Vehicle purchased in Maryland in 2008. Moved to Iowa in 2009. Feb of 2010 fell behind and voluntarily surrendered vehicle.
Never remember getting a right to cure letter. (Do they have to send certified? If not, I might have not paid attention to it.)
Last I heard from them was when they sent me a notice on what my deficiency balance was. Have not heard from them since.
My question is:
1. I see that a written contract in IA is 10 years. Since the original contract was breached, is the deficiency balance no longer considered a written contract?
2. Does the Iowa UCC have any bearing on this? (I've heard the SOL for items under Iowa UCC are 4 years.)
3. I basically want to know what the Statue of limitations would be on this debt.
Answer
The contract that the car was purchased under was in Maryland so it will be interpreted under their law. I suggest you contact a Maryland lawyer to get their take on it.
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