QUESTION
If I voluntarily surrender my vehicle to the lender, should they have me sign documents stating I voluntarily surrender?
Asked on Jul 30th, 2014 on Bankruptcy - Illinois
1 ANSWER
Debt Collection Attorney serving Chicago, IL
Partner at
Edelman, Combs, Latturner & Goodwin, LLC
2 Awards
The only benefit to surrendering the vehicle is that you don't get charged for repossession expenses. You are still liable for any deficiency. You are better off, if you cannot afford to make payments, to sell the vehicle.
Answered on Jul 31st, 2014 at 9:44 AM