What Is New Jersey Repossession Laws?


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Rebekah Coulson Profile
Rebekah Coulson answered
If you are a resident of the Garden State with a registered vehicle and get your auto repossessed, there are several important laws that you need to know about if you care to avoid getting  into this situation, or need to get your vehicle back.

In the state of New Jersey, if you purchase a car or truck on credit, the creditor retains certain rights until the time you make your very last scheduled payment. These rights are established in the contract you signed before you drove off the lot and they are backed by the state of New Jersey. If you are late on a payment, the exact amount of time will be noted on your contract, the creditor may repossess your car without setting foot in a court room and in New Jersey as in most other states, they are not required to give you notice before they send a repo man to jack up your auto and take off with it. 

There are however a few limitations that creditors must abide by. If for example your creditor has agreed to take a late payment or to move back your payment day , your former contract may no longer apply.  This change can be made either orally, in writing, or the simple fact that a creditor has repeatedly accepted late payments with no complaints.  

If your car has been repossessed, there are a few things you can do to get it back. Offer the creditor the entire balance on the loan, plus any reasonable expenses that were incurred in the repossession. You can also declare bankruptcy, which will put an automatic stay on your auto and other assets. This stops any collection efforts from your creditors.

Know your rights on New Jersey repossession laws and don't get cheated out of your hard-earned assets.
Anonymous Profile
Anonymous answered
I want to start a repo company in New Jersey, are there any special licenses or permits I need to get/file with the state?

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