There has been a noticeable surge in vehicle repossessions in Wyoming recently. We’ve definitely noticed but so has the Cowboy State Daily. According to a recent article they published, vehicle repossessions in Wyoming are up 20-30%. This increase is believed by many to be caused by the Covid stimulus checks that were handed out by the federal government. Many people bought things they couldn’t really afford with all that extra money so now many of them are facing repossessions of their vehicles.
While many vehicle repossessions are voluntary repossessions where the borrowers realize they can’t keep up with their loan payments and call their banks to take their car, others are involuntary repossessions. As a repo company serving Wyoming, we have years of experience doing both voluntary and involuntary vehicle repossessions.
Understanding Vehicle Repossessions in Wyoming
When a borrower obtains a loan from a lender for a vehicle, whether a car, truck, or SUV, the vehicle is used as collateral for that loan. When the borrower falls behind on their loan payments and cannot catch up, the borrower can voluntarily give the vehicle back to the lender through voluntary repossession, or force the lender to take the vehicle from them through involuntary repossession. In either scenario, the lender hires us to repossess the vehicle in Wyoming.
Whether the vehicle repossession is voluntary or involuntary, it’s a serious matter for the borrower. In either scenario the repossession will affect the borrower’s credit for seven years. The borrower may also be held liable for any repossession fees and charges and may still owe money to the lender depending on how much the lender gets after selling the vehicle and how much is still owed on the vehicle.
While we’ve built a business on repossessing vehicles for lenders in Wyoming and throughout the country, we don’t particularly enjoy taking vehicles away from residents in Wyoming so we always encourage borrowers to do what they can to prevent a vehicle repossession from happening in the first place. If a borrower is running behind on their loan payments, we encourage them to reach out to their lender and work something out if they can.
J&S Recovery Makes Vehicle Repossession in Wyoming Easy and Stress-Free
We understand that vehicle repossession can be a stressful situation for borrowers and lenders. We understand that lenders want their asset recovered as quickly as possible to minimize their losses. And we understand that borrowers don’t want to be harassed or embarrassed when a vehicle repossession takes place.
To address the needs of the lender, we have decades of experience and the equipment, tools and services necessary to recover assets quickly and efficiently. One such service is skip tracing. Our team of professional skip tracers use cutting-edge technology to identify the location of assets in Wyoming so we can quickly get them repossessed and recovered for lenders.
To make the process as stress-free as possible for borrowers that are facing vehicle repossession, we follow all the repossession laws in Wyoming and take special care to be professional throughout the process.
If you’re a lender dealing with voluntary or involuntary vehicle repossessions in Wyoming, we can help! We have over 25 years of experience in the repossession business, and we have all the skills, tools, and equipment to get your assets recovered quickly, safely, and efficiently. Our goal is to minimize your losses and maximize your profits no matter what kind of repossession in Wyoming you need help with. Call us today!