 Posted: Mon Jun 30, 2008 4:42 am Subject: |
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A voluntary surrender is where you actually drive the car back to them and give them the keys.
The benefit to you, by surrendering it, is that it will save you $300. The alternative is that if they have to send repo guys out to come get it, then they charge you $300 for a repossession and put it on your account.
Albeit, voluntarily surrendering your car doesn't erase your balance. They will sell the car at auction and apply the proceeds from that sale towards your balance. You will still be responsible for any deficiency balance.
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DebtCruncher
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