Does a voluntary car repossession go on your credit?

Answer by  GK1 (152)

If you have lost your job or cannot pay your car payment try to sell it on your own. There is probably a clause in your loan agreement explaining that it is your responsibility to pay the amount due. Talk with the creditor to see if your interest rate can be lowered or if you can skip a payment.

Answer by  Advisor (1032)

The advantage is that the additional late fees and recovery fees will not continue to build. It will go on your credit but not be as damaging as involuntary repossession.