If you surrender your car, it looks to the financial world as if you have had a repossession, which is a huge negative on your financial record. The surrender will knock your FICO score down by at least 100 points, if not more, and will literally ruin your credit for a period of time. It can be from three to seven years. It is much better to work through a bankruptcy. If you are having trouble meeting your financial obligations, you can choose which loans you can retain, and those you wish to protect yourself from, with a Chapter 7 or Chapter 13 bankruptcy.
Need a Car Loan?
We can help you get financing, no matter your credit situation.
It's FREE, fast and simple!Get Started
Latest in Auto Loans
Manufacturer-Specific Auto Loans and Subprime Lending
Types of Auto Loans - February 11, 2015
How Car Loan Interest Works
Managing Your Auto Loan - December 4, 2014
What Subprime Means
Bad Credit Car Loan - October 29, 2014
What You Need to Qualify for an Auto Loan
Getting a Car Loan - October 29, 2014
How Car Financing Works
Getting a Car Loan - October 23, 2014