car loans in indiana

by bill
(hammond in)

how long can i be sued for a car repo?

Comments for car loans in indiana

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Nov 26, 2010
Car loans in Indiana
by: Mary

Thanks for sharing your collection story with us.

I am not 100% sure what you are asking. If you are asking for the statute of limitations on a car loan in Indiana, my sources indicate it is ten years. Periodically however, state legislatures amend the statute of limitations on different types of debt so to be 100% sure that I am accurate, I advise you to call your state attorney general's office or the office of a consumer law attorney who helps consumers resolve their debt collection problems in your area for a definitive answer.

If you are asking what the statute of limitations on a repossession deficiency is in your state, I do not know the answer to that question. You will owe a deficiency if your vehicle was repossessed and sold for less than the balance due on it. The difference is referred to as a deficiency. Again, your state attorney general's office or a consumer law attorney in your area can answer your question.

One suggestion. If you owe a deficiency, the lender may be willing to let you settle the debt for less than the full amount, especially if you can pay the settlement amount in a lump sum. Settling the debt would free you from having to be worried about being sued over it sometime in the future.

Good luck resolving your problem!

Mar 03, 2015
Car Repossessed 9 years ago in Indiana
by: Anonymous

My car was repossessed nine years ago in Indiana. It was resold in 2006 during the year it was repossessed. I hadn't heard a peep out of the finance company or any debt collector. I even had it removed from my credit report. I recently received a letter in 2015 (this year) from the IRS saying I owe the taxes on this vehicle now. Do I have a leg to stand on if it was removed from my credit report in 2011???

Reply from

The credit report and tax issue are two separate issues but it's probably way too late for them to send a 1099-C for a debt cancelled 9 years ago. The problem is the IRS does not spell out specific procedures in this type of situation. This

article about 1099-C disputes should help.

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