• We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.

What would you do if this happened to you?

Page 3 - Seeking answers? Join the AnandTech community: where nearly half-a-million members share solutions and discuss the latest tech.
Originally posted by: Kremlar
I think the sorry is bullshit, or at least it has somehow gotten twisted around.

Has ANYONE ever heard of putting a car up as collateral for another CAR loan?
Click to expand...

Yes, anything of value can be used to purchase another thing of value (or not) depending on the bank.

Usually the interest rates are a lot higher, but ultra good credit could do wonders for these types and unsecured types of loans.

This could very well be the cause of a clerical error albeit a serious one. Usually notification is given to the collateral holding party before it's repossession is done. I don't think it's legal without doing so, depends on the papers signed though...some have clauses that exempt them from having to notify all parties and having to sue all parties in the event of a default (everyone is equally responsible for 100% of the debt).
 
Originally posted by: Astaroth33
Originally posted by: FFMCobalt
I would value the relationship more than the car. I would forgive her and request that she begin paying me back for the loss of my car. I wouldn't ever put anything up for collateral for her again, though. I wouldn't sign my name to anything she wants unless married -and even then, it would have to be one of those emergency or absolutely-have-to-have sort of things.
Click to expand...

Why would you value that relationship when it's clear that she didn't? Why would you even consider marrying a girl who would hide something like this from you?

😕
Click to expand...

Because I have this stupid little character-flaw. It's called being hopelessly hopeful. No matter how much it hurts or fvcks up the relationship, I'll be willing to bust my ass to work through it and work it out. Nothing in the entire world is worth more to me than my significant other and I would give everything I have in a split fvcking second if I thought it would help us.
 
Originally posted by: FFMCobalt
Originally posted by: Astaroth33
Originally posted by: FFMCobalt
I would value the relationship more than the car. I would forgive her and request that she begin paying me back for the loss of my car. I wouldn't ever put anything up for collateral for her again, though. I wouldn't sign my name to anything she wants unless married -and even then, it would have to be one of those emergency or absolutely-have-to-have sort of things.
Click to expand...

Why would you value that relationship when it's clear that she didn't? Why would you even consider marrying a girl who would hide something like this from you?

😕
Click to expand...

Because I have this stupid little character-flaw. It's called being hopelessly hopeful. No matter how much it hurts or fvcks up the relationship, I'll be willing to bust my ass to work through it and work it out. Nothing in the entire world is worth more to me than my significant other and I would give everything I have in a split fvcking second if I thought it would help us.
Click to expand...

Easy to say now, nik. I'm faithful and hopeful, but I know when I've been deceived and I know when I've been lied too, and I don't take either kindly. That's just me, though, and that's probably why I'm single.
 
Whose name is the car in question in? Your friend's or his girl's?

If it's your friend's, he needs to get both cars out of impound and sell off hers to try and recoup as much of the cost as possible. Then talk to a lawyer, see if he has any grounds for a suit against her to try and recover the rest. Likely not, but what do I know. Oh, all that after kicking her to the curb.

If it's in the girl's name, he needs to see what he can do to get his car back and off her loan application. Leave her to deal with the rest of the mess. His credit will likely take a hit from this, but not as bad as hers. Oh, and drop her of course.

Really, though, your friend is a total fool. He should have kicked her to the curb long before she popped out two of his kids.

Oh, and while having one car as collateral on a loan for another may seem a little odd at first it's not that bad. A lot of famalies/couples need two cars to get to work and such nowadays, and since a car is the largest asset most people own outright it only makes sense that it would be put up as collateral. The GF must have had utterly sh!tty credit for the bank to request collateral that large, though, meaning your friend is that much more of a moron.
 
Originally posted by: Orsorum
Originally posted by: FFMCobalt
Originally posted by: Astaroth33
Originally posted by: FFMCobalt
I would value the relationship more than the car. I would forgive her and request that she begin paying me back for the loss of my car. I wouldn't ever put anything up for collateral for her again, though. I wouldn't sign my name to anything she wants unless married -and even then, it would have to be one of those emergency or absolutely-have-to-have sort of things.
Click to expand...

Why would you value that relationship when it's clear that she didn't? Why would you even consider marrying a girl who would hide something like this from you?

😕
Click to expand...

Because I have this stupid little character-flaw. It's called being hopelessly hopeful. No matter how much it hurts or fvcks up the relationship, I'll be willing to bust my ass to work through it and work it out. Nothing in the entire world is worth more to me than my significant other and I would give everything I have in a split fvcking second if I thought it would help us.
Click to expand...

