How does Voluntary Repossession Work?

Answer

When a person voluntary gives possession of property(such as a car or home) to the lender that financed it they both will appear negative on your credit rating. The primary benefit of voluntary repossessing the property is the cost associated with it.
Q&A Related to "How does Voluntary Repossession Work?"
It's always hard to give up something you thought would eventually be yours. Best way to go about returning property is to contact the original place of purchase and the holder of
http://answers.ask.com/Business/Finance/how_to_fil...
It does not matter whether the repossession is voluntary or forced because both show as a repossession on your credit. Both are still listed as "repossession" and have a
http://www.ehow.com/info_8173086_repercussions-vol...
It usually occurs when someone has become delinquent in payments and the bank has called in the balance of the payments owed. The borrower may return the vehicle to the lending institution
http://wiki.answers.com/Q/What_is_voluntary_reposs...
You voluntarily give the car to the lender which saves you the cost of a repo
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