<prompt> Human: Im already approved for the house and I make enough to pay the car, house and bills but I would like to have extra money for savings. Giving the car up will free up 700 a month. What will happen if I forfeit the vehicle? Is this a good idea?  <response>: Basically, even though a voluntary surrender is better than a repo, its still a terrible thing to have on your report. Having terrible things on your report is NOT how to set yourself up for success during housebuying.Even though you are pre-approved for the house loan, your credit WILL be pulled again immediately before you sign papers...a new negative, especially a big one like a surrendered car, will tank your home loan deal. As in, probably unwind everything. 