Easy to say now, nik. I'm faithful and hopeful, but I know when I've been deceived and I know when I've been lied too, and I don't take either kindly. That's just me, though, and that's probably why I'm single.
Click to expand...

I'm going through it right now.
 
Originally posted by: Shockwave
*whew* I thought it would be bad till i saw it was just a Honda... 😉

Seriously though, I'd freak out. Big time. There would be two options.
I immediately leave and NEVER see her again
I go to jail for murder
Click to expand...

lol
my thoughts too....

The Honda is totally "pimped" out though....he's got a lot of work and special stuff
on that car....it's his "baby"...you know how guys are about their cars.....
 
Originally posted by: Kremlar
Doesn't even make sense to me. Why put up a car as collateral to purchase another? The purchased car should be the collateral for the loan. Otherwise, might as well just get a cash loan.

How much is the purchased car worth? How much is the loan?

Sell both cars and pay of the loan.
Click to expand...

Not sure the worth of the purchased car or the details...but I know the bank wants 15K like
Yesterday!
 
Originally posted by: steph30
Honestly, she never gave a reason. Just kept saying "I don't know". My brother is a real laid back kinda guy, but this sent him over the top. Hearing him tell this story, as bad as it was, is funny though.

Luckily for him, the bank realized that he really didn't know this was going on. He had to get the 4 payments set back to the end of the loan. Right after he left the bank he said he was feeling relieved that he had this whole mess behind him and wanted to go home and relax and try and put it behind them. He got to the grocery store to grab something to grill and some beer, went to call his wife, and their phone was disconnected. (As unbelievable as all this sounds, it is true). He said he didn't even get mad. He was moreless like, "WTF?". He went home and said to her, "If there is anything else that hasn't been paid, please tell me. I can't keep doing this. You're ruining my credit." Of course, there was more. Their homeowners insurance hadn't been paid either.

All of this ended their marriage. They never got past it because he couldn't trust her.
Click to expand...

That is exactly what I told him....what else does he NOT know about?
WTF?.....how could she just NOT tell him?
and yes, I know it makes him look dumb, but the poor guy had no clue this was coming.
He trusted her, and she totally Jacked him over, and now that trust is BLOWN. BIG time!
He'll never get it back.
But I agree....he's dumb for putting up his car in the first place.
 
she better have been very good looking (and by very, I mean Julia-Roberts-good-looking) or else he got 5crewed
 
Well, It's not over yet.
The bank will sell both cars at auction for a small amount.
Then your friend will owe the remaning balance.....
And take the credit hit.

Just because they repo the car doesn't mean the debt is forgiven.
 
If the bank was sending notices to him and she was hiding them then she is guilty of mail fraud, pure and simple. In fact I think that makes her liable for the loss of his car.
 
I made a similar mistake a couple years ago. I let my (then) girlfriend borrow my second car for an extended period, and she proceeded to run up over $1,000 in tollway fines. She was running the tolltag booths, and then hiding the notices to pay the tolls and fines. Unfortunately in Texas, it's legal to ticket the registered owner (and not the driver) of a vehicle for a moving violation!

I took the car keys, kicked her out of my apartment, and told her that I never wanted to hear from her again. Live and learn.
 
Life sometimes hands you hard lessons. In his case, three very hard lessons (2 kids and a repoed car.) One of these days, he'll learn from the lessons. It's gonna cost him big time (for the next couple decades). Ouch.
 
Originally posted by: Metron
I made a similar mistake a couple years ago. I let my (then) girlfriend borrow my second car for an extended period, and she proceeded to run up over $1,000 in tollway fines. She was running the tolltag booths, and then hiding the notices to pay the tolls and fines. Unfortunately in Texas, it's legal to ticket the registered owner (and not the driver) of a vehicle for a moving violation!

I took the car keys, kicked her out of my apartment, and told her that I never wanted to hear from her again. Live and learn.
Click to expand...
What IS f@(king wrong with people? That wasn't your fault though. She was just a ho, but the OP's friend is just as stupid as his GF for putting his car up for collateral. Maybe even stupider.
 
Originally posted by: Bryophyte
Life sometimes hands you hard lessons. In his case, three very hard lessons (2 kids and a repoed car.) One of these days, he'll learn from the lessons. It's gonna cost him big time (for the next couple decades). Ouch.
Click to expand...
It won't cost him in terms of credit. He put it up as collateral for someone else's loan, not his. His credit report should be clean.
 
You must log in or register to reply here.

TRENDING THREADS

Back
Top