Is there any benefit to turning in your car voluntarily in a repossession?

Answer by  molson500 (183)

The biggest benefit of a voluntary repo is the cost of the action. A forced repo is a much more expensive problem. Both types of repos are equally damaging on your personal credit score.

Answer by  xsut (943)

Typically no because you are doing something that you are supposed to do. It may make you look good to the creditor and they might work with you again.

Answer by  Julie34 (173)

Yes, as soon as you know that you cannot make the payments required, it is better to turn it in to the dealer as they will resell it for lower amount, but you will not get stuck with a much higher cost of the repossession and towing fees on top of the difference of the sale price and the loan.

Answer by  kennethjgoodson (4903)

Yes there is and it is that they will give you some time to come up with the payment and you could get your car back.