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Gerald, Esq
Gerald, Esq, Lawyer
Category: Legal
Satisfied Customers: 3072
Experience:  30 years of experience
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I had my loan reinstated after a repo. I have defaulted and

Customer Question

i had my loan reinstated after a repo. I have defaulted and moved since. can they sue me since i still have the car and haven't paid the loan
JA: Because laws vary from place to place, can you tell me what state this is in?
Customer: illnois
JA: Has anything been filed or reported?
Customer: not that i know of
JA: Anything else you want the lawyer to know before I connect you?
Customer: before i negotiate a buy out of the loan i do know if ive been sued or if i am in trouble
Submitted: 16 days ago.
Category: Legal
Expert:  Gerald, Esq replied 16 days ago.

Hello,
Thank you for using Just Answer. Please bear with me while I review your question. I will respond fully shortly. Thank you for your patience.

Expert:  Gerald, Esq replied 16 days ago.

Hello,

Thank you for your patience and thank you for using Just Answer. I want to provide you the best service I can. Please feel free to ask any follow up questions you have.

I am an attorney with 30 years of experience; I hope to provide you information that will help you in resolving your question.

You can be sued Civilly for failing to pay the loan. You can not be criminally charged for defaulting on the loan. Also the car can be repossessed again if they find the car.

The statutes of limitations on a written contract for borrowing money is 10 years in Illinois. The time starts from the date that you last made a payment. If you make a payment the clock starts again.

So unless you defaulted over ten years ago you are subject to suit for the loan default.

I hope the information I provide is useful to you. I want you to be comfortable and satisfied with my attempt to assist you. Please, if you have ANY follow up questions, feel free to ask. Please note that I am generally unavailable Friday evening through Sunday.

Please do not forget to give me a positive rating. It adds nothing to your costs but it helps me greatly. Thank you.

If you are dissatisfied with my response PLEASE let me know before giving me a negative review so that I may try to be of better assistance. Or if you prefer, let me know and I can “Opt Out” and your question can be re-posted without additional cost to you. I will be fair to you and only ask the same from you.

Good luck.

Please note: Information is educational and not given as legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.

Kind regards,

Gerald