When you can no longer afford your car payments, you may be considering voluntary repossession as an option. This is when you return the car to the lender and give up ownership.
Before you make this decision, there are a few things you should know. Voluntary repossession will damage your credit score, making it difficult to get approved for future loans. You may also be responsible for any deficiency balance, which is the amount you owe on the loan after the lender sells the car.
Voluntary repossession is not always the best option. You may be better off negotiating with your lender or selling the car yourself to pay off the loan.
The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.
Our goal is to help you find a fresh start FASTER!
Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706