What Happens to Your Credit Score if You Turn in Your Car Back to the Bank ?

If you aren’t able to pay your car loan, the bank may try to repossess it as partial or full payment for what you owe. However, you can avoid the emotional drama of a repossession and a little bit of the damage to your credit score, if you voluntarily surrender the car rather than force the bank to come get it from you. Voluntary Surrender ProcessWhen you voluntarily surrender your car to the bank, the bank takes possession of the car and sells it to...