this removed from my CR. The balance is about $2000. Should I DV them or just go straight to PFD? I can't PIF and the SOL has not run out. I would be willing to make payments to clear the debt if they would guarantee a PFD. Thoughts? Should I give them a call? Send them a PFD? DV?

Re: Any Advice On How To Approach a Repossesion

Anonymous — Fri, 02 Jan 2009 01:12:45 GMT

Because you are still within SOL I would start stashing as much as you can away. I would not contact them unless they file suit. When you are out of SOL i would contact them.

What is your SOL on this?

This is only a guess on my part as you can not PIF.

Message Edited by HappyDays on 01-01-2009 05:12 PM

Re: Any Advice On How To Approach a Repossesion

jcknight007 — Fri, 02 Jan 2009 15:11:24 GMT

Unfortunately, the SOL on written contracts here in Missouri is 10 years. So, I'd be clear in 2015. Now, I lived in North Carolina when the debt was made. In NC, the SOL is 3 years on written contracts and 5 years on promisory notes. I don't know. I'm sure open to suggestions.

Re: Any Advice On How To Approach a Repossesion

Anonymous — Fri, 02 Jan 2009 15:20:06 GMT

jcknight007 wrote:
Unfortunately, the SOL on written contracts here in Missouri is 10 years. So, I'd be clear in 2015. Now, I lived in North Carolina when the debt was made. In NC, the SOL is 3 years on written contracts and 5 years on promisory notes. I don't know. I'm sure open to suggestions.

Check out the Missouri AG's Consumer Blog if you look down to where posts from July, you will see some useful information on car reposessions and SOL.

If you read on down, you will see that the person who answers the questions states that moving out of state "likely has no effect on SOL"......but I would read the state statutes or ask an attorney to be certain.

You can access the state statutes at http://www.moga.mo.gov/statutesearch/

Re: Any Advice On How To Approach a Repossesion

jcknight007 — Fri, 02 Jan 2009 15:33:05 GMT

I bought and had a car repossessed in 2005 while living in North Carolina (SOL= 3 years). I moved to Missouri 2 years ago where the SOL = 10 years. Which states' laws should I go by?

I've moved your post over here to merge it with your other one, as they are both concerning the same situation, this helps to keep all information in one spot.

I've edited your message only to change the message subject and to add this note, I have not changed the message you posted. -- sidewinder

Message Edited by sidewinder on 01-02-2009 09:33 AM

Re: Any Advice On How To Approach a Repossesion

Anonymous — Fri, 02 Jan 2009 15:35:37 GMT

sidewinder wrote:

Check out the Missouri AG's Consumer Blog if you look down to where posts from July, you will see some useful information on car reposessions and SOL.

If you read on down, you will see that the person who answers the questions states that moving out of state "likely has no effect on SOL"......but I would read the state statutes or ask an attorney to be certain.

You can access the state statutes at http://www.moga.mo.gov/statutesearch/

I misunderstood and thought you moved from MO to NC, but I see you moved from NC to MO.

You need to read the NC statutes to see if NC tolls SOL.

You can be sued in either state.

Check the "State Resources" link in my signature for links to state statutes.

Re: Any Advice On How To Approach a Repossesion

jcknight007 — Fri, 02 Jan 2009 15:55:44 GMT

True, I can be sued in either state....BUT, Missouri has this funny "borrowing statute" thing that says that the laws of the state where the debt originated must be used. However, the law is a little fuzzy.

Re: Any Advice On How To Approach a Repossesion

jcknight007 — Fri, 02 Jan 2009 15:56:35 GMT

Thanks, consolidating the posts was helpful.

Re: Any Advice On How To Approach a Repossesion

Anonymous — Fri, 02 Jan 2009 16:03:24 GMT

jcknight007 wrote:
True, I can be sued in either state....BUT, Missouri has this funny "borrowing statute" thing that says that the laws of the state where the debt originated must be used. However, the law is a little fuzzy.

Which statute are you referring to?

Re: Any Advice On How To Approach a Repossesion

jcknight007 — Fri, 02 Jan 2009 16:25:44 GMT

I'm having trouble finding the exact statute but, in summary.......

Florida, Kentucky, Missouri, Pennsylvania, Oklahoma and Wisconsin do not apply any residency requirements to determine whether to borrow another state’s statute of limitation. In cases filed in these jurisdictions, even if the plaintiff and defendant are residents of the state in which the suit is filed, courts will apply the limitation period of the state in which the borrower lived during the creation of the debt to determine whether suit is timely filed.

Re: Any Advice On How To Approach a Repossesion

jcknight007 — Fri, 02 Jan 2009 16:27:40 GMT

Sidewinder, check this out:

http://www.moga.mo.gov/statutes/c500-599/5160000190.htm

Re: Any Advice On How To Approach a Repossesion

Anonymous — Fri, 02 Jan 2009 16:30:42 GMT

jcknight007 wrote:
I'm having trouble finding the exact statute but, in summary.......

Florida, Kentucky, Missouri, Pennsylvania, Oklahoma and Wisconsin do not apply any residency requirements to determine whether to borrow another state’s statute of limitation. In cases filed in these jurisdictions, even if the plaintiff and defendant are residents of the state in which the suit is filed, courts will apply the limitation period of the state in which the borrower lived during the creation of the debt to determine whether suit is timely filed.

I think that is may be referring to:

Limitations on actions originating in other states.

516.190. Whenever a cause of action has been fully barred by the laws of the state, territory or country in which it originated, said bar shall be a complete defense to any action thereon, brought in any of the courts of this state.

Message Edited by sidewinder on 01-02-2009 10:30 AM

Re: Any Advice On How To Approach a Repossesion

Anonymous — Fri, 02 Jan 2009 16:33:38 GMT

jcknight007 wrote:
Sidewinder, check this out:

http://www.moga.mo.gov/statutes/c500-599/5160000190.htm

Yes, we were posting at the same time.

Check out NC statutes, Chapter 1 http://www.ncleg.net/gascripts/Statutes/StatutesTOC.pl

Under Article 3, 1-21

§ 1‑21. Defendant out of State; when action begun or judgment enforced.

If when the cause of action accrues or judgment is rendered or docketed against a person, he is out of the State, action may be commenced, or judgment enforced within the times herein limited after the return of the person into this State, and if, after such cause of action accrues or judgment is rendered or docketed, such person departs from and resides out of this State, or remains continuously absent therefrom for one year or more, the time of his absence shall not be a part of the time limited for the commencement of the action or the enforcement of the judgment. Provided, that where a cause of action arose outside of this State and is barred by the laws of the jurisdiction in which it arose, no action may be maintained in the courts of this State for the enforcement thereof, except where the cause of action originally accrued in favor of a resident of this State.

The provisions of this section shall not apply to the extent that a court of this State has or continues to have jurisdiction over the person under the provisions of G.S. 1‑75.4. (C.C.P., s. 41; 1881, c. 258, ss. 1, 2; Code, s. 162; Rev., s. 366; C.S., s. 411; 1955, c. 544; 1979, c. 525, s. 1.)

Re: Any Advice On How To Approach a Repossesion

jcknight007 — Fri, 02 Jan 2009 18:03:00 GMT

LOL, ok...... in English?