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YES.

Not usually. In New Jersey if you have more than 90 % equity in the vehicle they can no longer take the car. BUT they can still damage your credit for 7 years and try to collect in court. In practice they almost always damage credit with a chargeoff or a closing of the account but they rarely sue for small ammounts though they still can.

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Q: If the principal is paid in full and the only payments left are interest from late charges can they repossess your car?
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