How Do You Do A Voluntary Car Repossession?
You may have second thoughts concerning your new car purchase, or perhaps you’ve come upon hard financial times. You can do a voluntary car repossession to help you get out of your car obligation, but make sure you weigh all your options before proceeding with a voluntary repossession. Determine your monetary situation. If you can take a second job to cover the costs of your payment on your car, you may be able to avoid a voluntary repossession. But if you’re unable to meet your loan obligations, a voluntary repossession is better for you than an involuntary repossession. Be aware of what a voluntary car repossession entails. Although you are voluntarily releasing your right, title and interest in your car, a repossession of any type will show up on your credit report. Contact your lending institution. If you’re making payments to a local bank, go in person to speak to the loan officer about your personal situation. If you’re financing your car through a national lending institution, c
