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You lose the car ... simple ... it is returned to the company that lent you the money to purchase it ... it then gets cleaned up and at the option of the lender either gets sold to someone else or it gets auctioned off. This is their right to do this - they own the car, not you ... if you don't have the clear title in your hands, you don't own it. If the car is sold for less than what you owe, the lending company can sue you for the balance.

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Q: What happens when your car gets repossessed in the state of New Jersey?
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