Legal Question in Credit and Debt Law in New Jersey
Car repossession-put lein on house?
My car was repossessed because I fell 40 days behind on the payments. I told the finance company that they could keep the car. I now have received a phone call stating that I still owe over 7000 dollars on the car. Apparently they sold it and want to get the interest that they could have gotten if I had gone the full term of the loan. The total amount I paid was 3000 dollars over the sticker price so the monies left to pay would only be interest.
They say if I don't pay that they will put a lein on my house. Can they do that without going to court, and I'm I responsible for the remaining interest? At the time of the repossession I owed 6900 dollars to payoff the debt. They sold the car for over 3000 dollars. So do I have to pay them the 7000+ dollars they are asking?
1 Answer from Attorneys
Re: Car repossession-put lien on house?
The documents you signed give them the right to repossess the car if you do not pay, sell it and charge you for the balance due and owing plus the costs. They would need to file suit against you, with notice to you and the opportunity to defend, before they could obtain a judgement which would then operate as a lien on your house. I'm not sure if your math is correct as to the amount and cannot comment on same without a full review of the entire matter. Keep in mind that this advice is based purely on the little bit of information that you have given to me. There may be other factors that would change my opinion. Further, no one can rely on advice from an attorney who has not been retained. Since it appears that you have not retained an attorney, before you take any further action, you should contact an attorney (either me or someone else) to discuss your matter in more detail. Only then will you be able to rely on the advice. I will be happy to assist you. However, you need to call me at 856-546-8010. If you mention LawGuru, there will be no charge for your first consultation. Good luck! Rob Gleaner
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