This page will provide an overview of Utah's Repossession Laws and what you should know if you've fallen behind on car payments. Repossession is what happens when a creditor takes property put up as collateral because you've defaulted on the debt.72-9-603. Towing notice requirements -- Cost responsibilities -- Abandoned vehicle title restrictions -- Rules for maximum rates and certification. You should be able to notify the DMV either on line or in person at a local office. In addition to missed loan payments, repossession can damage your credit scores and will remain on your report for seven years. I got a job, got my car back. A few months later I check my credit, and on my way to to fix it. Your account number is provided with the loan details in the welcome letter that you receive in the mail after your new loan is funded. Confirm that the vehicle was taken as security for the delinquent debt. We've also compiled some alternative options for those times when returning your car isn't in the cards.
