Posted by MarkB_MI on September 15, 2010 at 02:52:59 from (32.178.88.201):
In Reply to: OT Car Repo posted by barn E on September 14, 2010 at 18:16:08:
If it were me, I would have no part of it. If she wants to hide her car, that's her business, not yours. Just don't let her hide it at your place, which is what it sounds like she wants to do. (Otherwise, why are you asking the question?) If lawyer-man thinks it's such a good idea, maybe she can hide it in HIS garage.
The bank WILL find the car. She WILL owe the unpaid balance, plus interest. Hiding it just postpones the inevitable. As it turns out, I know somebody who hid a car rather than let it be repossessed. He now has a car that he can't sell, can't license and can't drive on the street. And it continues to rack up interest and late fees, while the resale value of the car continues to depreciate.
If she turns the car over to the bank, the bleeding stops. Yes, she will still owe them the money, but eventually they'll write off the debt and send her a 1099 for the write-off. Her credit will be trashed either way, which it sounds like is probably a good thing.
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