Legal Question in Credit and Debt Law in New Jersey
Advice needed for foreclosure of a vehicle
Several years ago, I purchased a Used 1997 Jeep Wrangler. I had virtually no credit, so I knew I would pay a rediculous rate, but Americredit also wanted a co-signer. My father signed for me and everything was fine for 2 years. In November of 2000, My father passed away from a heart attack. When I tried to insure and re-register my vehicle, DMV informed me that I could not do either because my father was the primary owner. For months I had tried to work with Americredit to have my father's name removed, but they refused to do so. finally after months of arguing. I informed them that I would hold payments until they would assist me, because I could not spend $439 a month for an illegal vehicle. Well instead of helping me, in december 2001 the vehicle was reposessed. When I was contacted about the cost to buy the vehicle. I aquired a new loan, and with the saved payments, had all but $400 of total cost. They would not accept the nearly $14000, and sold the vehicle for $8000. Now years later, I have been contacted and told they would settle for $3500, and was threatened with garnishment of wages. This has been a painful and frustrating experience. Do I have any leg to stand on? It seems they breached contract to me. Please help.
1 Answer from Attorneys
Re: Advice needed for foreclosure of a vehicle
The statute of limitations (time to sue you) is 4 years from the date that you defaulted under the loan. That date can sometimes be several months before the actual repossession occurs. If the creditor has not already sued you, then it may be barred from doing so already or some time in December. Statute of limitations is an affirmative defense and must be raised in response to a lawsuit.
In addition, if the statute of limitations has already passed, then the debt collector or collection attorney may be violating the Fair Debt Collection Practices Act.
www.njconsumerfraudlawyers.com
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