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Q:
Is it better to voluntarily return my car or let it be repossessed?

I want to know is it better for me to voluntarily give my car back or let them take it. And how do I voluntarily return my car? -Thomas

Thomas,

Many people are afraid to talk with their creditors, fearing that they will call attention to their delinquency. However, talking with them can only help; the company already knows that you are delinquent. I recommend that you call your creditor to discuss your options.

To answer your question, turning the car in yourself might save some collection fees. You would also avoid the stress of wondering when and where the repossession will happen.

Ultimately, a repossession is a repossession, voluntary or not. If you take my advice and make that call, maybe the situation can be avoided entirely.

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