Legal Question in Intellectual Property in Utah

voluntary repossesion

I am trying to voluntarily turn over a vehicle I purchased, due to me being unable to meet the financial arrangements. I just called the Co. to turn it over and they sadi they will not accept it at this time. What can I do? My boss an x- police officer said I should park it in their parking lot lock it up and put the keys to it in an envelope, and slip it into there mailbox. Will that work? ahhhhhhh!

Asked on 6/29/09, 1:18 pm

1 Answer from Attorneys

Alvin Lundgren Alvin R. Lundgren, L.C.

Re: voluntary repossesion

I suggest that you try to sell the vehicle. Even if the sales price is less than you owe, you can probably sell it for more than what the finance company will get when they sell it. Typically, a bank sells at wholesale or below. You could get much more. If you sell, call the bank to see if they will cooperate on the sale, and allow you to pay off the difference.

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Answered on 6/29/09, 1:56 pm

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