Credit Contracts and Consumer Finance Act 2003

Repossession of consumer goods under consumer credit contract - Rules that apply after repossession of consumer goods

83X: Consequences of selling within 15 days of post-repossession notice

You could also call this:

"What happens if a lender sells something too quickly after taking it back"

Illustration for Credit Contracts and Consumer Finance Act 2003

If a creditor breaks the rules in section 83W(1), you are only liable for the amount borrowed. You are also liable for any other obligations you agreed to in the credit contract. The creditor must refund any extra money you paid that is not part of these liabilities.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6501385.

This page was last updated on 1 January 2026 — View changes

Topics:

Money and consumer rights > Consumer protection

83W: Creditor must not sell consumer goods until 15 days after post-repossession notice, or

"Creditors can't sell your repossessed goods for 15 days after notice, unless you agree."

83Y: Creditor must offer consumer goods for sale, or

"Creditors must try to sell taken goods as soon as possible."

Part 3ARepossession of consumer goods under consumer credit contract
Rules that apply after repossession of consumer goods

83XConsequences of selling within 15 days of post-repossession notice

This section applies if the creditor contravenes section 83W(1).
The liability of the debtor under the credit contract is limited to—
the advance under the credit contract; and
if the credit contract secures the performance of some obligation other than the payment of money, the performance of that obligation.

The creditor must repay any money already paid to the creditor by any person on account of, or in satisfaction of, any liability of the debtor in respect of the credit contract not referred to in subsection (2).
Except as provided for in subsection (2), the debtor's liability to the creditor under the credit contract is extinguished.

Compare

1997 No 85 s 24

Notes

Section 83X: inserted, on 6 June 2015, by section 51 of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).