My info is a little long but I really hope you can help:
My vehicle was repossessed in the state of New Jersey. I had no idea that the bank was going to, or were even thinking about taking my vehicle.
However, I did experience financial difficulties and couldn’t make my payments on time. I was in CONSTANT contact with TD bank regarding my situation and they were more than delighted to help me.
I couldn’t pay my October payment because of Hurricane Sandy, and had trouble catching up there after because of the ton of money I used to protect my family from the conditions we faced.
When I made a payment in January, they said that I was only 2 months behind and as long as I made the payment in February I would be fine.
The day that I was going to make the payment (due date) I was informed by the co-signer of my vehicle that they received the letter from a legal division company stating that they were in the process of recommending a “WRIT OF REPLEVIN” be filed against me.
They also stated in the letter, “You can avoid this costly and unpleasant action by contacting me within 5 business days of the date of this letter.” The letter was dated February 25, 2013 and they came and took my car in the early morning on 3/4/13.
They said they had been trying to contact me (which was at an old address) but I never knew of this. I switched addresses over 3 years ago and which the bank has been sending me my monthly statements to my new address since then (and they have my new phone number since they have called me before).
I have been nothing but calm and respectful to all parties regarding this issue. My plan is to get my vehicle back whether it be for the amount owed from this experience or getting a loan from someone to completely pay off my vehicle.
I am aware that the creditor has the right to take my vehicle, but can they do so without any notice at all?
Are there any “catch 22’s”that would be beneficial on my behalf since the letter wasn’t certified and they repossessed my car on the 5th business day in which they stated I had until to avoid this action?
I am not a lawyer. For legal advice you would need to speak to a licensed attorney in your state.
I did some research on your question and here is what I learned. New Jersey is one of a number of states that allows a car lender to repossess your vehicle without any prior notice. They may not “breach the peace” to do it. It does not sound like they did.
It’s not too late if you can act fast to avoid the sale. You should contact TD Bank and negotiate the return of the car. They may allow you to stop the sale and subsequent default if you bring the car payments current and pay for the repossession.
It would be in the best interest of the cosigner to help you come up with the money to do this.
Otherwise the car will be sold at auction and a huge balance will be due. The bank will go after or sue you and/or the cosigner for the huge deficiency balance that will be due.
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