What Happens to My Loan After Repossession?
If your vehicle was repossessed, you might wonder: "what happens to my vehicle loan after the repossession?" There are a few different things that can happen with your loan balance after the repossession. The exact approach can vary depending on the type of loan, amount of loan, where/when you purchased the vehicle, and a few other details. But generally speaking, the lender will sell the vehicle at an auction and then come after you for the difference. For a free confidential consultation on your exact situation, contact Attorney Nathan DeLadurantey for a free consultation. Online scheduling is also available.
Deficiency Balance On Loan?
Once a vehicle is repossessed, the consumer will often wonder if they'll be held responsible for the balance of the loan. In legal jargon, we call this a "deficiency balance." Generally speaking, consumers are held responsibile for the loan balance. How that balance is calculated is generally the difference between the sale price of the car, deducted from the balance of the loan. Wisconsin has VERY strong consumer protection laws that offer additional protections to consumer's who borrowed less than $25,000 on their loan. Call Nathan DeLadurantey for confidential advice on your situation.
Sued for Old Vehicle Loan
Sometimes the loan balances are "sold" off to a debt collector, or sometimes the lender will file a collection suit on the loan balances. Do not give up hope - you may have many strong defenses to the balance they're trying to collection. Wisconsin law has a variety of affirmative defenses that you may be able to assert and stop the lawsuit.
Can You Get Rid of Vehicle Repo Deficiencies and Amounts Owed?
Sometimes it feels like the vehicle loan balance simply will not go away; and that you'll be stuck paying for a vehicle that you now longer have. This feeling is very normal. Attorney Nathan DeLadurantey uses a variety of the provisions in the Wisconsin Consumer Act and the Uniform Commercial Code to deal with vehicle delinquency balances. He also represents consumer and class actions for violations of Wisconsin's laws related to vehicle balances. Don't give up - call for your free consultation.
We provide representation for cases in Wisconsin, including Racine, Kenosha, Green Bay, Appleton, the Fox Valley, Milwaukee, West Allis, Waukesha, Walworth County, Dane County, Madison, La Crosse, Eau Claire, Superior, Ashland, and anywhere in-between.