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Old 05-23-2014, 08:46 PM   #1 (permalink)
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Join Date: May 2014
Posts: 2
Can Lender Revive a Debt from 19 yrs Ago?

Hello, I wonder if you could kindly help me. I live in California.

I bought a 1989 Nissan pickup truck in 1990. Since my credit was bad, I was charged 14 percent interest by the lender. My payments back then were $328 per month.

In May 1995, I had made all the payments except the last one. Since the lender did not bother me for the last payment, I never made the last payment.

I now want to sell the car but the lender is listed on the registration as the lienholder.

I believe the Blue Book price of the car is only $300. (It has over 230,000 miles on it). I have found someone who is willing to buy the car for $300, and I desperately want to sell the vehicle since it is costing me a fortune in repairs.

If I contact the lender to see if the lender would accept something like around $100 or so to release the lien, and if the lender refused to do so, would my entering negotiations with the lender revive or reactivate the debt, and allow the lender to put it on my credit report?

I’m particularly concerned since I fear that the lender may ask not only for the original $328 but also for interest and penalties for the last 19 years.

I would greatly appreciate hearing your thoughts and advice.

Thank you very much for your time, attention and kind assistance.

Tom
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Old 05-27-2014, 05:31 PM   #2 (permalink)
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Join Date: Oct 2012
Posts: 326
You could probably negotiate with the lender to pay give them something. It sounds like the asset is basically worthless and their options are either to repossess the car and deal with selling it, which is probably not ideal or getting something from you.


I have also never heard of a lien on a car it is typically recorded on property. However, I do not know everything.

Good luck.
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