I’ve done this (huge mistake btw, it killed my credit for years)
But if it’s your only option… let them repo it, they’ll auction it off, you’ll be billed the remaining balance, they do often work with you on a payment plan.they’ll only lien or garnish wages, etc, if the balance is left unpaid for quite a while. as long as you make arranged payments, you’ll be ok. But his credit won’t. It stinks really. If possible, don’t let them repo it, perhaps sell it back to the dealership or sell it privately. repo’s, aside from bankruptcy and foreclosure, is the worst thing you can do to your credit… trust me, lol, I made that awful mistake, it took me years just to get my credit “fairly” ok.

f it is a hire purchase in Uk the answer is no because until the final payment the car s on hire and after a certain period, which is in the agreement you can walk any subject to the car being left with only fair wear and tear.
A loan is a diffent matter and when they take the car back and put it up for auction I can almost guarantee that it will not fetch the amount you owe. therefore you will still owe the difference between what you owe and wha they they get at auction plus their expenses. This will not help your credit rating and they can with a Court Order garnishee your bank account, get a n attachment of earnings order or put a cgarge on your house. A far better idea to to talk to these peole before you are in arrears and you are likely to find them very helpful. Do not just surrender the car without a talk and for the love of mike listen to them take proper notes and be careful that you do not hear that which you want to here. It is suprising how often that happens. Ifthat fails talk to Citizens Advice sometimes they can help