Gentlemen of /o/, I have an inquiry.
What exactly are the general ramifications of voluntary repossession?
Has anyone gone through this process?
>>15373711
It will go down like this:
You turn the car over to the bank. They are going to send it to auction to try and recoup whatever cost they can get out of it. once it goes to auction, they will subtract whatever amount they got for it off of what you still owe, and that amount is final debt you are on the hook for
You'll be given the opportunity to set up some sort of payment plan for this remaining debt instead of the bank taking you directly to court and simply garnishing your wages or something similar
Now keep in mind, if you set up a payment plan for the remaining debt, and fall behind on THAT, they will turn you over to a debt collection company, and depending on what you owe, they can drag your ass back to court/cause all sorts of shit for you
In general, a voluntary repo means you have a little more leeway to negotiate how you deal with the final debt you are on the hook for, and generally you don't have to pay a tow/impound fee since they didn't have a repo man come grab your car in the middle of the night. Also, you don't have to get your shit out of your car from an impound lot.
In so far as your credit, it's still a repo. It will hit you for 7 seven years. The final amount you owe after the auction will also be reported to your credit as a debt, no matter what you do, and will be another negative factor (again for 7 years)
>>15373740
This is exactly what I was looking for.
Basically, I just need to get the fuck rid of a terrible piece of shit decision that I no longer want about a year and a half into the payments. I'll just find some sap to take over the loan.
>>15373762
Any idea how you stand in terms of equity? Depending on how far upside down you are, there are various less damaging options to getting out of a vehicle
>>15373740
I know it never ever happens, but out of curiosity what would happen if it sold for more than you owed at auction?
>>15373783
The bank/lien holder legally owns the car, so any money they make off of it at auction belongs to them. In the biblically unlikely event they got more for it than you owed at auction, they simply get to pocket the cash, since they hold the title for the car
>>15373774
Yeah that's my problem.
The car was worth well more than I paid for it out of the box. The problem is, the value of the car has shrunk to $12,500 according to KBB and I still owe $18,500.
And while I don't hate the thing, I can easily shovel the payments at it. I just flat out don't fucking want it.
>>15373817
Trade it in towards whatever you want next. Then pay that loan off fast. Better than the repo and less annoying than finding somebody from CL to take over the payment.
>>15373832
Yeah, I considered that. My credit score is great (between 750-800 last I checked) and I have a very nice debt to income ratio. I don't mind paying a bit more, but trading it with negative equity is practically shoving a knife in my heart.
I have very seriously contemplated it, though.
I'll slap it on CL for the time being, doesn't hurt anything. If I get nothing for 30 days, I'll probably just go run down a dealer.
>>15373817
>>15373842
Since you're not an actual customer of mine, I'll give you some legit advice that doesn't involve you having to swallow a massive amount of negative equity:
Verify that you have a GAP clause on your insurance, then total the motherfucker. Plenty of ways to do it (vandalism is usually the easiest to pull off without making the insurance company poke around too much)
Yes, I am well aware it's illegal, but in lots of circumstances, it's the best possible way to shed a car
>>15373842
>My credit score is great (between 750-800 last I checked)
>trading it with negative equity is practically shoving a knife in my heart
But triggering a repo doesn't?
>>15373856
My insurance agent is crooked as hell and a very good friend of my grandfather.
I didn't want to say it, but since you did first...
>I planned on it from the fucking start
I know for a fact I have Gap insurance, because I have my policy sitting in front of me. It covers up to $10,000 above the value of the vehicle.
My cousin has a junker car he wants to scrap. I'm thinking I'll have him rig the straps on his trailer and roll it through a red light on the abandoned part of town.
Obviously, I'm gonna switch up the plan since I've shared.
>>15373869
Mostly I was wondering
>how
it would affect me. I'd only just heard about it an hour ago, wasn't sure if it would be a viable option.
>>15373879
Seriously, if you have the GAP to cover the difference, and you know your insurance agent isn't going to go Cole Phelps on you, it's the simplest way out. I've actually sold cars to more than a couple people who used GAP to get out of vehicles they were hideously upside down
One guy actually had the balls to throw his SUV into a ditch and roll it (while driving it) to get it totalled. Obviously I don't recommend killing yourself or anyone else, but you might as well get something for all those premiums you've paid
>>15373897
Since you asked nicely...
