Understanding Voluntary Repossession In a voluntary reposses..
Added 2021-11-14 17:07:21 +0000 UTCUnderstanding Voluntary Repossession
In a voluntary repossession, you return your vehicle to your lender when you are unable to make payments. You inform your lender you will not make payments going forward and that you want to surrender the car. Then, you schedule a time and place where you bring the vehicle (and a ride home), and you turn over the keys.
The process is voluntary because you request and arrange everything instead of waiting for your lender to come and get the vehicle. Just like with a repossession initiated by the lender, if the car sells for less than your balance, you'd still owe money to the lender.1
