After voluntary repossession what is your credit obligation?

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Keri, I suggest you think long and hard before you let it go back. The results are not nice at all on your credit rating. Read your contract where it mentions "deficency balance". Chances are that you will be responsible for any amount owed after the car is sold. If the payments are toooo high, ask the lender if they will lower the interst rate. If you have lost income but expect to regain it, ask the lender to defer a payment to the end of the loan. If you cant do anything else, try to sell the car yourself. You will get more for it than the lender will at auction.

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First answer by Keri Reece. Last edit by roosta. Question popularity: 268 [recommend question]

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