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Can you modify a vehicle that the bank owns?

Discussion in 'General Automotive' started by gjtacoma, May 5, 2013.

  1. May 5, 2013 at 10:10 PM
    #1
    gjtacoma

    gjtacoma [OP] Active Member

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    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?
     
  2. May 5, 2013 at 10:17 PM
    #2
    Rich91710

    Rich91710 Well-Known Member

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    Los Angeles
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    Satoshi with FJ badge, factory cruise, factory intermittent wipers, Redline Tuning hood-lift struts, Hellwig Swaybar, Rosen DVD-Nav
    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.
     
  3. May 5, 2013 at 10:17 PM
    #3
    banditstpk

    banditstpk Pabst knows best

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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.
     
  4. May 5, 2013 at 10:20 PM
    #4
    650H1

    650H1 Well-Known Member

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    BK?
     
  5. May 5, 2013 at 10:20 PM
    #5
    PerfectTekniq

    PerfectTekniq I'm undefeated in the UFC.

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    Pepe Silvia
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    Bankruptcy
     
  6. May 5, 2013 at 10:23 PM
    #6
    MGMTacolover55

    MGMTacolover55 Well-Known Member

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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
     
  7. May 5, 2013 at 10:27 PM
    #7
    steve o 77

    steve o 77 braaap

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  8. May 5, 2013 at 10:53 PM
    #8
    stewartx

    stewartx Well-Known Member

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    Winch, front hitch, step bars, bed extender, bed step, gull-wing toolbox, tailgate lock, security system, cb radio, etc.
    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.
     
  9. May 5, 2013 at 10:57 PM
    #9
    757 Taco

    757 Taco StormTrooper

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    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
     
  10. May 5, 2013 at 10:58 PM
    #10
    TacomaCon

    TacomaCon Active Member

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    I rather have 30k+ in the bank and paying per month than owning a truck with no backup money.
     
  11. May 5, 2013 at 10:59 PM
    #11
    Warputer

    Warputer Dirt Road Inspector

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    Enough modifications to piss the wife off!!
    Modify the crap out of it!!
     
  12. May 5, 2013 at 11:05 PM
    #12
    NW4RUNNER

    NW4RUNNER Well-Known Member

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    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.

    I'm with you.
     
  13. May 5, 2013 at 11:11 PM
    #13
    OZ-T

    OZ-T All of those moments....will be lost.....in time

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    This
     
  14. May 5, 2013 at 11:17 PM
    #14
    BrokenTusk

    BrokenTusk I support a velociraptor free workplace.

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    Bitches
     
  15. May 5, 2013 at 11:28 PM
    #15
    650H1

    650H1 Well-Known Member

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    this
     
  16. May 5, 2013 at 11:31 PM
    #16
    NW4RUNNER

    NW4RUNNER Well-Known Member

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    These ^ :hungry:
     
  17. May 5, 2013 at 11:38 PM
    #17
    MGMTacolover55

    MGMTacolover55 Well-Known Member

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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
     
  18. May 5, 2013 at 11:49 PM
    #18
    650H1

    650H1 Well-Known Member

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    that
     
  19. May 5, 2013 at 11:52 PM
    #19
    NW4RUNNER

    NW4RUNNER Well-Known Member

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    hahah sheeit
     
  20. May 5, 2013 at 11:54 PM
    #20
    BrokenTusk

    BrokenTusk I support a velociraptor free workplace.

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    Don't shit on the bitches.

    Thats rude.
     
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