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As a lender in Utah are you legally allowed to keep a copy of a key to a vehicle?

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2015-07-15 21:18:58
2015-07-15 21:18:58

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.

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