Here is a layman's answer.
I believe it depends on the company in which you owe money for the car. If say you own a $2000 car and owe about that they may decide it is worth repossesing to try to get the money from the sale of it. However, if they do not believe they will get any money from the car they may not take it.
You really should talk to your lawyer. I believe there are ways to exclude certain loans.
If though you are driving a $60,000 dollar late model car I would not hold out too many hopes on keeping it.
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