My question involves an auto loan or repossession in the State of: New Jersey
I am 4 months behind on my car loan payments (my loan is through a bank) and I got a letter from a legal services company saying they were hired by the bank to repossess my vehicle. The letter said I needed to contact them within 5 days and said they were filing for a "Writ of Replevin." I called and asked the guy if I could bring my payments up to date whether or not I could keep my vehicle. He indicated that the statute in NJ states that if you are 120 days in default that you have to pay the entire balance due which in my case in like $25k! He did indicate that they do not collect money, only the collateral (vehicle) and that I should call the bank directly. Is that true? Will the bank not accept all of the back payments? Is there really a statute in NJ that says that?