AZ BS Thread 2.0

Yes you could strip the truck of whatever you wanted really, all it does is make the value that the bank gets for the vehicle less then they charge you that debt, if it's something bankruptcy related that your not going to care about then yah strip the sc, if your wanting them to sell it and get a bill for the difference they got at auction and try to salvage the credit then no don't.

 

I agree with @iJonny. Its no ones business to keep track of what happens when the car is in the owners possession even if it is on loan. If it were a leased vehicle, I would imagine they would notice missing parts. Haha. But it's not the banks truck just yet..
However, when a car is repo'd, does it just show up on your credit and that's it? Or do they try to sell the truck, put that money towards what you owe and try to come after you for the rest?

 

And FYI I believe it's 7 years before the debt falls off your credit.

 

I believe they can and will come after you for any remaining balance. An old friend of mine went through some hard times, his truck got repo'd and then the bank sent him a pretty large bill for the deficiency

 

But in another note I'd be in the neighborhood for a supercharger maybe, incase someone has one available....

 

This guy that I may or may not know is a real piece of work and gives zero fucks about his credit. I have 40k till my warranty is up.

 

Then yes it would be smart to get rid of anything that can be made stock, or hell they could pave it with no engine or tranny a repo is a repo at that point, it's just the cost they go after you for is what changes is all.

 

hmmm interesting.

I wonder what would happen if you owed less than what they could get for it at auction. Would they pay you the difference?

 

Doubtful.

 

Yeah he might not care about his credit, but if he doesn't pay the bank back then technically he would have to file bankruptcy in order to get rid of that balance. Or else a collection agency will just tack on fees and charges and percentages until he is dead.

 

his daddy would probably bail him out again.

 

They can only do that based on his states laws that they can go after him for as I said previously if this person was staying in az it's 7 years then it's erased from his credit and the debt collectors can be hit with harassment if they continue to bother you as looking on his credit would no longer reflect a debt owed so a collection angry does not have a leg to stand on past that point, half the time a collection agency buys a junk debt and and never fully have records of anything, they try to intimidate you into paying with threats, and then try to trap you into a recorded conversation admitting the debt that way you can't go back later and deny.

 

Had this discussion with a friend who is a fraud anylyst for a major bank. You would not get money back. They would keep what they made on the truck if they get more than what you owe on it.

 

Seems American enough of an answer for me.

 

Yeah collection agencies are just assholes. I was speaking as before the 7 year time period. So I guess in conclusion, if this friend is never going to pay the bank for what is owed.. Sell the supercharger.

 

It's a long shot from happening but there's a chance.

 

The laws change in regards to this all the time. I too had hard times in 2001, had a vehicle repoed. They sent me a bill for the difference, something like $17k. I never heard anything again and it was only marked as a repo on my credit, the $17k difference never showed up. I paid off everything I owed on my credit report, except for Sears, those guys were just dicks. Never had the difference on the repo show up.

IF you know a guy with a s/c and you have the money to act on it, do it. It's still legally his truck to do with what he wants. When the bank catches up with him, that's between him and them. Now if he asks you to help him take it out to the desert and burn it.... Just Say No!

 

Get the SC and get me the compass.

 

Have a buddy that let a f150 go to shit and had it repossessed. He bought all kinds of shit on his credit cards and the filled for bankruptcy. When the bills came he says I don't have the cash. He ended up settling for pennies on the dollar. Credit was fed up for seven years after that but you wouldn't of gotten that impression