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In New Jersey does the borrower have to pay any loan deficit after a repossessed car is sold at auction?
Wiki User
∙ 17y ago
Yes.
Wiki User
∙ 17y ago
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What are new jersey laws for repo?
In New Jersey, the lender or creditor needs to have a court order to repossess a vehicle. They must send a notice to the borrower before repossession. Additionally, the borrower has the right to redeem the vehicle by paying the outstanding loan amount before it is sold at auction.
When can your car get repossessed in New Jersey?
I am trying myself to determine if NJ has different rules from most other states. According to this website http://www.lawdog.com/states/nj/sta1.htm it looks like we can just take our cars provided we don't break any other laws, such as breaking and entering a garage. * Such laws relate to the repossession agent and the lender not the borrower/debtor. Retrieving or attempting to retrieve a repossessed vehicle without using the prescribed legal procedures is a criminal act.
How do you obtain an auction license in new jersey?
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