Thursday, February 22, 2007

ALERT - Vehicle Repossession in Wisconsin

A major change in Wisconsin law now allows auto loan lenders to repossess a vehicle 15 days after a notice of default has been sent (there is some question about it being 15 days from receipt of the notice but that has not been tested).

If you are someone that does not open bills until you can pay them, you might have a notice stating your are in default. You could walk out your door and find your vehicle gone with little recourse.

This is called self-help repossession and is VERY different from the previous requirement to obtain a judicial judgment.

1 comment:

david said...

This happens in the UK all the time, if people cannot afford the load repayments for a car then "baylifts" come round an reposes your car. Only recently are we seeing the same happen with mortgages, maybe the government should make it law when you get a mortgage to get a Mortgage Bonds, this would help curb the situation of the repossession wouldn't it?