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The Water Cooler
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Car dealer rip off
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<blockquote data-quote="Slack" data-source="post: 1842544" data-attributes="member: 13947"><p>Special thanks to: BadgeBunny, cowzrul, Cards81fan, mapcon1941, OKfella, benjamin-benjamin, jakeman, BadgeBunny</p><p></p><p>Thanks everyone else for the replies too, even the negative ones. It actually helped. I was going to do some individual response, but this thread had way more replies than I expected and I am tired.</p><p> </p><p>As I mentioned in my earlier followup... The problem with the high cost of insurance is that she is needing to get her own policy and she is a young driver. She does not have any accidents, she has at least one reportable ticket and a couple of others (speeding under 10, seat belt). </p><p></p><p>Right now, I want her legal(ish). I am adding her to my policy for a week or so while her and her mother figure out an insurance policy between them. I really like the self service that Progressive provides, I should have an insurance verification in my hand 5 minutes after I get started. I am still not sure if it is legitimate for me or her mother to add her and a car to our policy. I know it will work to "appear" legal, but I don't want the insurance companies denying a future claim. For me I am not too concerned as it will be real short term.</p><p></p><p>To anyone that mentioned refinance, this seems like a good idea, but as several people mentioned due to horrible price, she is way upside down and there won't be a way to get a reasonable loan even with a co-signer until there is a large chunk of cash brought to the table to pay down the loan.</p><p></p><p>Right now it looks like if we can manage to get the insurance down she at least has a half a chance of making it. But if she goes under, at least I will get some satisfaction that if she files bankruptcy that the dealer will take a hit.</p><p></p><p>We are going to run the paperwork by the lawyer just in case there is something useful to be done. I don't expect so, but it should be worth the effort. I still need to reread some parts of it.</p><p></p><p>I am not going to try to discuss with the dealer, because I am a horrible negotiator and I will more likely just get hot under the collar, start saying gibberish and have a heart attack. I may try to find someone to do it for me, any volunteers?</p><p></p><p>As far as having the car repo'd or voluntarily turning in the car and defaulting. I know how this goes especially for the carry-the-note lots... They will take possession of the car, sell it at auction to themselves for super low dollars, then it will be up for sale again, a little worse for wear but ready to hook the next fish. Then there is still the outstanding loan balance that they will attempt to collect via debt collector and garnishment. This a crappy solution as you have no control on how much value there will be in the car. Now if the plan is to declare bankruptcy, then defaulting is a perfect plan.</p><p></p><p>BTW, the vehicle does have remote deactivation and a GPS. Easy-peasy to repo. Hey, she signed the papers to agree to it.</p></blockquote><p></p>
[QUOTE="Slack, post: 1842544, member: 13947"] Special thanks to: BadgeBunny, cowzrul, Cards81fan, mapcon1941, OKfella, benjamin-benjamin, jakeman, BadgeBunny Thanks everyone else for the replies too, even the negative ones. It actually helped. I was going to do some individual response, but this thread had way more replies than I expected and I am tired. As I mentioned in my earlier followup... The problem with the high cost of insurance is that she is needing to get her own policy and she is a young driver. She does not have any accidents, she has at least one reportable ticket and a couple of others (speeding under 10, seat belt). Right now, I want her legal(ish). I am adding her to my policy for a week or so while her and her mother figure out an insurance policy between them. I really like the self service that Progressive provides, I should have an insurance verification in my hand 5 minutes after I get started. I am still not sure if it is legitimate for me or her mother to add her and a car to our policy. I know it will work to "appear" legal, but I don't want the insurance companies denying a future claim. For me I am not too concerned as it will be real short term. To anyone that mentioned refinance, this seems like a good idea, but as several people mentioned due to horrible price, she is way upside down and there won't be a way to get a reasonable loan even with a co-signer until there is a large chunk of cash brought to the table to pay down the loan. Right now it looks like if we can manage to get the insurance down she at least has a half a chance of making it. But if she goes under, at least I will get some satisfaction that if she files bankruptcy that the dealer will take a hit. We are going to run the paperwork by the lawyer just in case there is something useful to be done. I don't expect so, but it should be worth the effort. I still need to reread some parts of it. I am not going to try to discuss with the dealer, because I am a horrible negotiator and I will more likely just get hot under the collar, start saying gibberish and have a heart attack. I may try to find someone to do it for me, any volunteers? As far as having the car repo'd or voluntarily turning in the car and defaulting. I know how this goes especially for the carry-the-note lots... They will take possession of the car, sell it at auction to themselves for super low dollars, then it will be up for sale again, a little worse for wear but ready to hook the next fish. Then there is still the outstanding loan balance that they will attempt to collect via debt collector and garnishment. This a crappy solution as you have no control on how much value there will be in the car. Now if the plan is to declare bankruptcy, then defaulting is a perfect plan. BTW, the vehicle does have remote deactivation and a GPS. Easy-peasy to repo. Hey, she signed the papers to agree to it. [/QUOTE]
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