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NJ law regarding repossession


Guest Mysticsmom
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Guest Mysticsmom

new informatioIn the Fall of 2006 my Fiance was having financial problems both personally and with business. He agreed to have Yamaha repo a dirt bike that he had been paying on since summer of 2005. The entire purchase price of the bike including tax was $4100 This past week January of 2009 a threatening letter came in the mail from superior court stating that a judgement was placed on him in the amount of $5600 representing court costs and debt owed. The letter further stated that if he did not make arrangements to pay that they would ask the court permission to enter his home, take inventory and take and sell any items in excess of $1000 to sell at public auction. He doesn't even own a home he has been living with me and his name is not on my deed, nor does he own anything in my home.

The company filing the judgement must have bought the debt from Yamaha and is now trying to collect on the debt. Our question is how do we find the bike, what it was sold for and why the sale was not deducted from the balance owed. My Fiance would have tried to sell bike himself if he knew he would have to pay over the retail price of the bike 2 1/2 years later. Where did this "owing" figure come from since it was out of the blue after such a long time? Is there anything he can do from legal standpoint? Can we find out what Yamahaa sold the bike for , we have a VIN number but dirtbikes don't have to be registered so we don't know how to find out the locaton of the bike. Any advice

Oh my gosh... I am so Niave, please forgive me I just read soooo much info on the scam artists that he got the letter from - Pressler & Pressler with New Century Financial Services as their client. It appears there are many victims of their scams Now the fight must begin, we are not laying down on this one!!! Any help will be most welcome, who do they think they are!!!:twisted:

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Guest Lecasbas
This past week January of 2009 a threatening letter came in the mail from superior court stating that a judgement was placed on him in the amount of $5600 representing court costs and debt owed.

I'm going to guess that the "letter" you have in you possession is a summons to appear. Check to see if there is a required time to respond - probably something like 20 days.

If this is the case then you will need to file an Answer within that amount of time to preserve your rights to object to the claim.

You would do Discovery during the trial phase of this action to get the info you seek.

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