A voluntary repossession is when you voluntarily bring your vehicle back to the lender instead of them sending a truck to go pick it up involuntarily.
A Voluntary repossession is actually a smart move. It shows to the lender that you are not trying to avoid them. The lender will probably be much more willing to work with you if you bring the vehicle back voluntarily.
Another benefit to a voluntary repossession is you wont have to pay the repossession fees. Repossession fees can be any where from $300 to $500 dollars. If the lender is
calling and you know any day now your car will be repossessed it’s probably best to bring the vehicle back to the lender, and try to work something out. Avoiding the lender will be worst for you in the long run. You’ll have to pay the repo fees, the lender could also try to make you pay the full balance instead of what you owe.
If you start avoiding lender they will also probably start calling your references, and embarrassing you which is something you don’t want.
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