The Difference Between Voluntary Surrender and Repossession When facing financial difficulties with a car loan, you might wonder if voluntarily surrendering your vehicle is better than waiting for repossession. Both…
What is Voluntary Repossession? Voluntary repossession is when you proactively return your vehicle to the lender because you can no longer make payments. While it may seem counterintuitive, there are…
In Canada, there are two main types of car repossession: involuntary and voluntary. Involuntary repossession occurs when you stop making your car loan payments, while voluntary repossession happens when you…
If you’re struggling to make your car payments and are considering voluntarily surrendering your vehicle to the lender, you may be wondering how it will impact your credit score. The…
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