Q: what are the guidelines for a lender to notify a customer of any default for a car loan in nj?
can the lender charge off the loan account without proper written notification to the customer and without giving written time to cure the default?
A: The term "cure" normally applies to vendors who deliver non-conforming merchandise to a buyer. The uniform commercial code provides them with an opportunity to "cure" the problem and salvage the transaction. Unfortunately your case is different. Unless there's a default provision in your contract, you're probably not entitled to a notice of default or notice of enforcement from the lender. However, the correct answer is fact sensitive. For example, if you leased the car, did the contract provide the lender with a security interest?
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