Becanie asked:
My fiance had two vehicles repossessed a few years ago after his ex-wife defaulted on the loans. Can they still come back after all this time and try to sue him for the loan balances even if they resold the vehicles?
My fiance had two vehicles repossessed a few years ago after his ex-wife defaulted on the loans. Can they still come back after all this time and try to sue him for the loan balances even if they resold the vehicles?
yes they can comeafter you for the balance of what is owed after they auction it off or they might not
yes. The loan is independent of the security interest in the car. They will sell the car at auction to try to get their money back, but if it does not bring enough to pay back all that you solemnly agreed to pay, then they will seek a judgment for the balance.
unless the debt is beyond the statute of limitations for your state, it’s a deficency balance, and yes they can
Yes. The dealership has a right to get paid for the whole cost of the vehicle. A defaulted loan allows them to repossess, sell and sue for the amount not brought in by the sale.