Imagine walking outside of your home in New Jersey and realizing that your vehicle was missing. You panic and think that it may have been stolen by a thief. But another option exists that probably seems less likely. Your car could have been repossessed by the bank if you missed a few payments on your vehicle loan.
That’s the situation a woman was found in recently. She purchased a Jeep and financed it through a bank. She made payments on the vehicle for several years before falling behind. The bank elected to repossess her vehicle.
In a class-action lawsuit filed against the bank, the woman alleges that the problem arose when the bank violated the Uniform Commercial Code. The UCC generally governs the purchase and sale of physical goods. The UCC provision related to auto loans stated that the bank must give the woman notice 15 days before they could sell her vehicle at an auction. She alleges that the bank failed to give her adequate notice and sold her vehicle without giving her an opportunity to retake the vehicle by making back payments.
The woman also alleges that the bank violated other sections of the UCC by not giving her notice of the location and date of the vehicle auction and by failing to inform her that she had the option to get a financial accounting of her remaining loan amount.
If you find yourself in a similar situation, or another situation where you feel wronged by someone in the sale of goods, you may want to contact a New Jersey attorney experienced in the Uniform Commercial Code. An attorney can help you understand your rights under the UCC and explain how you can resolve your issues.
Source: thetimes-tribune.com, “Jermyn woman sues bank over repossessed vehicle,” Terrie Morgan-Besecker, Dec. 10, 2013