Voluntary surrender

Call up the lender and tell them you are not making any more payments and want them to pick it up. Good Luck.

Well, as far as my knowledge is concerned, your responsibility does not cease if you just return the car. Even after surrendering the vehicle voluntarily, your lender has the right to collect the halting balance on the debt.

Once you allow the finance company or lender to repossess the vehicle they will auction it and deduct the auction price from the balance that you owe.

If you are lucky enough to fetch a greater auction price then you can also receive a check. But if the price is lower than the loan balance, then you will be accountable to pay the deficiency balance.

Moreover, deficiency balance is also treated as a liability as it ' s an unsecured debt, just like credit card, medical debt, consumer debts, payday loans.

Further, the creditor can also take the resort of a legal suit in order to collect the unpaid. So, you need to chalk out a payment plan to avoid any sort of future litigation.