Exeter account from 2005. Fell off credit report.

A friend and I disagree on what this aged loan means.

Friend had an auto loan from Exeter go delinquent, charge off from Exeter in 2005. Exeter seems to have never sent the loan to a collection agency, they kept bad debt.

Was on credit report for years until it aged off.

Me: The loan is aged, is past the statute of limitations, and Exeter can’t put it back on your credit. The loan is still owed. While I believe there is no longer anything that could be done to collect on the loan, the amount is still owed.

Friend: This loan is done. Exeter can’t come after me, and the account no longer is reporting to my credit. Exeter can’t put the account back on my credit report. I don’t owe it anymore. The loan is done. I don’t need to worry about this.

Thoughts on this?