Posted: Mon Aug 11, 2008 10:21 am Post subject: weird question
Quote:
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
Quote:
sakibomb, 7 hours, 5 minutes, 37 seconds ago.
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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... _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
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.
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.... _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
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.
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.
In that your asking this question leads me to trust that natural selection is alive and well in the world.
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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.
Oh Jaunita that cracked me up! you tell 'em Mama! _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
Tell me Lori, is this guy going to get any extra benefit by wrecking his car? apart from earning himself the bad consequences.
Brother, along with wrecking the car you may suffer injuries in this act, and if you don't have a coverage for the medical expenses, you may end up paying the huge medical bills that will wash out the benefits that you can draw by totaling the vehicle.
IMO Lori is right, just by telling the lien holder about the financial crunch you can save loads of troubles.
Tell me Lori, is this guy going to get any extra benefit by wrecking his car? apart from earning himself the bad consequences.
Not unless you'd consider a sentence in prison a benefit, and probably some broken bones, and still owing 23k now on a wrecked vehicle...not a good plan at all...why is it so hard for people to just 'man up' and tell the truth? _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
Ditto Lori. Man up and tell the truth. If you are having problems financially with this vehicle the last thing you want to do is "drive it into a tree" or God forbid have it stolen. As Lori stated, unless you consider prison a benefit, along with any injuries you may sustain and simply the guilt factor of doing something so totally unethical, then contact the lienholder and try to make a payment arrangement. Geez...if people would just reach out to the sources available to them they would realize that there is help. Do you think that the lienholder wants to repo your vehicle? I don't think so. I believe that they would try to help you out. Have some faith.
Insurance companies are on the alert nowadays with the troubling economy. Insurance companies have what is called "Special Investigation Units" for this type of fraud. You could end up in so much trouble. It is NOT worth it. Sell the vehicle or do a voluntary repo. Or ask for some kind of help through the lienholder. You would be amazed at the resources out there for people that are having problems financially right now.
Trust me...you will sleep better at night knowing you did the right thing.
Man what you are planning is suicidal . Driving a car into a tree to claim the insurance money ? That's the stupidest thing to do ..But sometimes in life we get so much stuck in something there doesn't seem to be no way out and these type of thoughts can come.I think you are in some real financial problem and all I can say is wait and look a bit deeper and clearer so you may find a solution ..
