Statutes of Limitations: Some Guidance for Vehicle Finance from the Ninth Circuit | Hudson Cook, LLP
This article appeared in Spot Delivery®. Reprinted with express permission from CounselorLibrary.com. Many finance companies, debt buyers, debt collectors, and collection law firms wrestle with the question of which statute of limitations to apply when collecting a deficiency balance on a retail installment contract. States often have different statutes of limitations for contracts or written promises to pay money than they do for sales of goods, like motor vehicles. A RIC is a credit agreement that evidences a sale where the buyer agrees to pay in installments, most often subject to a fina...