What will happen after you voluntary surrender your vehicle?

The bank will contract out with a towing company/recovery company and will tow the vehicle to an auction yard.

The vehicle will usually be sold at a private auto auction where there are auto dealers there that purchase repossessed vehicles. The person who pays the most, wins the vehicle.

Within 30 days after the auction, you will receive a letter from the bank that will tell you how much the vehicle sold for and how much the deficiency balance remains.

Then the collection activity begins. They will constantly call you and ask when they will get their money. Sometimes they will work out a monthly payment with you, and sometimes they won't.

If you don' t have the several thousand dollars laying around, then usually you will have no other choice but to file bankruptcy. They could sue you and get a judgment against you. Then they could garnish your wages, take your checking account, put a lien on your house, etc.