is it better to voluntarily or involuntary have your vehicle repossessed?
Question Details: i live in Utah. i have not paid on my vehicle for two months and they want to repossess it. i have heard that i would not have to pay the deficiency if they involuntary repossess the vehicle is that true? or is it better to tell them where the vehicle is and give them the keys to it?
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I am a lawyer in CT and practice in this area of the law. The deficiency is govered under contract principles. The lender is permitted to seek the balance of the loan that is not paid after repossessing the car becasue you agreed to repay the lender. Whether you give the car back or it is taken back involuntarily, you are likely going to be required to repay the outstanding balance.
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