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Debt Management

Surrender of Collateral

If you cannot make the payments due and have to surrender a pledged item to a creditor, such as a car or an appliance, ask the lender if they will give you a release.  A release from the creditor states that surrendering the collateral for the loan satisfies the loan in full.  Otherwise, if the lender doesn't sell the collateral for enough to cover your loan, he/she can sue you for a deficiency judgment.  Even if you don't realize enough to fully pay the loan, you'll probably get more than the lender, who will only sell the item at auction and will not be concerned with getting the most money for the item.