Should I voluntarily repo my car?
Is it better to voluntarily repo my car or let the bank come get it? I can't pay for my car loan because I got laid off. I'm in desperate need for a quick solution.
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Answered on Jul 12, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“As far as your credit goes, the difference between a voluntary and involuntary repo doesn’t matter.
You’re still going to get some heavy marks against your credit score.
Before you voluntarily repo your car, you should call your lender and see how they want to handle the situation. In most cases, they’ll be willing to work with you more than you would think.
If nothing comes of talks with your lender, there’s no reason to voluntarily give your car away.
Do everything you can to find a way to make payments. You could:
- search for a new, temporary job
- apply for unemployment benefits
- ask a family member or friend for help
- use a credit card to help make payments
If you still can’t make payments, you can surrender your car and use public transportation, a rideshare service, or pay for a rental car as needed.”
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