How to avoid legal robbery....

[Scarpozzi]

Originally posted by: dullard

Originally posted by: daveymark
My uncle purchases a new cadillac for his wife every two years. The caddy is bought under his name. They live a happy, fulfilling marriage. They've been married for 20 years, and no damage has been done to their marriage as a result of a car purchase. He never demanded that the vehicle be purchased under his name. If you're shallow enough to bicker over who signs the title on a $45k car, then you shouldn't be in a relationship.

problem solved.

What if your uncle goes on a drug binge and trades the caddy for a little money? Problem still there.

Let me reiterate what I said above. Seperate accounts can help in some cases, but if there is a fundamental problem, seperate accounts won't fix it. If your uncle has a fundamental drug problem, it won't protect your aunt.

Heck, if your aunt develops a drug problem and racks up a massive debt, your uncle still may have to sell the caddy to pay for it all. Even your uncle isn't protected from any fundamental problem. The separate accounts just puts one small roadbump along the easy path to destruction. A roadbump so small that any problem can overcome it.

The real issue here is trust. I personally trust my wife. I don't think she would ever do such a thing. However, I don't trust the companies that would loan money on a car title...for example. Therefore, I would take the extra steps to make sure that I never have to deal with this situation. To make it clear, I know my wife is smart enough to avoid loan sharks, etc... But in the chance that she has a lapse in judgement, or for that matter, if I do and need quick cash.....I would hope that she would be required to be by my side to talk some sense into me.

 

[dullard]

Originally posted by: Scarpozzi
The real issue here is trust. I personally trust my wife. I don't think she would ever do such a thing. However, I don't trust the companies that would loan money on a car title...for example. Therefore, I would take the extra steps to make sure that I never have to deal with this situation. To make it clear, I know my wife is smart enough to avoid loan sharks, etc... But in the chance that she has a lapse in judgement, or for that matter, if I do and need quick cash.....I would hope that she would be required to be by my side to talk some sense into me.

Exactly, a simple AND in the title would require BOTH people to agree. A separate account just needs one person to destroy the finances.

If you have no trust, you have no relationship, and separate accounts won't fix a thing.

 

[chambersc]

Originally posted by: mugs
This is not robbery, this is stupidity.

agreed

 

[JS80]

I think the issue is that they got a $42k car for a $5k loan.

 

[mugs]

Originally posted by: JS80
I think the issue is that they got a $42k car for a $5k loan.

Exactly, it's pretty stupid to offer a $42k car as collateral on a $5k loan... This is why it is not recommended to use a home equity loan to pay off other debts, because it's stupid to risk your house to pay for your home theater.

 

[mordantmonkey]

dayum! that's whole mountain of coke son!

 

[FoBoT]

hmmm, take legal advise from an internet forum or from a real lawyer

hmmm....

 

[waggy]

what a stupid broad.

hmm but i thought with equity loans (sorry no experience in them. hmm do normal car loans count?!) they auction off the item to pay off the loan and you get anything over?


say the loan is $5k with a 40k collateral. they take the car and auction it off for $30k they take the $5k and fees they give you the rest?

 

[daveymark]

Originally posted by: dullard
What if your uncle goes on a drug binge and trades the caddy for a little money? Problem still there.

Let me reiterate what I said above. Seperate accounts can help in some cases, but if there is a fundamental problem, seperate accounts won't fix it. Separate accounts only give a false sense of security. If your uncle has a fundamental drug problem, it won't protect your aunt.

Heck, if your aunt develops a drug problem and racks up a massive debt, your uncle still may have to sell the caddy to pay for it all. Even your uncle isn't protected from any fundamental problem. The separate accounts just puts one small roadbump along the easy path to destruction. A roadbump so small that any problem can overcome it.

The only problem to be discussed is how my aunt can legally get a loan on the title of the car she is driving. Since she does not have her name on the title, she cannot get a loan on the car's title.

Other problems, such as drug use, bickering over who gets how much money, and prenups can and should be addressed in another thread.

The title says it all - "how to avoid legal robbery". The best way to avoid legal robbery- in this case, by aquiring a loan on a title to a car that was given as a gift - in this situation is to not have the wife sign the title on the loan to begin with.

Yes, the wife can find other ways to get money, legal or not - but that is not the problem being addressed here. The problem being addressed is "What can a husband do to avoid having his wife take a loan out on the car". There is only one solution to that, and it DOES fix the problem of legal robbery - simply have only the husband sign the title.

 

[DaShen]

Good to know. But I don't plan on marrying anyone that is like that. Although, you can't really plan for that sort of thing, you can marry someone that more than likely isn't that way, or an extremely good liar.

 

[cubby1223]

Title loan places are bad, but atleast they're fair. The woman agreed to make the payments or else the car would be reposessed. Used car sales are far worse. A friend of my brother once bought a used car on financing, don't know the numbers exactly, but already paid around $3,000 on a $10,000 loan, and he was good at mailing in the payments each month, but one day without any notice the car was reposessed and the financing company claimed they didn't receive the last payment.

