If you’re dealing with a car that’s in danger of being repossessed in any way, then it’s important for you to know your options and what you can do to avoid being left without transportation in Wisconsin.
This guide from Nathan DeLadurantey will help you understand how car repossession works so that you can make an informed decision about whether or not to hire an attorney and what types of legal assistance are available for people who are facing this problem.
Automobiles Can Be Repossessed If You Stop Making Payments On Them
If you stop making payments on your car, then the lender can eventually repossess it. This is because auto loans are secured by collateral such as a car or motorcycle. The lender has to give you a notice of default that gives you a certain period to make up the payment before they can proceed with repossession.
The Consequences Of Having Your Car Repossessed Can Be Pretty Severe
Once your car gets repossessed, you will lose your vehicle, and you may have to pay off the balance of your loan and any fees associated with the repo. In addition, if you had any insurance on your car, then this coverage will be canceled when it is repossessed by the lender.
Lawyer Involvement Can Help You Avoid A Car Repossession
The most experienced lawyer can help you avoid a car repossession and save you from the consequences of having your car taken away from you. In some cases, if you are sued by the bank, a lawyer Nathan DeLadurantey can help defend you against their claims.
If they win their case and get a judgment against you, then they will likely be able to repossess your vehicle as part of their collection process. If this happens to you, contact an attorney immediately so that they can assist in getting back control over your vehicle before it is towed away or sold at auction by the bank’s representative (the “repo man”).