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: Wed Aug 13, 2008 07:14 am Post Subject:
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.
Posted: Wed Aug 13, 2008 09:45 am Post Subject:
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?Posted: Sun Aug 17, 2008 12:29 am Post Subject:
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.
Posted: Fri Aug 22, 2008 05:18 pm Post Subject:
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 ..
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