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/biz/ - Business & Finance

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6080944 No.6080944 [Reply] [Original]

Alright guys, I need a little advice...

I recently lost my job and I have a 31k auto loan on a car that's worth around 24k. I know I'm a dumb ass for getting such an expensive loan, my question is how is the best was to get out of it?

I purchased all the extra packages like GAP and the care packages and it has full insurance. The one idea I have is getting into a really bad wreck some how especially since the roads are icy and I can easily use this as a reason. If I remember right my GAP and insurance would cover the damage right?

What do you guys think?

>> No.6081032
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6081032

yes

>> No.6081262

Enjoy prison for insurance fraud. Also you're risking 100k+ medical bills if you fuck up badly enough. It's better to let the car get repo'd and take a hit to credit than do this. Or just sell the car and negotiate a payment plan for the balance like a normal human being.

>> No.6081319
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6081319

Let the fuckers repo it. Having wrecked credit will keep you from making completely retarded financial decisions in the future.

>> No.6081351

>>6080944
Sell the car for crypto. Its an appreciating asset. Spend whats left on kneepads.

>> No.6081605

>>6080944
You can cancel the service agreement and you will get a decent amount off of the principal balance depending on how long ago you bought the vehicle, but your monthly payments won't change unless you refinance. The gap insurance is only going to protect you from the difference between the current KBB value of the car and the remaining amount you owe for the VEHICLE in the event of a total loss. Best bet is to cancel the service contract, then leave it parked in a sketchy neighborhood with the keys in the ignition and doors unlocked. Report it stolen and hope it gets parted out.