Is there a statue of limitations for a repossession

[Bobby Jay]

Jurisdiction

California

This might be a tough question. So it's been about 12 years since I've made a payment towards a car note. (Last payment maybe in 2007) They attempted to repo it multiple times but failed. Private property and a locked gate. Being young and stupid, I just let the trick sit in a barn and drive it maybe once a year. I've heard nothing from the lender in years, as in like 6 years. And it was off my credit around 6 years as well. Is there a statue of limitations for reposession, or can they keep hunting for it forever? I'm sure I know the right thing to do but I've had it this long.

 

[army judge]

This might be a tough question. So it's been about 12 years since I've made a payment towards a car note. (Last payment maybe in 2007) They attempted to repo it multiple times but failed. Private property and a locked gate. Being young and stupid, I just let the trick sit in a barn and drive it maybe once a year. I've heard nothing from the lender in years, as in like 6 years. And it was off my credit around 6 years as well. Is there a statue of limitations for reposession, or can they keep hunting for it forever? I'm sure I know the right thing to do but I've had it this long.

The SOL applies to the debt.

An automobile is a secured debt, which is why there is a lien on the title.

That lien impacts your ownership in that it impedes your ability to transfer title until the lien has been cleared via payment of the debt.

The issue for you if you're interested in selling the car is how to get the lien released?

The lien may have already been cleared as a matter of the lender's business practices.

I suggest you simply start doing your own discrete inquiries.

I have no idea what your intentions are, nor do I care.

I suggest you proceed with discretion and caution.

 

[Bobby Jay]

The SOL applies to the debt.

An automobile is a secured debt, which is why there is a lien on the title.

That lien impacts your ownership in that it impedes your ability to transfer title until the lien has been cleared via payment of the debt.

The issue for you if you're interested in selling the car is how to get the lien released?

The lien may have already been cleared as a matter of the lender's business practices.

I suggest you simply start doing your own discrete inquiries.

I have no idea what your intentions are, nor do I care.

I suggest you proceed with discretion and caution.

Thanks for your reply. I've been very discrete up to this point. I don't plan on selling it. I'm gonna keep it. I'm just confused whether or not they can still come after it.

 

[adjusterjack]

can they keep hunting for it forever?

Actually, they've probably written it off and wouldn't take it even if you offered it. I've read a lot of posts where people get stuck with vehicles that become junk after many years and then they find they can't sell them or even give them away to junk yards because there is still a lien on the title. The lender won't lift a finger to release the lien (lender's revenge for getting stiffed). Quite often people get cited by their cities for having an inoperable or unregistered car on the property.

When you go to sell your property a buyer will want you to remove it and you'll be faced with the problem of how to get rid of it with a lien still on record.

If you try to abandon it on the street the numbers come back to you and you get fined.

Maybe someday you'll be able to find a shady junk yard that will take it for free in spite of the lien. These days they are few and far between because the laws regulating junk yards have gotten more strict.

Defaulting on a debt can have consequences that last for a long, long time, even if you don't get sued for it.

 

[Bobby Jay]

Here's my situation. I stopped making my car note about 12 years ago. It wasn't planned, just happened. I told them to take the vehicle. They either couldn't locate it or ????. It hasn't been driven in years nor has the registration been paid. The Dmv says I owe the registration for the past 3 years which is very pricey. So my question is can they still come after the vehicle and take it after all these years? The loan note went into collections well over 10 years ago and is no longer on my credit report. I don't ever plan on selling it. My concern is spending a small fortune registering it and somehow the lender finds out. Any info would be greatly appreciated

 

[army judge]

So my question is can they still come after the vehicle and take it after all these years?

Can who or what come after the vehicle, DMV or the lender?

I suspect DMV (an arm of the gubmint in your greedy, tax happy, sanctuary state which will tax water) can raise a ruckus in your life.

The lender can't do a damn thing to you after a decade of doing nothing.

 

[Bobby Jay]

The lender. Pretty sure the DMV really can't do anything. They just want their $$$ for the back registration. The registration still states a lien holder, which I don't care. So basically I wouldn't have to worry about the lien holder coming after it no matter what?

 

[army judge]

the DMV really can't do anything.

I suspect they could harass you for any unpaid fees they arbitrarily assess.

Here, take a look at their website:

Vehicle Registration and Title Information

Your state is among one of the harshest harassers of law abiding citizens as they pursue a myriad of ways to confiscate your wealth to care for those they appear to love more than law abiding American citizens.

 

[Bobby Jay]

I know, the fees are insane. I moved from Calif years ago, hated it. But the vehicle is still there. I plan on getting it and paying the back fees. Any idea how difficult it would be to register it in another state? (Much friendlier state)

 

[army judge]

Any idea how difficult it would be to register it in another state?

If the state offers "bonded titles", it should be relatively easy.



Bonded title - a primer: How to Get a Bonded Title for a Motor Vehicle



I'll give you a couple of states that allow "bonded titles":



Arizona: https://www.azdot.gov/docs/default-source/mvd-forms-pubs/bondedtitlepacket.pdf?sfvrsn=4



Washington: Washington Lost Title? How To Get A Washington Bonded Title

If a vehicle is valued at $4,000, a surety bond will cost you less than $100, plus the state rip off fees to get a "bonded title", which makes your car legal again.