Voluntary Surrender or Repossession: Which is Better for Your Credit Score?

If you fall behind on your auto loan payments because of a lost job, unexpected medical expenses, or simply not enough income, you may consider voluntary surrender of your vehicle. But what that means, and how it affects your credit score compared to repossession can be something of a mystery. Here are some things to consider.

What to Do if Your Vehicle Gets Repossessed

When consumers fall behind on their auto loans, they often come to fear that the vehicle will be repossessed. But just because someone takes your car doesn’t mean it is the end of the story. Find out what to do if your vehicle gets repossessed.

Car Repossessed? Watch Out for Debt Collectors

If you have fallen behind on your auto loan, you could end up having your car repossessed. You may assume that will be the end of your problems. But in fact, debt collectors could force you to pay thousands more on a car you no longer own.

Repo Companies Defend Regulation

Michigan legislators are considering two bills that would cut regulations to middle men in the collections industry. But repo companies are saying the changes will hurt consumers and professional repossession officers. They are calling on legislators to enforce the law regulating collections companies, not get rid of it.