Are There Any Advantages to a Voluntary Repossession?

Voluntary repossession can be a difficult decision, but it could be beneficial for those in the midst of financial trouble. A voluntary repossession is when a borrower gives up ownership of their vehicle to the creditor or lender before they are forced to do so – usually in response to missed payments or delinquency. While this may appear counterintuitive at first glance, there are actually some advantages that come with taking such an action.

To begin with, by initiating a voluntary repossession yourself you avoid possibly damaging your credit score even further. The creditor will report the repossession as such and while it still remains on your record, it is not as serious as if you had been late and then forced into giving up ownership without any warning.

The Law Offices of Omar Zambrano has helped thousands of people and them businesses in the past to get out of debt and start over.

Our goal is to help you find a fresh start FAST!

Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706