What happened to my secured loan and no collections?

[falcon26]

I've got a really curious question about an secure loan I did about 5-6 years ago. I needed a big loan about 5-6 years ago for something that I needed to keep very bad. It was for $8000 threw Citi financial. I put up my car as a security. I was paying about $350 a month for about a year. Then I wasn't able to make the payments anymore. My car registration still shows citi as the lien holder on my car. But the thing is, I have not made a payment is almost 5 years. I just checked my credit from all 3 reporting places and they all show my loan as closed. Yet it does not show it in collection. I have not received a single letter or phone call from them or debit collectors on this matter. Does anyone know how this could happen?

[GoingDown]

I think your account got lost in their system. Let these dogs stay asleep. Don't wake them up. Don't contact them. Pretty soon it will be beyond the statute of limitations.

I don't have any secured loans, but I think most of my debts got lost in the junk debt buyers' systems, and that's why I haven't heard from them in years. I think they have become like zombie debts, and are now merely passively monitoring my credit report (through a service provided by the 3 credit reporting agencies), and as long as my credit report looks dead-- shows no applications for any credit cards, car loans, mortgages, employment, and bank accounts-- they aren't interested in coming after me. I have essentially fallen off their grid. I'm flying below their radar, and so they don't notice me, and they don't come after me.

[jacko]

Is there a SOL on secured loans? Its not your problem if they have not sued you yet. They probably had a system melt down due to a virus. One can hope..-) Continue to use your car until it dies.

I've got a really curious question about an secure loan I did about 5-6 years ago. I needed a big loan about 5-6 years ago for something that I needed to keep very bad. It was for $8000 threw Citi financial. I put up my car as a security. I was paying about $350 a month for about a year. Then I wasn't able to make the payments anymore. My car registration still shows citi as the lien holder on my car. But the thing is, I have not made a payment is almost 5 years. I just checked my credit from all 3 reporting places and they all show my loan as closed. Yet it does not show it in collection. I have not received a single letter or phone call from them or debit collectors on this matter. Does anyone know how this could happen?

[GoingDown]

Is there a SOL on secured loans? Its not your problem if they have not sued you yet. They probably had a system melt down due to a virus. One can hope..-) Continue to use your car until it dies.

That's a good question. But I think the SOL still applies. They only have so much time to take back their collateral, and for sure, they only have so much time to attempt to get a judgment against the debtor to use for such things as wage garnishment, etc. But of course, the defendant would have to raise the SOL as a defense to a lawsuit.

But in this case, I think if the debtor just stays quiet about it, the creditor is never going to figure it out. It got lost in their system.

And yes, continue to use the car until it dies. You won't be able to sell it with the lienholder on the title, and if you tried to get them off the title, it might wake up the sleeping creditor, who would then try to come after you.