I used to work at a Ford dealership for several years, and I've seen several voluntary repos. In fact, a couple of the folks made money!!!!! The vehicles went to auction, and any money made over what they owed was returned to them! Nuts, huh? I say talk to the bank (the loans were through Ford Credit) and see what they can do!
Good Luck
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Elisha (Mustang Chick Extraordinaire)
1994 GT/Saleen: Cartech intake,4.10s, full exhaust, pulleys, Compucar nitrous kit 125 shot
Sold the 1986 LX sedan

http://www.geocities.com/mustangbelle_306
AOL name: GT306Chick