14 Oct Voluntary Surrender Agreement Letter
Avoid going into details about why you can no longer make your payments. The reason doesn`t matter to your lender and it will only open the door to confusion if your letter goes out of your way. Keep it as simple and simple as possible. Thank you very much! We`ve never had a voluntary surrender, so it`s new to me 🙂 I just think I`m going to add that they understand that we`re going to report this as a voluntary transfer, which can have a negative impact on their credit information. Examiners can be so picky! Thank you for your reply! This letter is intended to formally inform you that I want to voluntarily file the year [year and model of the car and the VIN]. My financial situation has changed and I am no longer able to make monthly payments. Start the letter by identifying yourself and the property. The lender must identify your loan, so provide an account number, give them your name, address and contact information. A voluntary withdrawal is if you finance a purchase, stop payments for it, and then return the purchased item to the lender before they forcibly take it back.
If you know you can`t make payments for a secured loan, writing a voluntary withdrawal letter is a way to let your lender know that you can`t make your payments and want to return the item. You can drop off the letter with the item or send the letter by mail. If you send the letter in the mail, you ask for a signature confirmation so you can prove that the lender received it. Does anyone have a sample letter or form that they are willing to share for customers who voluntarily drop off their vehicle? The loan officer asked us if we had a form; however, we always had to repo! I think there is a first for everything. I think as long as we have wine, make, model, etc. with the statement that they give the vehicle to the donor, everything would be fine. Does anyone have any ideas or a template that I can use? Use this letter if you want to terminate a hire purchase agreement with your creditor. Information on the use of this letter can be found in our fact sheet on hire-purchase and conditional sale. You can choose to send a letter in your own name or in your common name. Maybe you have a debt in the common name or you want to write to your creditors together because you have developed a common budget. .