Introduction
If you're behind on your car payments, you may be worried about your vehicle being repossessed. In Wisconsin, lenders have the legal right to repossess your vehicle if you default on your loan. However, some people try to avoid repossession by hiding their vehicles.
What are the risks of hiding your vehicle from repossession in Wisconsin?
There are several risks associated with hiding your vehicle from repossession in Wisconsin. These include:
- Criminal charges: If you intentionally hide your vehicle from a repossession agent, there can be circumstances (call for a free confidential consultation!) where you can get in additional legal trouble.
- Civil penalties: Even if you're not charged with a crime, you could still be held liable for civil penalties.
- Damage to your credit: Hiding your vehicle from repossession will likely damage your credit score. This could make it difficult to get a loan or credit card in the future.
- Loss of your vehicle: Even if you're successful in hiding your vehicle for a while, the repossession agent will eventually find it. When they do, they'll have the right to take your vehicle, even if it's parked in your driveway.
What are your options if you're facing repossession?
If you're behind on your car payments, it's important to talk to your lender as soon as possible. They may be willing to work with you to avoid repossession. Some options include:
- Refinancing your loan: This can help you lower your monthly payments.
- Selling your vehicle: This can help you pay off your loan and avoid repossession.
- Filing for bankruptcy: This is a legal option that can help you get out of debt, but it has serious consequences.
Conclusion
Hiding your vehicle from repossession in Wisconsin is a risky proposition. It could result in criminal charges, civil penalties, damage to your credit, and the loss of your vehicle. If you're facing repossession, it's important to talk to your lender about your options. There may be ways to avoid repossession and keep your vehicle.
Attorney Nathan DeLadurantey offers free consultations to explain your legal rights in Wisconsin. Free consultations can be scheduled online.
