Should I voluntarily surrender my car if I cannot make the loan payments?

The creditor may ask you to voluntarily surrender the vehicle rather than wait for them to repossess. This surrender is known as a voluntary repossession. In general, you should surrender the car voluntarily only in exchange for the creditor giving up some right, such as, if the creditor agrees to waive its right to seek the remaining balance owed or agrees not to report the default to the credit reporting agencies. In addition to possibly negotiating more favorable terms of repossession, you might save money by avoiding repossession costs and attorney's fees through voluntary repossession.

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