I hope your next film is a blockbuster. But I also hope it's not secured with your personal assets. Thanks for asking. I have filed for bankruptcy and want to surrender a leased truck, but the cosigner wants to know what it will do their credit. What it does is not good.
Voluntary surrender is essentially the same thing as repossession.
You cannot pay the debt as agreed and are defaulting on the loan. The cosigner has agreed to repay the debt if you don't, so the repossession will appear on their credit report as well. Also, if the loan on the truck is greater than its current value, you will still owe the balance of the loan after the repossession. If so, the truck loan will be show as included in bankruptcy on the cosigner's report. In either case, the cosigner's credit history will be negatively affected.