Credit

Will returning a car under WALKAWAY damage my credit rating?

No. The return of vehicles under WALKAWAY is not a credit default. It merely represents your exercise of your privileges under the program. As a result, WALKAWAY protects both your credit rating and your savings. It is considered an "early buyout" by the financial institution.

Is the person who co-signed my lease on the hook for a financing shortfall if I lose my job and the WALKAWAY policy is in my name only?

No. If you qualify for WALKAWAY benefits and decide to return your vehicle, the resulting claim will be paid to the lessor in the name of both co-signers.

Is returning a vehicle due to a qualifying WALKAWAY claim considered a voluntary repossession?

No. The return of a vehicle resulting in a claim payment is considered an early pay-out of your loan or lease. It's not considered a voluntary repossession and doesn't adversely impact a consumer's credit rating in any way.

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