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Auto Loans and Financing
Repossession

Can repo agents keep a copy of your car key?

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2015-07-16 18:57:56
2015-07-16 18:57:56

They generally do not keep the keys, as it would be too many keys to keep track of. Each vehicle usually has a special code that can be used to cut a duplicate key for your vehicle. They do not need an original key to do so.

They can keep it, and I'm sure they would feel just as uncomfortable giving back your car without having a key to it. Car repossession is not the first thing that takes place, it's the last thing they do when all else fails.

They seem to think this may happen again and I am sure the key is not in the possession of the repo man, but the financial institution who hired him, for future use if necessary as they still hold a lien.

Most repo agents have master keys to vehicles. Each model and make have what is known as a master key that will work on all of them. Did you know that the key to your car may actually start another of the same year make and model?

NOT LEGALLY. Who would want the responsibility of having the key to a car they don't own?? What if it gets stolen?? The cops drag you in wanting to know where you were. MOST financial institutions DONT have keys to the cars they finance. Its all they can do to keep the paperwork straight so how could they keep up with keys?? Give me a break.

I own a repo company and each state has different laws for everything. you need to figure out what the laws are in your state. But in my state and probably many others as well I do not have a right to keep keys to a vehicle that isn't registered in my name or loaned to my buy the owners once the repossession has taken place. Not to mention I don't want them. After we get a car we move on to the next car we don't't dwell on the fact that we might have to get it again. If the lender is nice enough to give you a nother chance good for you, but stay on top of things our we will be back with or without your keys!

yes, some companies can use the key to decipher the actual code number, then give to the lien holder to keep on file, out here it ca, it comes in handy, most people out here get there car repo'd two separate times, sometimes three

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Yes. Banks and credit unions can keep a copy of key. This is so because if your financial institution has to repo your vehicle for any reason, they already have a copy of the car key to get it where ever the vehicle may be.

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Yes. once they repo the car the only was to get items back is to pay off what you owe

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No, the creditor is going to wonder where it is.

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YES, it is true in ANY state EXCEPT CA and FL.,there if its on the hook or in the agents control, its a repo.

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no, but it is recommended. the repo co has insurance and is bonded for this type of situation. you will have to provide proof of repo to your insurance co.


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