Skip to main content

About us

We're the Consumer Financial Protection Bureau (CFPB), a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly.

Learn how the CFPB can help you

What if the lender offers to just take the vehicle back and forgive the loan? Will it affect my credit report?

You must get the lender to state in writing that returning the vehicle fully satisfies your loan; otherwise, you may still be liable on the loan and for any deficiency.

Additionally, you must ask the lender to confirm in writing that it will not report your return of the vehicle to the credit reporting agencies as a “repossession.” Get a full release from the lender if you turn over the vehicle and the keys voluntarily. Unless you take these steps, your returning the vehicle and turning in the keys does not stop the lender from claiming that you owe more money on your auto loan or a deficiency.  A loan delinquency and a repossession will stay on your credit report for seven years from the date of the delinquency or repossession.

Was this page helpful to you?

Please do not share any personally identifiable information (PII), including, but not limited to: your name, address, phone number, email address, Social Security number, account information, or any other information of a sensitive nature.

The content on this page provides general consumer information. It is not legal advice or regulatory guidance. The CFPB updates this information periodically. This information may include links or references to third-party resources or content. We do not endorse the third-party or guarantee the accuracy of this third-party information. There may be other resources that also serve your needs.