A buddy of mine has a 04 Evo and he is starting to fall back on payments. He wanted me to post some questions about Reposession....

1 If he hides the car or "runs" (ie: has the car kept FAR away from his home address) can he keep it? without getting arrested?

2. if he has full coverage insurance and purposely destroys the car or has it stolen, what action does the insurance company take

3. If he sells the car to someone else under his name without the bank knowing, (the registration remains under his name) can the person drive the car around and what happens to the owner?

4. Basically he wants to keep the car and F*** his credit over. Doesnt care about his credit as long as he can keep the car.

 

im pretty sure insurance fraud is a federal offense. aint no white collar prison..

 

Yes....yes it is.

And he's picking the car over his credit? That's brilliant....unless he's actually planning on financing anything......like a house.....or his parole hearing

 

........

 

I didnt realize someone would come up with that stupid of an idea just to keep a car. Chuck it to a loss dont screw your credit because credit is your life.

 

Tell your friend to grow up...After they finally catch up to him, and believe me they will, he will never own another car like the Evo again. Its better to give it up now, get on your feet again, which may not take long, and get your self another kick *** car like the Evo. Hell, Im debating on doing the same thing myself(giving the car up for a while I mean, not the crazy **** you listed).

 

Wow, if he really knew just how important credit is he would never even consider this as an option.

Looks like your friend got himself into a pickle

 

At one of the clubs i dj at one of the bouncers is a repo man......he would LOVE to read this..... just let your friend know he is going to get cought its just a matter of time........it's the repo mans job to get people like this they aren't just going to give up........I'm going to print this one out, he will get a good laugh at this......I'll tell you what he says

 

How could he sell the car to someone else with out the bank knowing. They hold the tilte. Just sell the car.

 

1) The repo guys will find it, it may take some time, but they will find it. And it will happen when he is far from home and really needs the car.
2) Insurance fraud is very bad, he will go to jail, possibly "federal pound you up the a## prison"
3)Don't know, why would he drag someone else into this? Doesn't seem ethical and what if they come looking for him with a gun, is a car worth your life?
4)He will feel differently about his credit later on, his car won't last forever.

The best thing he can do is contact his bank or try to sell it for cash/have someone take over the payments. Just have to deal with reality. As a friend you should advise him to do so.

 

if he returns the car, will that be on his permanent credit report? how many points will that affect his FICA score?

 

it seems like he knows what credit is, i mean the financing a house and all taht, doesnt seem to matter much seeing he lives wit his friends n such. He says hes not worried. I showed him the posts...he just wants to know basically if he can keep the car, all things aside, hes planning to move about 400miles away from his home wit a friend of his. And besides, he has connections with registration and all that DMV crap

 

A buddy of yours, huh?

 

Unless you can get a new VIN on every part of the car, they will find it when he registers it anywhere in the US. Better move a bit farther away, like Mexico.

 

umm my evo is 03. its under my parents' name, im not gonna destroy their credit over this cuz they will destroy my life!