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by 8 Jan 2004-10 Dec 2009 on February 19th, 2007
When my wife and I had to do this, we merely talked to our lender and discussed the terms of repayment. We went into it knowing full well that it would adversely affect our credit and that the vehicle would sell for less than we owed on it.
Then again, our circumstances were the rare instance where this was the best course of action. We couldn't sell the vehicle ourselves because the 2nd transmission was going. We couldn't afford a 3rd tranny and we didn't feel like paying $300/month for a lawn ornament, so we chose the least of all evils, turned the car over to the bank, and worked out a repayment deal for the post-auction balance.
If you can sell the vehicle for even a fair chunk of what you owe, that is BY FAR a better option that surrendering it.
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