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Can I Voluntarily Surrender My Vehicle?

Yes, you can.

Surrendering your vehicle while your payments are still up to date:

Contact the creditor and give them a written notice that you want to surrender your vehicle. In five business days, you will have to surrender the vehicle to the creditor. Within ten business days of receiving your written notice, the creditor is required to provide you with an official evaluation of the vehicle (stating its value). The creditor will then sell your vehicle. If the creditor sells your vehicle for less than you owe on the car you will be responsible to pay the outstanding amount.

If you are dissatisfied with the evaluation provided by the creditor you can withdraw the notice and recommence the possession of the vehicle. You can also sell your vehicle privately to get a better price.

Surrendering your vehicle when you are behind on payments:

You can inform your creditors that you want to voluntarily surrender your vehicle. Once you signed the voluntary agreement your car will be repossessed.

When you surrender the vehicle during the debt review process – the correct procedure will be to suspend further payments to the creditor until the shortfall amount, if any, has been established. Whereupon, depending on the circumstances, repayment can continue.