What happens to my car after is is repossessed?
Selling the car
Money owed after repossession
After the finance company repossesses the car they have an obligation to sell the car in a reasonable car in a reasonable time. This can be at auction or at a private sale. Under some circumstances they can keep the car and waive the deficiency.
Under New Jersey law, a company repossessing a vehicle is not entitled to breach the peace while repossessing the vehicle. This means that the repossession company cannot break any specified local, state or federal law while repossessing your vehicle. As an example, if one were to prohibit the repossession company access to the vehicle and the repossession company were to assault or otherwise cause bodily harm to the individual objecting to the repossession, this would be a breach of the peace for which the repossession company and the finance company who contracted the repossession would be liable. This breach of the peace/non-delegable theory assures that the party who is ultimately benefiting from the repossession is subject to all the liabilities and the downsides of this repossession. It is only fair to charge the finance companies who are attempting to retake the vehicle with properly investigating and assuring that the vehicle is repossessed in a commercial and reasonable and proper manner under all applicable state and local laws.