Co signer left holding the bag after car wreck !! Need advice please!! - Page 2 - Mercedes-Benz Forum

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post #11 of 62 (permalink) Old 03-25-2009, 12:40 PM
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^ I for one think the way insurance is written needs to completely change, and from a regulatory standpoint.

Month-to-month insurance should be illegal. OR, your driver's license should need to be renewed in a coterminous manner with your insurance. You shouldn't be able to cancel without state approval, and only when you can show your replacement coverage or disposal of the vehicle (sale or other documentation indicating it's no longer on the road).

When you finance a car, full coverage insurance should be financed with it if it cannot be paid for up-front, for the full term of the financing. It should not be refundable if you pay off the car early - only if you sell it or it gets totaled.

This uninsured motorist / under insured motorist stuff is total crap. It's perhaps the biggest impact the everyman experiences as a result of illegal immigration as well.
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post #12 of 62 (permalink) Old 03-25-2009, 12:45 PM
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^ I for one think the way insurance is written needs to completely change, and from a regulatory standpoint.

Month-to-month insurance should be illegal. OR, your driver's license should need to be renewed in a coterminous manner with your insurance. You shouldn't be able to cancel without state approval, and only when you can show your replacement coverage or disposal of the vehicle (sale or other documentation indicating it's no longer on the road).

When you finance a car, full coverage insurance should be financed with it if it cannot be paid for up-front, for the full term of the financing. It should not be refundable if you pay off the car early - only if you sell it or it gets totaled.

This uninsured motorist / under insured motorist stuff is total crap. It's perhaps the biggest impact the everyman experiences as a result of illegal immigration as well.

California agrees with you. Here you it is illegal to operate a car with out insurance. DMV now regulates insurance along with registration. Here in California if you are financing a car and don't have insurance you WILL loose your license. I am happy they made this law. The only loop whole is it takes about 30 to 60 days for them to find out you canceled it, but a copy of the insurance binder is sent to the DMV along with a copy to the lien holder. Forced place insurance only covers the car and not the driver, property damage or medical cost which makes it illegal to have and still operate the vehicle. The thing about forced place insurance is that it is added to the fixed balance of the car loan bringing the APR up to astronomical amounts. You not only have to get legal insurance but you must pay the finance company for the forced place insurance in full or not that principle will reflect as a bad payment every month no matter if you pay twice your loan amount on a monthly bases. Month to month insurance is actually good, because rates change rapidly and you may want to shop around every 3 months. The insurance contract is for 10 to 12 months and you can chancel any time but you may have penalties for early cancellation.






3. Paul Hamm, Gymnast: I owe a lot to my parents, especially my mother and father.

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post #13 of 62 (permalink) Old 03-25-2009, 12:46 PM
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Absolutely. Lets create more government! I once got a bad burger that made me sick. We need regulation for that too. What a society of fucking whiners. Gov't has such a great track record. Give them all the power, all the time, no questions asked. Absofuckinglutely.
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post #14 of 62 (permalink) Old 03-25-2009, 12:55 PM
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Originally Posted by QBNCGAR View Post
I suppose the punk bastard is over 18? If so, bankruptcy sounds worse than it is. I know people who have used it as a tactical maneuver to escape some bad decisions that have left them hosed. It's almost easier to get credit after bankruptcy than before, if you're cool with your house and car as they are for a while.
Um, that is irrelevant.

The focus here is the mom, who in Psychological terms is an "enabler" and co-signed. Whether the other obligors file bankruptcy is IRRELEVANT, they will go after whoever is also liable and has assets they can pursue, which is mom.

Cascade, she really only has a couple of alternatives. I think she would be smarter to grab a second on her house (since the interest will be deductible and lower than other alternatives) and then pay off the creditor. Otherwise penalties and interest will continue to accrue and she will ultimately be sued, and guess what? Then she will also have to pay their attorneys' fees and court costs.

As far as helping the daughter further, that's a personal issue; personally I'd tell her to grow up, find a job and buy your own car.

Mom was really lucky this bimbo didn't hit someone else, otherwise she'd be losing her house to a medical bill/damage judgment. Expensive lesson, but at least she isn't homeless.

