Legal Question in Credit and Debt Law in New Jersey

Re: auto loan

I cannot answer your question whether the bank or chrysler can reposses first because you are not clear on that. It seems thought that you have financed it through Chrysler and that Chrysler holds the lien on it. Check the certificate of ownership to see the name of the lienholder. That company has the first right to repossess. As far as selling it now before it gets repossessed, as long as that lien is on the certificate of ownership you will not be able to sell it yourself without paying all that you owe on the truck. You may be able to work something out with Chrysler to let you try to sell it first before they repossess it. Lenders do not want to repossess vehicles unless necessary. Chrysler may agree to give you some time to sell if you work something out with them. Good luck.

Re: auto loan

Now is the time to sit down with an attorney that practices bankruptcy law to consider your options.

Services available at a reasonable fee.

Good luck to you.