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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.

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Gary Lee Gammenthaler

Expertise

Collections Law, Fair Debt Practices Act, Fair Credit Reporting Act, Credit Repair Organizations Act, Bankruptcy Law,etc.

Experience

20 years in the collection agency business, 5 years in credit repair business.

Education/Credentials
4 years Brigham Young University, 2 years Utah Valley University.

Past/Present Clients
Taco Bell. Tunex Automotive Repair, Carl's Jr, Sound Warehouse, 20 Attorneys in Utah, 40 Apartment Complexes in Utah.

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