How to Get your Vehicle Back After a Wisconsin Repossession
Once your vehicle has been repossessed, the primary questions are: how do I get my vehicle back? can I even get my vehicle back? how much money will it cost me to get my car back? will I be responsible for repossession fees? what if my lender doesn't want to offer payment arrangements?
How to Get Your Vehicle Back
There are a few options to get your vehicle back. For many loans your lender will send you a letter after the repossession. It will outline your rights to "redeem" or "reinstate" your loan - which amounts to paying the past-due payments and prepaying some future payments. It will also state what repossession fees you owe. This letter will contain deadlines for your payments; and if you miss the deadline your car will be sold.
What if can't afford to pay the past-due amounts?
If you can't afford to pay the past-due amounts it might be time to consider a Chapter 13 bankruptcy. In simple terms, a Chapter 13 can allow for what functions like a "refinance" of the vehicle loan - a chance to adjust the interest and spread the payments out over 3-5 years. While our office does not file Chapter 13 bankruptcy cases, we are happy to talk about your situation and refer you to a lawyer. You can schedule a consultation online.
Am I responsible for paying the repossession costs?
In short: yes, you are responsible for paying repossession costs (that assumes the repossession was legal - read more over here about Illegal Repossessions and Repo Rights). But those repossession costs have to be reasonable. While the term "reasonable" can depend a little bit upon the circumstances, the normal repossession costs are between $350-450.
Is my Lender Required to Offer Payment Arrangements?
This common question has an answer that surprises most consumers: your lender isn't required (under law) to offer you payment arrangements. While many lenders do offer payment arrangements, this is due to their internal policies (or business decisions) and not a requirement under the law. However, it doesn't hurt to call them up and find out what options are available.
Should I Bother Calling for a Consultation if I have Questions?
Maybe you're overwhelmed by the stress of losing your vehicle - or maybe you're embarrassed it was repossessed. Some people feel like talking to a lawyer is intimidating - or that they'll get stuck with a large bill. As you can see from the reviews of other people that received a free consultation (or were a client), Attorney DeLadurantey is always welcome to provide free consultations and is easy to talk with. Pick up the phone and contact us or schedule an online appointment here.
We provide representation in automobile and vehicle repossession 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.