I Actually really am asking this one for a friend. My friend stopped paying on his auto loan in April of 2015 (Almost 4 years ago.) He was 4 years deep into a 6 year term The bank hasn't been able to reposess the jeep because he parks in a parking garage. OC sold the debt to a collector/debt buyer. He had $13,000 left to pay and the vehicle is now worth Maybe $5000 and needs work. How this car never got repossessed is a miracle but I guess it's mostly due to the locked gate repo men can't legally cross.
In PA, the statute of limitations is 4 years on most consumer debt. Is there any difference on this one since it's backed by collateral, the Jeep?
Theoretically, he can't be sued by the OC or CA after April of this year. I'm interested in any thoughts and opinions even if it involves how other state laws work other than PA.
I'm sure no one will remove the lein from the vehicle's title if he doesn't pay a settlement so he can never sell it. If he abandons it, it will get towed and impounded and the impound yard probably won't be able to get the title bc there's a lien on it and will charge hefty tow/storage fees.
I guess I'm asking can they no longer sue him come April because of the statute of limitations despite him still having the Jeep?
I'm very curious how this one could play out. I've never seen or heard of anything like this.
In theory and I dont know how your state is but here I'm pretty sure the lien holder has every right to junk the title leading to it being unable to be registered, tagged ect. How they haven't yet is quite the case.