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You are correct, the statute of limitations on a written contract is 5 years from the date of the last payment. However, you need to be aware that some judges have been ruling that it is 5 years from the date the vehicle was resold, usually at auction.
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Of course, please feel free to ask any follow up questions in this thread. I want to be sure that all of your questions are answered. In addition, once you issue your Positive Rating the question will lock open and no longer time out so you can come back to it anytime in the future if you think of any follow ups.