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Knowledge Base Article

Voluntary repossession of auto

What happens if I can't afford to pay for my car and want to surrender it in a non-bankruptcy account?

We would encourage you to try to sell the car on your own. When sold at auction, the recovery is usually minimal, and based on the condition of the vehicle, will sell at approximately 50% of the value (values are less if there is body damage, mechanical issues, or high mileage). Please keep in mind that you are responsible for any deficiency balance remaining on the car loan following liquidation of the vehicle. Once the car is sold at auction, the deficiency balance is charged off on the day the sale proceeds are applied to the loan. The loan will report to the credit bureaus as “Charged Off” for 7 years unless the balance is repaid or discharged in bankruptcy. Contact a Recovery Services Representative for a location near you to surrender your vehicle. Submit a message within Online Banking from Secure Email under Additional Services or call the Recovery Services Department at 404-677-8626, option 6.