It's over... have to sell the EVO.
Oct 3, 2007, 01:23 AM
#47
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What's up, I made this same post at Socalevo.net, I hope you guys can help me too.
Well, I don't post often and haven't met many of you yet. I think the majority of you don't know how I came into ownership of my 06 IX MR.
My father bought this car at the end of 05 if I remember correctly, but at the same time he was falling back into drug addiction. Some bad **** went down, he lost his job, split up with my mother, and he smashed up the front end of the evo on the freeway. Fast-forward several months to when the car is repaired, and he makes me an offer. He offers to just hand the car over to me, if I can take over the payments. Just like that. I figure, whatever, when he gets a job some year or two later I can give it back to him or maybe he can help me completely pay it off. On the plus side I absolutely love the car, and no bank would ever approve a loan on a brand new Evo on my admittedly meager military salary.
Well, it's been almost a year since I've taken the car. The car has been on the same loan for at least two years now (I'll have to check on the exact date of purchase, I have the papers at home). My dad let me know last night that he plans to leave the US, for good. He doesn't feel like he has a future here anymore, and is leaving (in like, a week). I asked him during that conversation what he wants to happen with his car, and he says, "I sold my car." No, dad, the Evo. "That's your car, you do whatever you want with it."
What I'm wondering is, what is my best bet for getting back some value of what has been paid into the car already?
- I want to absolutely avoid at all costs getting the car repo'd. I don't think this will happen because I don't believe he's in debt with Bank of America, who the car is financed through.
- Ideally I want to sell the evo to a dealership or something, minus the 7k miles on the car/wear from regular use, etc.
- I also assume the value is lowered slightly by it having been in an accident. It's in 100% repaired condition right now, though.
- Tcase was recently replaced and has about 1.5k miles on it.
- I want to sell the evo because 1) I wouldn't be able to get refinanced in my own name 2) I want to personally own a less expensive vehicle if I have almost 30k left to pay on this one
Any and all thoughts welcome, thanks for your help guys.
John
Well, I don't post often and haven't met many of you yet. I think the majority of you don't know how I came into ownership of my 06 IX MR.
My father bought this car at the end of 05 if I remember correctly, but at the same time he was falling back into drug addiction. Some bad **** went down, he lost his job, split up with my mother, and he smashed up the front end of the evo on the freeway. Fast-forward several months to when the car is repaired, and he makes me an offer. He offers to just hand the car over to me, if I can take over the payments. Just like that. I figure, whatever, when he gets a job some year or two later I can give it back to him or maybe he can help me completely pay it off. On the plus side I absolutely love the car, and no bank would ever approve a loan on a brand new Evo on my admittedly meager military salary.
Well, it's been almost a year since I've taken the car. The car has been on the same loan for at least two years now (I'll have to check on the exact date of purchase, I have the papers at home). My dad let me know last night that he plans to leave the US, for good. He doesn't feel like he has a future here anymore, and is leaving (in like, a week). I asked him during that conversation what he wants to happen with his car, and he says, "I sold my car." No, dad, the Evo. "That's your car, you do whatever you want with it."
What I'm wondering is, what is my best bet for getting back some value of what has been paid into the car already?
- I want to absolutely avoid at all costs getting the car repo'd. I don't think this will happen because I don't believe he's in debt with Bank of America, who the car is financed through.
- Ideally I want to sell the evo to a dealership or something, minus the 7k miles on the car/wear from regular use, etc.
- I also assume the value is lowered slightly by it having been in an accident. It's in 100% repaired condition right now, though.
- Tcase was recently replaced and has about 1.5k miles on it.
- I want to sell the evo because 1) I wouldn't be able to get refinanced in my own name 2) I want to personally own a less expensive vehicle if I have almost 30k left to pay on this one
Any and all thoughts welcome, thanks for your help guys.
John
Oct 3, 2007, 02:51 AM
#48
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Join Date: Mar 2007
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Screwing the bank or your dad is probably not a good idea unless you don't believe in karma and don't care about ethics.
As for keeping the car, isn't it under your dad's name? It should be registered to Bank of America (the bank that gave a loan for the car) and the buyer (your dad) should be the ones should have the rights to the title of the car (depending on the state you live, some may only give to the bank, etc) It won't really matter if you plan on keeping the car forever but if you do decide that you want to sell the car or trade in, it might cause some problems unless your dad shows up in person (as in come back to the states, even temporarily)
You can also sell the car for him, but him being not around might pose problem again. The potential buyer will issue a check, payable to BoAmerica for the amount you are selling for, then if there is anything left, it will be sent as a check under your dad's name. So unless your dad will somehow help cash that out for you or you have shared bank account with him, it'll be quite difficult for you to get the balance. If the amount is less than what your dad owes to the bank, then either you or he would have to settle the balance.
As for parting the car out and selling it, legally you can get into trouble. Until the debt is paid off, the EVO is considered as the bank's asset. I am no legal expert so if the bank and your dad co-owns it, and your dad gave permission for you to drive and 'own', and you have ill intent, I'm not sure if it would be considered theft. But I am almost certain you will be struck with some sort of charge, whether it be vandalism, embezzlement or grand theft auto. Making VIN plates illegible would worsen the case. But this is only if you get caught, and it is entirely up to you.
As for keeping the car, isn't it under your dad's name? It should be registered to Bank of America (the bank that gave a loan for the car) and the buyer (your dad) should be the ones should have the rights to the title of the car (depending on the state you live, some may only give to the bank, etc) It won't really matter if you plan on keeping the car forever but if you do decide that you want to sell the car or trade in, it might cause some problems unless your dad shows up in person (as in come back to the states, even temporarily)
You can also sell the car for him, but him being not around might pose problem again. The potential buyer will issue a check, payable to BoAmerica for the amount you are selling for, then if there is anything left, it will be sent as a check under your dad's name. So unless your dad will somehow help cash that out for you or you have shared bank account with him, it'll be quite difficult for you to get the balance. If the amount is less than what your dad owes to the bank, then either you or he would have to settle the balance.
As for parting the car out and selling it, legally you can get into trouble. Until the debt is paid off, the EVO is considered as the bank's asset. I am no legal expert so if the bank and your dad co-owns it, and your dad gave permission for you to drive and 'own', and you have ill intent, I'm not sure if it would be considered theft. But I am almost certain you will be struck with some sort of charge, whether it be vandalism, embezzlement or grand theft auto. Making VIN plates illegible would worsen the case. But this is only if you get caught, and it is entirely up to you.
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