by Lori » Mon Aug 11, 2008 10:21 am
i've got kind of a weird question. i can't afford my 07 tundra and it's only worth 12k on a trade. i owe 23k still. what would i have to do to total this vehicle and collect my gap insurance? i don't want to do anything illegal but something has got to give. thanks for any advise.
above was left in my inbox by
sakibomb, 7 hours, 5 minutes, 37 seconds ago.
Posted: Mon Aug 11, 2008 10:26 am Post Subject:
sakibomb, only thing you can do is to contact your lein holder, and tell them to pick it up, or try and sell it yourself. Don't know where on earth you got this trade in figure, but I'm sure it's wrong, and trading it isn't your answer anyway...try and sell it out right..
A warning, if you do something like have it stolen, flooded, burned, more times than not you will be caught, you will then have a totaled vehicle that you are not paid for, cannot drive and still owe the 23k plus have a felony charge for ins. fraud (and other charges more than likely)...that you will be facing..
This economy is ripping people apart...try to sell it call the leinholder tell them straight up you are in trouble...you'd be surprised, the help you may get when you are honest...
Posted: Mon Aug 11, 2008 10:51 am Post Subject:
Weird question indeed.
what would i have to do to total this vehicle and collect my gap insurance?
Man, it sounds illegal already. he intentionally wants to total the car to avoid paying the loan outstanding on it.
Pls, pls don't do so rather do what Lori has suggested. Honesty is the best policy, if you can't afford the vehicle, return it to the lien holder.
Posted: Mon Aug 11, 2008 11:11 am Post Subject:
Lori, I couldn't resist my curiosity to pip into your homepage. Interesting question no doubt :)
This can be a perfect example of what happens when one lives outside his means.
sakibomb, you shouldn't do anything to 'total' the vehicle that is unethical. If you want you can get your the car voluntarily repossessed by the loan company, it is rather a better option IMO then getting it repossessed when you fail to make the payments. It saves the insults. But I strongly oppose the idea of totaling the car, which is a fraud.
Regards,
Juanita
Posted: Mon Aug 11, 2008 11:20 am Post Subject:
This can be a perfect example of what happens when one lives outside his means.
That very well could be it, or could've lost a job, but it comes down to not being able to make the payments...It's been my experience, I've seen leinholders bend over backwards, to help a customer if they are upfront, don't lie and don't hide....I knew one person that I advised to do this, they called the l/h (before they were late) said, 'this is what's going on, I simply don't have the money" and of course further explained it...the lein holder abated the payments for six months! course the interest continued...but the owners credit rating wasn't affected nearly as bad as just stopping paying or a re-po....Posted: Mon Aug 11, 2008 02:35 pm Post Subject:
OP, I can't see any way to total out a vehicle on purpose and not have it be illegal. I think that should be quite clear.
With that being said, I'd take the advice posted here and talk to your lien holder about this situation. You can voluntarily return the vehicle (voluntary repo), they can sell it and reduce the amount that you owe. Just make sure they don't stick you with high admin fees for this (their other choice is that you stop paying and skip town... then they have nothing). If you _need_ to have a car, you then buy an ugly $3000 car that runs great and make payments on both vehicles. You eat beans and rice until they are paid off. You also consider this a life lesson.
Posted: Mon Aug 11, 2008 10:25 pm Post Subject: ?
what if i drive into a tree on "accident" ?
Posted: Mon Aug 11, 2008 10:48 pm Post Subject:
Likely your car would not be a total loss, you'd be risking serious injuries and your policy premium would probably be raised or you'd be non-renewed with an accident on your claims history. If you're vehicle was not a total loss, you'd have a deductible to pay, so you'd be even deeper in debt.
In that your asking this question leads me to trust that natural selection is alive and well in the world.
Posted: Tue Aug 12, 2008 12:14 am Post Subject:
In that your asking this question leads me to trust that natural selection is alive and well in the world.
:lol: :lol:Posted: Tue Aug 12, 2008 06:00 am Post Subject:
what if i drive into a tree on "accident" ?
This is insane :shock:
Man, I haven't seen anyone in my life so very determined to 'total' his/her vehicle. sakibomb1, you can't total loss you car intentionally.
Along with the consequences described by Tcope, you may even end up in the prison for the charges of insurance fraud.
Why don't you simply let the car go and save yourself from incurring debt on it. You can very well purchase another vehicle later on which will suit your budget.
Posted: Tue Aug 12, 2008 09:39 am Post Subject:
Oh Jaunita that cracked me up! you tell 'em Mama! :wink:
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