 TITLE: Can’t Afford Your Car Payment? Here’s What to Do CONTENT: Voluntarily Surrender It\n------------------------\nOn the verge of having your car repossessed? As a last-ditch option, you can consider giving it back to your lender.\nWhile voluntary surrender will still have a serious negative impact on your credit scores, it'll probably be less embarrassing and expensive than an involuntary repossession. Since you are taking initiative and responsibility for your debt, future lenders may also view a voluntary surrender slightly more favorably than an involuntary one.\nThat said, a voluntary surrender will remain a black mark on your credit reports for seven years—and, as with an involuntary repossession, you'll still be responsible for paying the deficiency balance: what you owed, minus what the lender received for your car at auction, plus any additional fees. If you can't pay this balance, your debt will likely go to collections. END