If she really loves her daughter, she'll close the door on this revolving credit line so the girl can mature a bit.
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post #15 of 62 (permalink) Old 03-25-2009, 12:55 PM
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Absolutely. Lets create more government! I once got a bad burger that made me sick. We need regulation for that too. What a society of fucking whiners. Gov't has such a great track record. Give them all the power, all the time, no questions asked. Absofuckinglutely.
In this case its a good thing to have DMV regulate insurance. I deal with these case files every single day and I must say if an illegal is kills some one in an auto accident and they don't have insurance the person that does is screwed and the family is left to bear the lost of some one, plus the financial burden. At least this law will eliminate about 10% or more of illegally operating a vehicle. This greatly reduces the amount of fatal accidents. Yet, people still drive with suspended licenses. I for one think the cost is way to high to operate a vehicle, but when you see these case files, it breaks your heart, and the images are gruesome.






3. Paul Hamm, Gymnast: I owe a lot to my parents, especially my mother and father.
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post #16 of 62 (permalink) Old 03-25-2009, 12:56 PM
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Um, that is irrelevant.

The focus here is the mom, who in Psychological terms is an "enabler" and co-signed. Whether the other obligors file bankruptcy is IRRELEVANT, they will go after whoever is also liable and has assets they can pursue, which is mom.

Cascade, she really only has a couple of alternatives. I think she would be smarter to grab a second on her house (since the interest will be deductible and lower than other alternatives) and then pay off the creditor. Otherwise penalties and interest will continue to accrue and she will ultimately be sued, and guess what? Then she will also have to pay their attorneys' fees and court costs.

As far as helping the daughter further, that's a personal issue; personally I'd tell her to grow up, find a job and buy your own car.

Mom was really lucky this bimbo didn't hit someone else, otherwise she'd be losing her house to a medical bill/damage judgment. Expensive lesson, but at least she isn't homeless.

If she really loves her daughter, she'll close the door on this revolving credit line so the girl can mature a bit.

Agreed






3. Paul Hamm, Gymnast: I owe a lot to my parents, especially my mother and father.
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post #17 of 62 (permalink) Old 03-25-2009, 02:20 PM
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heh, heh.......quite an amusing read! heh, heh.......the script makes way for a blockbuster comedy! Spoken to anyone in Hollywood yet? heh, heh.......if not, I have a few contacts in Bollywood! heh, heh.......
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post #18 of 62 (permalink) Old 03-25-2009, 02:29 PM
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This is what Bankruptcy protection is for.

I don't wish to be preachy, but mom knew that this was a potential problem (i.e. Daughter doing something that leaves her on the hook.)

Bankruptcy protection is what you want in this case, with these facts presented.

Anything else being said is just like the first part of my post...Preachy.

She needs help and there are legal ways to get it without getting too far over her head.

Who's John Galt.

"Timeo Danaos et dona ferentes" - Virgil, The Aeneid, Book 2

If the Arabs put down their weapons today, there would be no more violence. If the Jews put down their weapons today, there would be no more Israel. --Benjamin Netayahu
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post #19 of 62 (permalink) Old 03-25-2009, 02:38 PM
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This is what Bankruptcy protection is for.

I don't wish to be preachy, but mom knew that this was a potential problem (i.e. Daughter doing something that leaves her on the hook.)

Bankruptcy protection is what you want in this case, with these facts presented.

Anything else being said is just like the first part of my post...Preachy.

She needs help and there are legal ways to get it without getting too far over her head.
Actually, for the mom that is NOT going to help her. Our crap legislators rolled over for the credit lobby and amended the BK code several years ago, so it's now pretty draconian (I know whereof I speak, this is what I used to do for a living). Depending on her state she may have to give up her car (too much equity) and have limited protection for her house and other assets and/or become an indentured slave to a five-year Chapter 13 plan that will dictate her budget (but on the positive side, the court mandated budget won't allow her to throw away more money on her silly daughter...)
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post #20 of 62 (permalink) Old 03-25-2009, 02:44 PM
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Actually, for the mom that is NOT going to help her. Our crap legislators rolled over for the credit lobby and amended the BK code several years ago, so it's now pretty draconian (I know whereof I speak, this is what I used to do for a living). Depending on her state she may have to give up her car (too much equity) and have limited protection for her house and other assets and/or become an indentured slave to a five-year Chapter 13 plan that will dictate her budget (but on the positive side, the court mandated budget won't allow her to throw away more money on her silly daughter...)
I thought California had more populist tendencies when it came to stuff like this. Oh well.

IT'S BUSH'S FAULT

Who's John Galt.

"Timeo Danaos et dona ferentes" - Virgil, The Aeneid, Book 2

If the Arabs put down their weapons today, there would be no more violence. If the Jews put down their weapons today, there would be no more Israel. --Benjamin Netayahu
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