Accepted Answer

The voluntary repossession gives you the opportunity to try to work out an arrangement if there is a deficiency so that the debt is not paid in full. It also gives you an opportunity to see if the bank will not report adversely on your credit report especially if the voluntary repossession is done in conjunction with a restructuring of the loan to permit any remaining balance to be paid in a manner you can handle.

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Expert:	bizlaw
Pos. Feedback:	99.0 %
Accepts:
Answered:	7/22/2009

Attorney

30 years experience corporate, litigation, international