Repossession Attorneys in Lisle, IL Fight for You
There is no denying that falling behind on payments can be stressful. It can also lead to unwanted consequences like vehicle repossession. A vehicle repossession may impact your ability to get to work, which could lead to even more financial trouble. If you have questions about your rights in this situation, repossession lawyers in Lisle, IL, are here to help. While the repossession of your vehicle may leave you feeling like you have no say in the matter, you may have certain legal rights. If you are facing repossession or it has already happened, speaking with an attorney may be a smart move.
When Can a Creditor Repossess a Vehicle?
Vehicle repossession has a history of happening late at night when the creditor can hire a tow truck to repossess the vehicle without you noticing. It is usually done this way in order to avoid an altercation with the driver of the car, but car repossession can happen at any hour of the day. While it may seem like creditors are stealing cars without notice, it is important to keep in mind that a creditor can only repossess a vehicle when you have defaulted on your loan. The terms under which repossession could occur are typically outlined within the loan contract. These terms may stipulate that the creditor has the right to repossess the vehicle after the first late payment after a set number of days or when the loan has defaulted and entered collections. It is important to understand the terms of any loan contract before signing it. If your creditor violates the terms in the original contract and repossesses your vehicle outside of the stated terms, a repossession lawyer may be able to help you make a case to have the vehicle returned to you.
What is Voluntary Repossession?
Voluntary repossession is when you willingly return the vehicle to the creditor after you have violated the terms of the loan contract. This is often done to avoid the inevitable event of waking up to find your vehicle repossessed, but it can also be used as leverage in a few ways. Creditors either want you to pay your loan off completely, or they want the vehicle back when you default on the loan. The vehicle itself can be resold in an effort to make up for the financial loss of your unpaid debt. Some people are tempted to hide their vehicles from repossession which leaves the creditor without the ability to resell them or causes them to take further legal action. If you voluntarily return the vehicle, the creditor may be more lenient with you regarding the amount you still owe on the loan.
Do I Have Legal Rights if a Creditor Repossesses My Vehicle?
It is important to remember that you accepted a vehicle on the premise of a loan. If you default on the loan and essentially break your end of the deal, you do not have legal rights to keep the vehicle since it was not paid in full. However, you have a few legal rights when it comes to how the vehicle is handled after repossession. For instance, you have a right to know what happens to the vehicle once it is repossessed. The creditor may decide to keep it or sell it to recuperate the loss of the loan balance. If the creditor sells the car, either publicly or privately, you have a right to know how much it was sold in relation to your loan. A creditor may not sell a repossessed vehicle at a significant profit over the loan balance. They also cannot sell the vehicle far below its market value. If either of these events occurs following repossession, a repossession lawyer may be able to help you leverage this into a case excusing or reducing the remaining loan balance.
The other right you have regarding repossessed vehicles is related to any personal items left in the vehicle at the time of repossession. When a vehicle is repossessed, a recovery agent should make a detailed list of any personal items inside the vehicle, such as phones, laptops, or other personal effects. These items should be returned to you, and if they are not returned, you may need an experienced repossession lawyer in order to retrieve the items lost.
How Can a Repossession Lawyer Help?
An experienced repossession lawyer will be able to answer questions regarding your legal rights during a repossession. They will also be able to act as your legal representative in the event of further legal trouble related to the vehicle and its repossession. For example, if you have personal items lost or not returned to you, if the creditor breaks the contract, such as repossessing a vehicle without cause or selling the vehicle below or over market value, hiring a repossession lawyer may be the best move. You may also need a repossession lawyer if your creditor decides to sue you for a deficiency judgment. This happens when a creditor sells the repossessed vehicle and receives less than the remaining loan balance. The creditor has the right to sue you to make up the rest of the lost value between what the vehicle sold for and what you still owe on the loan. If a creditor sues you for a deficiency judgment, a repossession lawyer will be essential in ensuring a fighting chance when you appear in court.
Find Legal Help Today
Vehicle repossession can be stressful and lead to a lot of questions regarding your legal rights. The good news is that you are not alone in this legal fight. With the help of compassionate legal counsel, fight back against unfair creditors or repossession actions. We are here to help when you need a real estate lawyer on your side. Contact us today at (708) 575-1500 to see how we may be able to protect your rights during this legal process.