Question Hi there. About 5 years ago I had a car repoed. After about a year they quit trying to get the money that was left. About 2 years ago I began the process of buying a house, it took a year but I was able to. Since then I have had some financial issues, my credit has gone down, maxed out credit cards etc. a couple of weeks ago I got a summons from a firm representing autovest llc. It says I owe 7500. Of course I can't pay that. My credit reports all show the loan as charged off/paid. Am I still liable for this? I am a one income family of 2 kids and my better half is in full time school. If it matters I live in nevadA. Any help is greatly appreciated. Thank you.
Answer There is some debate on this subject about monies owed after a car is reposed then auctioned off. Yes you are still liable for a loan that has been charged off. My question to you is when did you originally purchase the car, a debt has a limits of statutes of seven years? But I imagine they will pursue the balance though it might not be ethical. If you got served by a summons and complaint it would be worth your time to consult an attorney to see if he can help since it is such a large amount. If they get a judgment they can garnish your wages so protect yourself. Hope this will at least give you some advice. Good luck.