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Statute of Limitations in Florida expired

Wed Aug 13, 2008 04:08PM | By Tony

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Q: I got a collection notice on long defaulted car loan. It goes back to 2002, I owe $700. Bum Checks sent me a letter threatening to sue me unless I pay. What is Florida statute of limitations on car loans? Another question is how long this record is staying on my credit report?

A: I don't think collection agencies can file a lawsuit, but regardless you can sleep well. Florida Statute of limitations expired already. Whatever category car loan falls under in Florida, either Written Contract or Promissory Note, the SOL time limit is 5 years.

Normally, it stays for 7 years. Keep in mind that you may have 2 bad records - one from original creditor which should fall off 7 years from the last month in which the late payment was due, so it will happen sometime in 2009, and the other with collection agency, starting from the date it bought the debt, but this one you should be able to remove as this is illegal.

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