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Can you modify a vehicle that the bank owns?

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Old 05-05-2013, 10:10 PM   #1
gjtacoma [OP] gjtacoma is offline
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Can you modify a vehicle that the bank owns?

I have a loan on my vehicle, lets say I wanted to do some mods like cutting fenders, high clearance bumpers, stuff like that. Is this a big no no or would I have to ask my bank? I'm assuming it should be okay since I'm responsible for the loan, therefore whatever value I supposedly decrease on the vehicle would be on my shoulders anyway. Am I way off?
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Old 05-05-2013, 10:17 PM   #2
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It's "your" truck for all intents and purposes.
The only thing the bank cares about is:
1 - It is totaled
2 - They need to repo

They don't consider #2 to be a big deal, because they simply send it out to auction, and if you owe 18k and they sell it for 10k, you're still on the hook for 8k.

They don't consider #1 to be a problem either. If it is totaled, and the insurance company devalues because of the mods, and the diminished value ends up being less than the market value, then even if you have gap protection, there may still be an amount that they may hold you liable for. Unless you pulled a 72 month loan, this is not likely unless you really trashed the truck.

Either way, it just means that you end up with an "unsecured" loan for the balance owed. The bank is not going to lose unless you BK on them.
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Old 05-05-2013, 10:17 PM   #3
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do what you want if you don't pay they will take it regardless of what you have done to it.. the insurance on the other hand.. that's what you have to worry about.
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Old 05-05-2013, 10:20 PM   #4
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Quote:
Originally Posted by Rich91710 View Post
It's "your" truck for all intents and purposes.
The only thing the bank cares about is:
1 - It is totaled
2 - They need to repo

They don't consider #2 to be a big deal, because they simply send it out to auction, and if you owe 18k and they sell it for 10k, you're still on the hook for 8k.

They don't consider #1 to be a problem either. If it is totaled, and the insurance company devalues because of the mods, and the diminished value ends up being less than the market value, then even if you have gap protection, there may still be an amount that they may hold you liable for. Unless you pulled a 72 month loan, this is not likely unless you really trashed the truck.

Either way, it just means that you end up with an "unsecured" loan for the balance owed. The bank is not going to lose unless you BK on them.
BK?
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Old 05-05-2013, 10:23 PM   #6
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Leave it stock until you are done paying it off since if you don't have the money to pay for it then how could you afford to customize it
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Old 05-05-2013, 10:27 PM   #7
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Quote:
Originally Posted by MGMTacolover55 View Post
Leave it stock until you are done paying it off since if you don't have the money to pay for it then how could you afford to customize it
This.
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Old 05-05-2013, 10:53 PM   #8
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Quote:
Originally Posted by MGMTacolover55 View Post
Leave it stock until you are done paying it off since if you don't have the money to pay for it then how could you afford to customize it
LOL. That's silly. Would you suggest the same for a ($100k, $200k, $300k, or more) home loan - you can't afford to customize that home (furniture, etc) because you didn't pay cash outright? The whole concept behind loans with monthly payments is spreading the cost of something over time, leaving a bit of spending money in your pockets in the meantime.
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Old 05-05-2013, 10:57 PM   #9
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Quote:
Originally Posted by stewartx View Post
LOL. That's silly. Would you suggest the same for a ($100k, $200k, $300k, or more) home loan - you can't afford to customize that home (furniture, etc) because you didn't pay cash outright? The whole concept behind loans with monthly payments is spreading the cost of something over time, leaving a bit of spending money in your pockets in the meantime.
x2 just because I don't have 30k cash doesn't mean I don't have some money to play with and make it my own
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Old 05-05-2013, 10:58 PM   #10
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I rather have 30k+ in the bank and paying per month than owning a truck with no backup money.
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Old 05-05-2013, 10:59 PM   #11
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Modify the crap out of it!!
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Old 05-05-2013, 11:05 PM   #12
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Quote:
Originally Posted by MGMTacolover55 View Post
Leave it stock until you are done paying it off since if you don't have the money to pay for it then how could you afford to customize it
Quote:
Originally Posted by steve o 77 View Post
This.
Life is too short. Enjoy your purchase while you dig it. Modify if you must. I mod two vehicles, one I own and the other I owe a crap ton still. It makes it fun.

Quote:
Originally Posted by Warputer View Post
Modify the crap out of it!!
I'm with you.
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Old 05-05-2013, 11:08 PM   #13
aka Frank Gallagher...
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I had the money to buy my first truck (silver one below). $29K in the bank. I wanted to build my credit so I paid it off overtime, making double then triple payments. Did the same with my credit card. Technically, I didnt own it, but I could afford it.
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Old 05-05-2013, 11:11 PM   #14
I've done... questionable things.
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Originally Posted by TacomaCon View Post
I rather have 30k+ in the bank and paying per month than owning a truck with no backup money.
This
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Old 05-05-2013, 11:17 PM   #15
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Bitches
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Old 05-05-2013, 11:28 PM   #16
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Bitches
this
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Old 05-05-2013, 11:31 PM   #17
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Bitches
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Originally Posted by 650H1 View Post
this
These ^
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Old 05-05-2013, 11:38 PM   #18
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I was talking about a vehicle I paid for my truck up front with cash so I don't have pay for anything except gas and oil
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Old 05-05-2013, 11:49 PM   #19
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These ^
that
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Old 05-05-2013, 11:52 PM   #20
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that
hahah sheeit
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