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Somewhat unusual situation. Wife has car, got into a dispute with the bank, stopped making payments. They tried to repo it, were unsuccessful (car was not on the premises) and long story short, we're still driving it, going on nearly four years since we've made a payment. They show up and try to repo it every now and then but it's kept in a garage. They typically threaten all kinds of stuff, like we'll go to jail if we're lying to them, they'll be back in an hour with the sheriff (like, wouldn't they just have shown up with law enforcement in the first place?) etc.
Ok, yeah, I know it's like freeloading, and she should give the car back, but I was just curious about the legal side of this? If we still have the car, and this goes past the SOL in our state, does this become uncollectable? And, past 7 years, does this drop off?
My educated guess is that when they eventually get the car, and sell it, the $ gets applied to the loan and this resets everything, the SOL, 7 year limit, etc.
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