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Repossession Laws for New Jersey?


NefertitiX
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Repo is covered in general by the UCC I do believe. Looking for something in particular like what occurs after or whether a creditor can perform "self help" repo's? Some states do have a provision where all repos are required to have a court order and the Sheriff is required to take possession of the property - I think Wisconsin is one of those states.

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My repossession was a lease so I am using Regulation M which is issued by the Board of Governors of the Federal Reserve System. It preempts state laws. I think a sale is Regulation Z, you might try Googling that one. In general, they have to notify you in advance of the location and date of the sale or auction of the repossessed vehicle. They have to provide you with an ending accounting statement showing the amount of the original contract and every applicable debit and credit that backs up what they say you still owe on the car.

They are supposed to subtract the amount they receive for selling the car from the amount you owe, so proof of a bill of sale is in order. All of this affects the amount they report to the CRAs as your unpaid balance. I found good information here: http://www.cardreport.com/laws/regm.html

Good luck! Study up!

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For reference, Grim is pointing to Article 9 of the Uniform Commercial Code, Section 6 "Default".

One of the most commonly 'overlooked' portion by contracted repossessors is § 9-602. WAIVER AND VARIANCE OF RIGHTS AND DUTIES

.....the debtor or obligor may not waive or vary the rules stated in the following listed sections:

(6) Section 9-609 ["SECURED PARTY'S RIGHT TO TAKE POSSESSION AFTER DEFAULT"] to the extent that it imposes upon a secured party that takes possession of collateral without judicial process the duty to do so without breach of the peace....

It continues to explain the requirements that katsr mentions...

You may also want to try to see if repossessors are regulated under your state's collection practices act and/or occupational licensure regulations should they exist...

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