Legal Question in Consumer Law in New Jersey

Contract

12/05 I purchased a used vehicle, 7/06 it brokedown. I immediately contacted the financial co. for the loan, to see what my options were. After research of my contract found they would pick up the vehicle and auction it off (like a repo). I agreed to pay off the loan (near 8000 balance) once car was sold. I spoke with a rep; he told me it would take 3-4 wks for the paperwork to be completed. It has been 10 months and I still have possession of the car and haven't made a payment since 7/06 nor have they asked for any payments. A rep. told me (4/23/07) they are not picking up this auto ''it is not worth it''. I was storing the vehicle for 150/mo. and recently(4/22/07) had to move the vehicle, for almost $500. I have no idea what to do with this vehicle or if what they did by not agreeing to the terms of the contract is legal. Please advise!!!!


Asked on 4/24/07, 2:58 pm

1 Answer from Attorneys
John Corbett Corbett Law Firm LLC

Re: Contract

The first thing that you need to keep in mind is that the finance company has absolutely no interest in whether your vehicle works or not. Their interest is only in trying to ensure that they can sell the car for the balance of what is owed after they foreclose. They are not in the business of helping you. If they have written off the loan, it will probably show on your credit report as being delinquent.

Your recourse is against the seller of the car.

See also: http://info.corbettlaw.net/lawguru.htm

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Answered on 4/25/07, 6:32 pm


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