Facts about a Deed in lieu: There can not be other outstanding liens. The condo dues need to be current, taxes need to be reasonably current, property needs to vacant and broom swept condition and for credit score purposes and the ability to purchase another home it is treated the same as a foreclosure. The hit on your credit score will be 200-300 points and you will not be able to purchase another property for 5 years.
They can not go after your car. However, depending on your type mortgage and lender they can sue for a deficiency ( the difference between your mortgage and value of property when it sells). It is best to contact your lender to understand what they will be doing.
First Weber Group
Certified Distressed Property Expert
Get it into contract, and even if the lender counters, it buys you more time in your home.