A lock assembly for selectively locking to a striker on a vehicle includes a lock body defining a lock body recess for receiving the striker therein. A latch is rotatably mounted to the lock body for selectively locking the striker in the lock body recess. The latch is moveable between a latched position wherein the striker is locked in the lock body recess and an unlatched position wherein the striker is removable from the lock body recess. A ratchet is rotatably mounted to the lock body adjacent the latch for selectively locking the latch in the latched position. The ratchet is moveable between an engaged position wherein the ratchet locks the latch in the latched position and a disengaged position wherein the latch is moveable between the latched position and the unlatched position. The ratchet is (a) in the engaged position when locking the latch in the latched position to lock the striker in the lock body recess and (b) in the disengaged position when the latch is one of (i) in the unlatched position and (ii) moveable between the latched position and the unlatched position.