Skip nav to main content.

I canโ€™t afford my car and want to surrender it, now what?

A voluntary surrender is a big step. The proper term is Voluntary Repossession. Even after we sell your car, you will probably still owe RCU money on your loan balance.  Before doing it, you need to consider the following points:

This will be reported to the credit bureaus as a Voluntary Repo and will impact your credit negatively.

  • All RCU services will be suspended
  • RCU will incur expenses in inspecting and selling the car
  • These expenses will reduce the amount available to pay down your loan
  • You’ll probably owe a sizeable deficiency balance after we sell the car
  • You can probably sell it for more on your own
  • This would reduce the amount you will still owe

We can work with you if you want to try to sell the car yourself. If you still want to turn it in, we want to get you set up in advance with a low-rate and long term “Deficiency Loan” to help make the payments on the remaining balance as affordable as we can. Please call one of our Loan Solutions Loan Officers for assistance at (800) 479-7928.