Truck Lenders

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Chicago debt collection attorneys

Chicago Truck Lender Debt Collection Attorneys

chicago truck lender debt collection lawyer

Experienced Collection Attorneys for Truck Lenders in Northern Illinois

Truck loans in Illinois are secured by the vehicle that was purchased by the borrower. However, when a borrower falls behind on a loan, proceeds from the sale of the truck are often not enough to cover the balance owed. This problem is made worse if the vehicle is 100 percent financed and/or the loan is spread out over a longer term, such as 72 or even 84 months. Debt collections for truck loans are complex. For this reason, truck lenders should work with experienced attorneys in order to ensure they follow proper procedures and collection efforts are optimized.

At Walinski & Associates, P.C., we have successfully represented truck lenders in debt collection actions in the Chicago area for almost four decades. Our lawyers have extensive experience in creditor's rights law, and we have in-depth knowledge of all the legal steps that must be followed during vehicle recovery, as well as recovery of the deficiency balance owed. Unlike many other firms, we do not use paralegals to do our collections. Our attorneys handle each case personally, and we work closely with our clients, frequently communicating to ensure they are always kept up-to-date on our recovery actions.

We assist truck lenders with debt collection for all types of truck loans (both personal and commercial), including but not limited to:

  • Pickup Trucks
  • Tow Trucks
  • Food Trucks
  • Dock Trucks
  • Dump Trucks
  • Garbage Trucks
  • Cement Trucks
  • Buses
  • Cargo Vans
  • Delivery Vans
  • Passenger Vans
  • Semi-Trucks and 18-Wheelers

Truck Loan Debt Collection Procedures

In Illinois, truck lenders must follow specific steps to collect on a loan that is in default. For example, certain rules must be adhered to on how and when you can repossess the truck. You can take the truck without a court hearing, or even giving the borrower prior notice. However, the repossession must occur on public property, and you are not allowed to "breach the peace" while taking the truck (e.g., use violence and/or forcibly remove the borrower from the vehicle). After the repossession, certain notifications must be sent to the borrower (depending on the specifics of the loan) before the truck is sold.

If the proceeds from the sale of the truck are not enough to cover the amount owed, you may sue for the deficiency balance. Before taking this step, however, it is best to perform an asset search on the borrower to determine if it would be worthwhile to obtain a deficiency judgment. If this course of action is pursued, strong judgment enforcement strategies can be employed to maximize recovery of the balance owed.

Contact Our Chicago Debt Collection Law Firm

Truck loans that go into default can become quite complicated, particularly if the borrower is a commercial entity. The attorneys at Walinski & Associates, P.C. have handled countless truck loan default cases, and we use tried and proven strategies to produce results for our clients. We are strong negotiators, and we are often able to reach favorable settlements without litigation. If court action is required, however, we are ready and able to aggressively pursue your interests at any and all necessary venues. For a personalized consultation with one of our skilled Chicago collection attorneys, contact our office today at 312-704-0771.

Illinois Creditors Bar Association Chicago Bar Association Illinois State Bar Association
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