by 
The Curious Bag
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If you cannot make loan payments, you have the option of voluntarily giving up your car, jewelry or other property to the finance company (voluntary repossession). Do this only after careful consideration because it will damage your credit rating.
Credit Record
Voluntary repossessions are listed on your credit record for seven years. This will make it difficult for you to obtain credit unless you take the necessary steps to use credit wisely and stay current on all other bills.
Credit Score
It is difficult to estimate exactly by how many points your credit score will decrease, but a voluntary repossession will result in a much lower credit score.
Deficiency
After the finance company sells the property to pay off what is owed, the company can file a deficiency judgment against you to recoup the remaining balance. Unless you pay this balance, the deficiency will be listed as a judgment on your credit record.
Involuntary Repossession
Involuntary and voluntary repossessions have the same impact on your credit. However, voluntary repossession is the best way to avoid having to pay the repossession company.
Prevention/Solution
You may be able to refinance or change the terms of your current loan to avoid voluntary repossession.
Source:
myvesta us-Money, Credit & Debt Q&A
bills.com-Voluntary Repo and It's Affect On Your Credit Score
ftc.gov-Vehicle Repossession-Understanding the Rules of the Road
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