In 1995, I paid $10,000 down payment for a car that was $21,000. I was 20 yrs old and had saved my cash for this and ended up getting screwed over by the dealership. I had no credit good or bad yet so, they said they'd let me refinance 6 months later at a lower interest rate if I paid on time, etc. So I agreed to this and to a 15% interest and to a payment I told them I could not afford but will later when they let me refinance it. I cut back on some things and made payment 6 months then they said too bad, I didn't have it in writing that they would let me refinance. I had to let the car go. They took it after I didn't make pmt for 3 months. I took very good care of the car. It was brand new when I bought it and the same when they took it.
I just got a call this morning from a collection company that said, hey you owe us $3000 for the car back in 1995 that was repossessed. We sold it and never made all the money back for it. When it went back I owed about $8,000 on it then so I hardly think they sold it for $5,000. It was a very nice car. Anyway, this has not been on my credit report for around 10 years now and no one has tried to contact me to collect anything. I'm pretty easy to find, my number is XXXXX am on the net, etc... So, how can someone come back to try to collect a debt so old there's no way it can be legal? I googled this mans number and scam issues came up about them trying to collect on debts way past statute of limitations, etc..
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28-3-109. Rent - Official misconduct - Contracts not otherwise covered - Title insurance - Demand notes.
(a) The following actions shall be commenced within six (6) years after the cause of action accrued:
(1) Actions for the use and occupation of land and for rent;
(2) Actions against the sureties of guardians, executors and administrators, sheriffs, clerks, and other public officers, for nonfeasance, misfeasance, and malfeasance in office; and
(3) Actions on contracts not otherwise expressly provided for.
(b) The cause of action on title insurance policies, guaranteeing title to real estate, shall accrue on the date the loss or damage insured or guaranteed against is sustained.
(c) The cause of action on demand notes shall be commenced within ten (10) years after the cause of action accrued.
I wish you the best!
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