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Voluntary Surrender

What is a voluntary surrender?

If you decide you don’t want to retain ownership of your secured asset, you may be eligible to proceed with a voluntary surrender. This is where we organise for your secured asset to be collected and sold.

What are the benefits of a voluntary surrender?

A voluntary surrender can potentially maximise the sale value of your secured asset, potentially decreasing any residual shortfall debt you may become liable for following the sale of your asset.

What is the process?

  • If you proceed with a voluntary surrender, your secured asset will be sold at auction
  • You will need to provide a completed condition report, including clear and accurate photos showing the interior and exterior condition of the asset, as well as the VIN number
  • You will need to drop your secured asset off to an auction yard at an agreed location

What is the cost of a voluntary surrender?

Please note that some fees apply if you elect to proceed with a voluntary surrender:

  • $500 administrative fee
  • If you would prefer for us to manage collection and towing of your vehicle to an auction yard, we are able to do this for an additional cost

Whilst a voluntary surrender will incur some administrative fees, these fees are significantly less than what they could be in the event we had no other option than to proceed with repossession.