Right there is a business that can throw away a received check and steal a car. Who knows if it was the business that mishandled the check, or it got lost in the mail, don't know. But without notice the car is gone.

 

[mugs]

Originally posted by: waggy
what a stupid broad.

hmm but i thought with equity loans (sorry no experience in them. hmm do normal car loans count?!) they auction off the item to pay off the loan and you get anything over?


say the loan is $5k with a 40k collateral. they take the car and auction it off for $30k they take the $5k and fees they give you the rest?

That's a good question. I think that's how it would work with a typical creditor, but she pawned the title of the car, I'm not sure if that works the same way.

 

[waggy]

Originally posted by: cubby1223
Title loan places are bad, but atleast they're fair. The woman agreed to make the payments or else the car would be reposessed. Used car sales are far worse. A friend of my brother once bought a used car on financing, don't know the numbers exactly, but already paid around $3,000 on a $10,000 loan, and he was good at mailing in the payments each month, but one day without any notice the car was reposessed and the financing company claimed they didn't receive the last payment.

Right there is a business that can throw away a received check and steal a car. Who knows if it was the business that mishandled the check, or it got lost in the mail, don't know. But without notice the car is gone.

and how is this a used car dealership? usually the dealership and finance place are separate. or did he go to a buy her pay her place? if so he has really bad credit and i would believe he did not make a payment.

 

[chambersc]

Originally posted by: cubby1223
Title loan places are bad, but atleast they're fair. The woman agreed to make the payments or else the car would be reposessed. Used car sales are far worse. A friend of my brother once bought a used car on financing, don't know the numbers exactly, but already paid around $3,000 on a $10,000 loan, and he was good at mailing in the payments each month, but one day without any notice the car was reposessed and the financing company claimed they didn't receive the last payment.

Right there is a business that can throw away a received check and steal a car. Who knows if it was the business that mishandled the check, or it got lost in the mail, don't know. But without notice the car is gone.

Ouch, I never thought about that.

 

[sourceninja]

Having worked repo and collections, I can say that laws keep us from just going and taking a car. At least in the states I live in. It's a compliated process requiring contact, 30 days with no payments (any payment, even 5cents will keep repo off). and even after we repo it, we have to contact the person, give them a chance to get their stuff or pay us for the car. If they pay they get it back.

I'm so glad I dont have that hellish job anymore.

 

[waggy]

Originally posted by: sourceninja
Having worked repo and collections, I can say that laws keep us from just going and taking a car. At least in the states I live in. It's a compliated process requiring contact, 30 days with no payments (any payment, even 5cents will keep repo off). and even after we repo it, we have to contact the person, give them a chance to get their stuff or pay us for the car. If they pay they get it back.

I'm so glad I dont have that hellish job anymore.

yeah. my uncle owned a finance place and would do repos. I did it for a while with them when i was younger.

while exciting it was not the type of job i enjoy.

 

[cubby1223]

Originally posted by: waggy

Originally posted by: cubby1223
Title loan places are bad, but atleast they're fair. The woman agreed to make the payments or else the car would be reposessed. Used car sales are far worse. A friend of my brother once bought a used car on financing, don't know the numbers exactly, but already paid around $3,000 on a $10,000 loan, and he was good at mailing in the payments each month, but one day without any notice the car was reposessed and the financing company claimed they didn't receive the last payment.

Right there is a business that can throw away a received check and steal a car. Who knows if it was the business that mishandled the check, or it got lost in the mail, don't know. But without notice the car is gone.

and how is this a used car dealership? usually the dealership and finance place are separate. or did he go to a buy her pay her place? if so he has really bad credit and i would believe he did not make a payment.

It was financed through a separate business than the dealership. This person is very responsible, he's always had a decent job. He's young, doesn't have a credit history yet, and family doesn't have a lot of money either - I'm sure that's what ultimately worked against him in what financing company would give him the loan. When the car was taken, he was given the chance to pay the entire remaining balance of the load immediately, but he just couldn't do that.

Not all companies are honest. I don't know. I once had a Capital One credit card and a stretch of very bad luck. One month they claim they never received the check in the mail, couldn't talk them out of the fees, then the next month they received the check but applied it to someone else's account! I pay the card off in full and few months later cancel the card. 3 months later a mysterious charge is placed against the account, and Capital One reactivates a closed account (I still don't understand the logic behind this). I get the charge removed and again get the card cancelled for good. ~8 months later I'm being called by a collections agency over a balance I owe to Capital One. I get back in touch with them, and they can't even look up in their records what happened. They only keep records of the past 6 months, and nothing's there except the accumulating late fees and finance charges. I do get them to clear out the account and fix the mark they put in my credit history.

Sh*t does happen sometimes, but with the situation with the financed car, he had no notice that something was wrong before he lost it, and that was the really sh*tty part.

 

[Captante]

Originally posted by: sixone

Originally posted by: Zysoclaplem
Reason 1,032 not to trust PEOPLE who do drugs.

Fixed.

Fixed.