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Voluntary or invountary makes no difference. When the car is repo'd, the lender can still sue you for the difference between the auction sale price and the loan balance. If the lender wins (they don't always win), then it gets a judgment. The thing about a voluntary surrender is that you can say that you don't have to pay the repossession, towing, etc... fees that would be there if it was involuntary.
The process is that you would contact them and ask where they want it, and take it to where they informed you to. They would sell it at auction, and whatever the deficiency is, they could, potentially go after you for.
As for a lower payment, certainly this could be arranged. Keep in mind that Texas is an extremely debtor friendly state. Nobody gets your house except the lender and the IRS. Nobody gets your car except the lender and the IRS. Nobody gets your wages except the IRS, certain student loans, and child support. Nobody gets your Social Security benefits, pension/retirement/401k/IRA except the IRS. Your personal property up to $35,000 is also exempt from collection efforts. Most people don't have any thing more than that, so there is nothing to get to satisfy a judgment. HOWEVER, a judgment is good for 10 years and can be renewed. Also, the judgment is accruing interest and is being reported to the credit bureaus. The creditor is hoping that one day you will have some money saved for a large credit-based purchase (car or house). When you apply for that loan, the judgment creditor will learn you have cash and will then try again to get you to pay.
So while they could get a judgment, and one that could last a while, they're limited in what they can actually do with it, so they're much more willing to work with you on that regard.
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