What Are The Credit Consequences Of Voluntary Repossession?

There are no credit implications for a voluntary repossession. Credit is damaged by not making payments; not surrendering the car. As part of the voluntary repossession, the debtor should try to negotiate an installment payment arrangement with the bank that can be met.

The information on this page is meant to provide a general overview of the law. The laws in your state and/or city may deviate significantly from those described here. If you have specific questions related to your situation you should speak with a local attorney.

Additional Creditors Rights Articles

Search LawInfo's Creditors Rights Resources