Yes, although most lenders won't do this. If you are buying a car and financing it through a bank such as Bank of America (or any other prime-rate lender), the bank isn't going to keep a key to your vehicle.
Usually when a bank or finance company wants to keep a key to a vehicle, it's because it's a high risk loan usually done through a buy here pay here lot, or a vehicle that has a loan on it through a title loan company. Anytime any bank asks for a key to your vehicle, there's usually some type of agreement that you sign giving them permission to enter your vehicle if they have to. Usually they keep a key because they know the chances of them having to come and get the car are pretty substantial.
Something else that some buy here pay here lots and secondary finance companies do is to "black box" the car. They install an ignition cut off that has to be reset with a pre-programmed code every payment cycle. If the code is not put in the box usually after the grace period of about five to ten days, the ignition is disabled and the car won't start.
I believe if you haven't paid in three months they can repossess your vehicle in Utah. *The state does not require a Right To Cure notice be sent to the borrower. The lender may recover the vehicle whenever the contract is in default. UCC laws apply, and the vehicle can be recovered by any means that does not constitute a breach of peace. The plates remain with the borrower/debtor.
You can't be emancipated from a state. If you live in Utah, you are a Utah resident. If you don't want to be a Utah resident, you'll have to move to another state. You can be emancipated from your parents in Utah - however, if you are 18 this is not necessary. Just by turning 18 you are legally an adult and your parents do not have legal ward over you. Get a job, move out - they cant stop you.
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