bizminded
New Member
- Jurisdiction
- California
It is now 2018. I had a lease from 2005 for a Mercedes Benz CLK 55 AMG. When I went to turn the car in at the end of the lease (2008), the dealer wanted to charge me exorbitant amounts for a small ding and other minor issues. I told them "no" and drove away. Afterward, I tried and tried to settle but we couldn't agree. Since they wouldn't sign off on the return of the car, I had to keep it.
It was charged off in Aug 2008 and they refused to accept the car back at all. They never sought judgment. While they sent me to collections, they never repossessed the vehicle. The credit entries disappeared 3 years ago (after the 7 year expiration).
Yesterday, they repossessed the car. It's been 10 years.
Coincidentally, just 2 weeks ago, I called MBZ Financial & asked if I could buy the car. They wanted the full residual amount of $61K. The car is worth about $8K. I told them "no" and again offered $8K. They refused. I asked if they would take the car back and they said they were not able to do so as their time frame for collections had elapsed. They actually told me they had no further remedies.
As I can't sell the car without title, MBZ won't take it back & the convertible top leaked etc., just 2 weeks ago, I spent $5K on the car for new top, body & engine work and more figuring I would just drive it into the ground.
The 4 year SOL in CA has long since expired & I believe that renders the debt uncollectable. While I agree the debt is still owed & that they have collateral interest as a secured creditor, I believe the expiration of statute barred them from collecting & I believe repossession was a form of "collection."
It was charged off in Aug 2008 and they refused to accept the car back at all. They never sought judgment. While they sent me to collections, they never repossessed the vehicle. The credit entries disappeared 3 years ago (after the 7 year expiration).
Yesterday, they repossessed the car. It's been 10 years.
Coincidentally, just 2 weeks ago, I called MBZ Financial & asked if I could buy the car. They wanted the full residual amount of $61K. The car is worth about $8K. I told them "no" and again offered $8K. They refused. I asked if they would take the car back and they said they were not able to do so as their time frame for collections had elapsed. They actually told me they had no further remedies.
As I can't sell the car without title, MBZ won't take it back & the convertible top leaked etc., just 2 weeks ago, I spent $5K on the car for new top, body & engine work and more figuring I would just drive it into the ground.
The 4 year SOL in CA has long since expired & I believe that renders the debt uncollectable. While I agree the debt is still owed & that they have collateral interest as a secured creditor, I believe the expiration of statute barred them from collecting & I believe repossession was a form of "collection."
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