Repossession can be a stressful experience, but understanding your rights as a borrower in Wisconsin can help you navigate the process. Here's a breakdown of what you need to know:
What is Repossession? Repossession is the legal process by which a lender takes back collateral, such as a car, when a borrower defaults on a loan. In Wisconsin, lenders have specific rights and procedures they must follow to repossess a vehicle.
Wisconsin's Repossession Laws Wisconsin law outlines the following key points regarding repossession:
- Notice: Some laws require a pre-repossession notice. Read here, to see if your loan does.
- Breach of the Peace: Lenders are prohibited from using force or violence to repossess a vehicle; including taking the vehicle over your protest.
- Storage Fees: After repossession, the lender may charge storage fees to cover the cost of storing the vehicle.
- Redemption Rights: In some cases, you may have the right to redeem the vehicle by paying off the outstanding balance and any fees.
What to Do If Your Vehicle is Repossessed:
- Contact Your Lender: Reach out to your lender to discuss your options. You may be able to work out a payment plan or other arrangement to avoid repossession.
- Understand Your Rights: Familiarize yourself with Wisconsin's repossession laws to protect your interests.
- Seek Legal Advice: If you're facing difficulties or have questions about your rights, consult with an attorney.
Preventing Repossession
The best way to avoid repossession is to stay current on your loan payments. If you're struggling to make payments, contact your lender immediately to discuss your options. Early communication can often help prevent repossession and avoid negative consequences.
By understanding your rights and taking proactive steps, you can protect yourself during the repossession process.
Attorney Nathan DeLadurantey offers free consultations to explain your legal rights in Wisconsin. Free consultations can be scheduled online.
