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Voluntary Surrender

When you take out a loan for large purchases like a boat or new car, you agree to make regular payments with interest until the amount is paid in full. At that point you fully own the item and are no longer in any debt to a financial institution. Your credit report will reflect the loan as paid in full.

However, if you are unable to fully complete your payments and the loan becomes severely delinquent, not only will your credit suffer, your boat or car can be repossessed. Some people who know they are unable to fulfill a loan will decide to voluntary surrender and give the loaned item back, rather than force the lender to pursue a repossession.

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