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REPOSSESSION LAWS IN MOST STATES ARE DESIGNED TO PROTECT THE LENDER (i.e. BANK),WHO IS THE LEGAL OWNER AND TITLE HOLDER OF A VEHICLE UNTIL THE LOAN FOR SUCH VEHICLE HAS BEEN PAID OFF. A VEHICLE CAN BE REPOSSESSED AS EARLY AS 30 DAYS PAST PAYMENT DUE. MOST BANKS DON'T BEGIN REPOSSESSION PROCEEDINGS TIL 90 DAYS. IF YOU'RE IN THIS SITUATION, IT IS BEST TO CONTACT THE BANK AND ARRANGE ANY TYPE OF PAYMENT ASAP. MOST BANKS DON'T LIKE TO REPO VEHICLES IF AT ALL POSSIBLE, BECAUSE REPOSSESSION COMPANIES CHARGE A SIGNIFICANT FEE. ON TOP OF THAT, THEY LOSE INTEREST PAYMENTS AND THEIR STUCK W/ A VEHICLE THEY HAVE TO AUCTION. IF YOUR VEHICLE HAS ALREADY BEEN REPOSSESSED, THAN YOU ARE OUT OF LUCK. THE ONLY WAY TO GET THE VEHICLE BACK IS TO COME UP W/ ALL BACK PAYMENTS INCLUDING LATE FEES AND THE REPO FEE WHICH YOU ARE LIABLE FOR. FAILURE TO DO THIS WILL RESULT IN PERMANENT LOSS OF THE VEHICLE AND A BAD CREDIT RATING, WHICH WILL BAR YOU FROM OBTAINING ANY LOAN IN THE NEAR FUTURE. IN CLOSING, DON'T FALL BEHIND ON YOUR PAYMENTS. BORROW MONEY FROM FAMILY OR FRIENDS IF POSSIBLE OR LET THE BANK KNOW THAT YOU WILL BE LATE ON A PAYMENT. LET THEM KNOW THAT YOU ARE THINKING OF THEM AND WILL FOLLOW THROUGH ON YOUR OBLIGATION. A LATE PAYMENT IS BETTER THAN NO PAYMENT IN THE BANK'S EYE. HAVING A VEHICLE REPOSSESSED WILL RESULT IN A PERMANENT BAD MARK ON YOUR CREDIT. BANKS WILL NOT WANT TO LOAN YOU MONEY OR THEY WILL MAKE YOU PAY DEARLY W/ INFLATED INTEREST RATES ON LOANED MONEY IN THE FUTURE.

2006-10-20 00:30:52
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Q: What are the laws regarding repossession in Utah and what are your rights?
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