>>15373897
I am truly proud to have caught the attention of someone like you.
Thank you, br/o/
>>15373887
>>15373879
What kind of car is it? I'd hate for something good to get totaled.
>>15373919
'14 Jeep Compass 2wd.
It won't be missed.
>>15373925
Send it to the fucking junkyard.
>>15373925
so why did you buy it to begin with?
>>15373931
>>15373929
As I said, it was a shitty decision made by a shiny new paycheck from a shiny new job made by an asshole that was tired of driving a daily fixer.
Yeah, that sums it up.
>>15373941
Mistakes get made. We all live and learn
>>15373925
let the motherfucker burn
>>15373842
>but trading it with negative equity is practically shoving a knife in my heart.
This almost falls into the sunk cost fallacy.
>Do you want out? (Y/N)
>Is one option significantly more expensive than another? (Y/N)
Only questions that matter. You can eat the cost of getting rid of it, or eat the cost of keeping it. You're currently underwater either way. The only other option is the already mentioned insurance fraud.
>>15373879
>I'm thinking I'll have him rig the straps on his trailer and roll it through a red light on the abandoned part of town.
He's related to you though and methods that involve another person add more risk. What are the safest ways to total a car without blame? Random vandalism seems hardest for the police to disprove. Avoid methods can connect the perpetrator back to yourself because it's a felony after all.
What you really need at this time is some teenage girl who wants to total her Corolla by hitting your car. Or if she wants to total her Jeep Patriot by hitting your car. Or if she then wants to total her 3rd car (a mustang) by hitting your car. Like this girl from one of Longpost Guy's stories...
https://archive.4plebs.org/o/thread/14228818/#q14228818
>>15374757
>Random vandalism seems hardest for the police to disprove
Not if OP carries his cellphone or any computing device that can be tracked. Some keyfobs broadcast their location occasionally which means the car can collect that info and phone home with it. Certainly a vandal would not have either info on them.
There's plenty of street cameras in my city. That's how the police catch some arsonists in the past. They don't necessarily have to be good enough to perfectly identify your face as they have computers and software to narrow down the suspects. They can try to follow the perps path before the event occurred, where he walks 6 blocks away back to his car, up the freeway, down the freeway to another city, then there was traffic cams at traffic lights that luckily picked up the car, then some business security cams. Going thru various apartment cams resulted in a license plate. At that point begins the real investigation.
Always assume the police will try to backtrack where the vandals or car-destroying perp came from.
>>15374780
That's a whole lot of effort just to find somebody who vandalized a Jeep Compass
>>15375185
>That's a whole lot of effort just to find somebody who vandalized a Jeep Compass
Not if the insurance company has a regular program that donates $500 to the policemen's retirement fund (legal in my state as that is not a direct payment or bribe) for each successful felony conviction of insurance fraud.
I know my insurance company donates but not how much, so the $500 is a fake number from me. There's lots of ways to incentivize police department efforts, and that is one of the reasons why both the companies and rich get better AND more treatment than the regular taxpayers (whom our local police take for granted) who have to pay taxes no matter how displeased they are with the police. But the rich and companies can "donate" more if they are pleased. Certainly regular taxpayers don't donate more for a good job.
>>15374780
OP needs an alibi to show he was at home or elsewhere at the time of the car being totalled by criminals or vandals. That's because if he says "I don't know where I was" it looks suspicious. We are in the age of big data and the beginning of the internet of things has already occurred. The loss of privacy doesn't particularly hurt homeless who have no devices or gears, but OP is a regular user. So he can also be tracked by ABSENCE of gear usage which in itself is suspicious since it occurs only on that one date of the car problem.
While OP is out doing his thing, OP will need someone anonymous at home (no cell, no fobs, no broadcast) who was not seen by apartment/house/area cameras to be at his house. He will operate the toilet and appliances a few times and do some internet shopping with a successful purchase of something in order to get a TIMESTAMP of the activity. He will tape over the cell cams and mic, and carry OP's cellphone around the house from one end to the other. The smart TV cam needs to be taped over too because some can be remotely turned on to scan and phone home (vizio,samsung). The water utility usage is tracked by the city (presumably) and the power by the power company.
If Detective Conan was on the case, he'd point out that OP's smart watch recorded his location at the car. Or that OP's watch being worn by the accomplice had a totally different quasiEEG and heartbeat thus it was a different person.
