Are There Any Advantages to a Voluntary Repossession?
Voluntary repossession is a difficult decision for many individuals who have been struggling to make payments on their vehicle. It means that the car will be taken back by the lender and there are serious consequences involved. But, while this may seem like an overwhelming and negative situation, there are several advantages to voluntarily repossessing your vehicle.
One of the primary benefits of voluntary repossession is that it allows you to avoid damaging your credit score further. If you fall too far behind on payments, the lender may take action in order to reclaim its property. This can lead to costly fees and even court costs. However, if you choose to simply return the car yourself, then these costs can be avoided and your credit score won’t suffer as much damage from a forced collection action from a lender or creditor.
The Law Offices of Omar Zambrano has helped thousands of people and businesses on 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