Facing car repossession in Wisconsin? Don't panic. While lenders have the right to repossess your car if you fall behind on payments, Wisconsin law offers strong consumer protections. Here's what you need to know:
Before Repossession:
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Notice is Key: Your lender may be required to send you a written notice of default before repossessing your car. This notice details the missed payments and your right to cure the default (catch up on payments) within a specific timeframe.
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Wisconsin Consumer Act (WCA) vs. Uniform Commercial Code (UCC): The rules for repossession can differ depending on the type of loan you have. Loans under $25,000 typically fall under the WCA, offering more consumer protections. WCA loans give you 15 days to "cure the default" after receiving the notice.
Repossession Rules:
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Breach of Peace is a No-No: Repossession agents cannot use force or violence. If you object to the repossession, they must stop.
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Location, Location, Location: They generally cannot repossess your car from a private property like your garage unless you give permission.
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Post-Repossession Rights: If your car is repossessed, you have 15 days (under WCA) to get it back by paying the missed payments and any towing/storage fees. This is called "redemption.
Taking Action:
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Contact Your Lender: If you're behind on payments, reach out to your lender ASAP. They might offer a loan modification or repayment plan to avoid repossession.
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Know Your Rights: Familiarize yourself with Wisconsin's repossession laws.
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Consider Legal Help: An attorney specializing in consumer protection can advise you on your rights and options in case of wrongful repossession.
Remember: Wisconsin law offers you some breathing room when facing car repossession. By understanding your rights and taking proactive steps, you can navigate this challenging situation and potentially save your car.
Attorney Nathan DeLadurantey offers free consultations to explain your legal rights in Wisconsin. Free consultations can be scheduled online.