Searches for "Give Back My Car" are Surging

Before deciding to voluntarily surrender your car call our office.

According to Google Trends, searches for “Give Back My Car” and “Voluntary Repossession” have doubled in the last 6 months. This after hitting a low point since the pandemic. There could be many reasons for this, inflation costs surrounding food and housing, overpricing cars when the dealer inventories were low in 2021 & 2022, or being tremendously upside down (owing much more than the car is worth). Whatever the reason, voluntary repossession should be an absolute last step option only taken after first consulting with an experienced debt resolution attorney.

What is a Voluntary Repossession

Voluntary repossession — also called voluntary surrender — means that you return your car to the lender because you can no longer meet the terms of your loan agreement. Voluntary repossession is an immediate alternative to repossession, which is when the lender takes action to seize the vehicle once your loan is in default, per your auto loan agreement.

Consequences of “Give Back Your Car”

• Voluntary repossession will remain on your credit report for up to seven years
• Voluntary repossession can make obtaining future loans more difficult.
• Voluntary repossession doesn’t necessarily erase your debt. If the lender sells the car but doesn’t make enough to cover the outstanding loan balance, you will still be liable for the difference—known as a deficiency balance.

A voluntary repossession should be a last resort. First, call your lender and explain the situation. Chances are good that they’ve helped other borrowers in your situation before. If you can’t arrive at a solution with your lender call one of the Bond & Botes Law Offices, and we will help.

Our debt resolution attorneys have helped many clients avoid having their vehicles repossessed or given back. In many cases, we have created a strategic plan to restructure the debt to something more affordable. Our attorneys provide absolutely free confidential consultation and advise to help you make the best financial decision possible. Call us at 1-877-581-3396 of email us through our website.