Repossession Occurred After Loan Was Made Current

My question involves an auto loan or repossession in the State of: New Jersey

In September, I purchased a new car after getting into a very bad automobile accident. Due to a lot of personal issues - having to leave my home due to an infestation, family members being hospitalized, etc.- I fell behind on my payments. As soon as I was able to get in touch with a representative I was told that I had that day to make a payment or my car would be repossessed. I left work early, and ran around for 5 hours ensuring the payment would be made. This was on Thursday. Today (Saturday) my car was repossessed. I am completely stressed as they have informed me I will not be able to retrieve the car until Tuesday (if at all)- which would cause me to lose an entire car payment in salary. Further, I am reading now about repossession fees to get it back.

I am wondering a couple of things:
1) Am I still responsible for the repossession fees even though I brought my loan current before it was repossessed??
2) Just in general what are my options?

Contracts generally allow them to repo if they feel the loan is in danger of default and their collateral interest endangered. You are the poster child for this.

So I have no options?? I'm overwhelmingly annoyed with the company since they told me I had the day to pay it , if I knew they were going to take it anyway, I would have saved the money and just purchased a new car in cash!!!

Find out whether the repo was a paperwork delay or they exercised the loan at risk. You can certainly pay off the loan to obtain the vehicle.

What would be my different options in those cases? I unfortunately cannot get in touch with anyone helpful until Monday, and want to be as informed as possible when that happens. They clearly caught me off guard and uninformed on Thursday, and I don't want to risk that happening again.

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Also, is there anything I can do about the repossession fees? I'm a single mom and ATM I'm holding my breath hoping my child support comes through before the 15th so I can afford to pay my mortgage.

Read your loan contract thoroughly regarding the issue now. Familiarize yourself with NJ repossession process.

When you can contact the lender on Monday, you will find out what happened. There's a possibility that the lender did not successfully communicate your payment of your arrears to the repo company, due to your not paying your debt until the repossession order had gone out. When you find out what happened, assuming you don't reach an acceptable resolution, tell us about it. Tell us even if you work something out with the lender, as it's helpful to have the update.

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Quoting Disagreeable

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Contracts generally allow them to repo if they feel the loan is in danger of default and their collateral interest endangered. You are the poster child for this.

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I have to disagree here...I am NOT aware of ANY section of law that permits repossession without actual breach. While it is true that bail bondsman have this right the same does NOT exist in retail installment agreements.
Secondly if the loan was brought current PRIOR to repossession the bank forfeits the right to recover repossession fees. See Angelo vs Ford Motor Credit ....the vehicle should be returned to the debtor by the repossession agency to a location of the borrowers choosing...this is standard response to accidental repossession... I am assuming the bank had no malice when issuing the repo order but in lieu of insurance coverage lapsing the lender has no option to proactively repossess the collateral... That would be the shining example of wrongful repossession.

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Quoting Disagreeable

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Read your loan contract thoroughly regarding the issue now. Familiarize yourself with NJ repossession process.

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Please remember all states laws governing repossession are essentially assimilitave to the UCC... While states do have rights....and while states laws CAN be MORE stringent they cannot be less nor can they oppose. NJ repossession laws are generally the same as any other states....

When a lender has decided the buyer has violated a term of the contract, they can seize the car. It is up to the cars buyer to obtain a favorable court ruling to the contrary.

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Quoting publiuslocal

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I have to disagree here...I am NOT aware of ANY section of law that permits repossession without actual breach. While it is true that bail bondsman have this right the same does NOT exist in retail installment agreements.
Secondly if the loan was brought current PRIOR to repossession the bank forfeits the right to recover repossession fees. See Angelo vs Ford Motor Credit ....the vehicle should be returned to the debtor by the repossession agency to a location of the borrowers choosing...this is standard response to accidental repossession... I am assuming the bank had no malice when issuing the repo order but in lieu of insurance coverage lapsing the lender has no option to proactively repossess the collateral... That would be the shining example of wrongful repossession.

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Please remember all states laws governing repossession are essentially assimilitave to the UCC... While states do have rights....and while states laws CAN be MORE stringent they cannot be less nor can they oppose. NJ repossession laws are generally the same as any other states....

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Quoting Disagreeable

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When a lender has decided the buyer has violated a term of the contract, they can seize the car. It is up to the cars buyer to obtain a favorable court ruling to the contrary.

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You're overstating the way things work. There may be provisions in certain contracts that allow a creditor to periodically verify your ability to pay, for example, on a line of credit, or to exercise rights to accelerate a loan if it appears that a debtor is insolvent or about to declare bankruptcy, but absent a contractual provision there is no basis for a lender to repossess in the absence of a breach - and even if such a provision exists the lender opens itself up to possible litigation if it acts inappropriately. Lenders are expected to act in good faith, and New Jersey grants courts a statutory right to vacate provisions of a contract they deem unconscionable (or even to set aside a contract based upon unconscionable provisions). NJSA 12A:2-302. The OP would have to tell us about any such provisions in his loan contract.

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Quoting publiuslocal

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See Angelo vs Ford Motor Credit

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Can you provide an actual citation for that case? It does not appear to exist in New Jersey, and perhaps not in any state.

The OP may well find out on Monday morning that the bank is going to arrange for him to recover his vehicle based on last week's payment.