If you leased or financed your vehicle then the bank has the right to get it back if you default on the loan. Typically, an auto loan goes into default after three missed payments, but this varies by lender. A car can also be repoed if vehicle insurance requirements are not met. Repossession of your car or truck is a real pain to deal with but it is possible to overcome the challenge; stop repossession, regain ownership and get caught up on car payments. By the time you finish reading this article, you should be armed with the basic knowledge necessary to protect your rights and save your property.
What a Repossession Will Cost You
The goal of the bank that financed your car is to collect the balance due on your loan. After this, the car will eventually be sold at an auction. When your vehicle is repoed it doesn’t leave you free of responsibility and financial hardships. Sadly, it’s just the beginning of more problems. You’ll be stuck with the repossession fees which can mean thousands of additional dollars. Without an attorney, getting your car back from a repo could take up to a couple of months and cost a considerable amount of money. To top it all off, a repo has a very negative impact on your credit score…a problem that could exist for up to seven years.
The Repo Man Is Discrete
Repossessions happen every day in this country, but you may not notice because the process is somewhat discrete. When the repo man comes to collect the vehicle, there are no sirens or knocks on your door. Unless there is a need to maintain peace and order, police are not involved in the process. There will be no permission requested, or papers to sign. Day or night, the repo man will wait until the car is unattended and the tow-truck will take it away.
It’s against the law to hide your vehicle, but if you’re worried about your car getting repossessed, put the vehicle in the garage and call a bankruptcy attorney immediately. Once you’re at this stage, you have just a short time to take immediate action.
Protect Your Rights & Your Property
Car repos are the focus of the article but homes, TV’s, furniture, and basically any item purchased through a loan can be repossessed to ensure repayment. Nobody plans on having their property repossessed when they make the original purchase. Things happen, and it doesn’t make anyone a bad person. You’re going to need transportation, and a place to live. Assuming that financial troubles led to this predicament, a bankruptcy attorney like Chad and Mike at Debt Advisors can make life a lot easier. Chapter 7 or Chapter 13 bankruptcy can discharge unsecured debt, including costs resulting from a car repossession. They can prevent a repo, get your car back, settle with the creditors, and resolve other nagging financial problems as well.
Stop a Repo
All it takes to start is a phone call to our office or complete the “free case evaluation” form on this page. Debt Advisors will help get you up to speed on your legal rights as a consumer and resident of Wisconsin. If there are violations of the Fair Debt Collection Practices Act, they will represent you. If you contact us right away we can stop a repo or get it back before it’s sent to auction. Retaining a Debt Advisors lawyer is not only a solution, but it’s also affordable. Retain us for as little as $100.