When a member walked into VyStar’s Villages Wildwood Branch following the death of his partner, he was facing emotional grief and unexpected financial uncertainty. The vehicle they had purchased together had become unaffordable, and without debt protection, the member feared he’d have no choice but to initiate a voluntary repossession.
Looking for guidance, he spoke with a relationship specialist at the branch, who immediately reached out to Amber, the Branch Vice President. Amber took the lead with determination and heart since she didn’t want him to endure the long-term impact of a repossession.
“I distinctly remember him saying, ‘I just don’t want the car anymore,’” Amber said. “Every time I look in the driveway and see his car, it hurts.”
What is Voluntary Repossession?
Unexpected financial challenges can make it difficult to keep up with monthly payments. For some individuals, voluntary repossession may be an option worth exploring.
Voluntary repossession means you choose to return your vehicle or another financed asset such as an RV, motorcycle or boat to the lender. This is a proactive step and entirely the individual’s decision as there is no legal obligation to do this.
Potential benefits include:
More Control Over the Process: You decide when and where to return the vehicle, avoiding the stress of a repossession at home, work or in public.
Lower Associated Costs: Involuntary repossession often includes extra fees for towing, storage and recovery. Voluntarily giving up the asset may reduce or eliminate some of these charges.
Potentially Less Harmful to Your Credit: Both types of repossession will impact your credit. However, voluntary repossession may be viewed more favorably by future lenders than an involuntary one.
Still, Amber was committed to finding an alternative solution for the member.
Finding a Solution that Works
Amber asked for a little time to explore alternatives and began researching ways to help. Her first step was to contact several dealerships to see if the vehicle could be sold at a fair price. Unfortunately, the offers were too low to make a difference.
Refusing to give up, Amber turned to CarMax. She uploaded all the vehicle’s information online and received an offer that was significantly better than the others. With the member’s permission, she moved forward with a loan to cover the difference between the sale price and the remaining balance.
Amber coordinated with senior underwriters, entered the loan and made sure the relationship specialist had everything needed to finalize the process.
Because of Amber’s dedication, the member was able to sell the car, close on the loan and avoid a negative mark on his credit. In just two weeks, Amber provided peace of mind during a difficult time in the member’s life.
“I just wanted to help, and to try and take something off his plate,” Amber said.
Amber’s compassion, persistence and commitment to doing what’s right are a shining example of what it means to put members first.