Re: SOL for Iowa for $ owed on reposessed car?
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Posted by Bob on May 31, 2001 at 18:28:37:
In Reply to: SOL for Iowa for $ owed on reposessed car? posted by Sam on May 03, 2001 at 16:20:55:
Yes, a car loan would be considered a closed-end
written contract. After the repossession, the
finance company would have sold off the car at
an auction for a deep discount, and then could
come after the defaulted debtor for the remaining
amount due on the loan. Check out the *Credit Problems* section of this
site for an article on repossessions. Also, there is a chart with various statute of limitation
time limits at the link below...
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