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[Stolen Car] and No Insurance

245

Posts

  • MushroomStickMushroomStick Registered User regular
    saltiness wrote: »
    Man, I hope this can be a lesson for everybody about car buying. The total price of your car should be no more than 1/4 to 1/3 of your annual income. I can't help but facepalm every time I see some kid who just got his first $40k/yr job going out and buying a $30,000 Mustang or something stupid like that. There are always plenty of $3k cars out there.

    You've got the right idea with this theory, your numbers are a little ridiculous though. I shouldn't need to make a hundred grand a year to buy a new civic. Its more about starting out with an adequate down payment (enough to keep your apr and monthly payments down to something manageable to you), and not buying anything that's insanely expensive to insure. I could probably insure myself on a new Ferrari for less than what the OP was quoted on that Corolla.

  • SentrySentry Registered User regular
    Also, this may be a stupid question, but you're sure your car wasn't just towed, right?

    [SIGPIC][/SIGPIC]
    wrote:
    When I was a little kid, I always pretended I was the hero,' Skip said.
    'Fuck yeah, me too. What little kid ever pretended to be part of the lynch-mob?'
  • saltinesssaltiness Registered User regular
    My numbers are conservative but I don't think they're ridiculous. I should clarify that I mean the amount you're financing should be no more than 1/4 to 1/3 of your annual income before taxes. So if you put down $5k on a $25k car and you make $60k/yr you're in good shape. I think that's safe, especially in the current economic climate.

    XBL: heavenkils
  • HamurabiHamurabi Cambridge, MARegistered User regular
    Sentry wrote: »
    Also, this may be a stupid question, but you're sure your car wasn't just towed, right?

    They checked the impound lots when I contacted the police, and it wasn't there. There was no reason my car would be towed based on where I was parked. The cops also made sure I didn't get it repo'd, but I'm current on the payments.

  • HamurabiHamurabi Cambridge, MARegistered User regular
    In any event, I'll be out of the country for most of the rest of the year, so having to borrow my dad's car won't be as bad as it could've been. I guess from here I just keep making the payments and wait until next year's tax refund and use that plus whatever else I've saved up to buy some 100k+ mile clunker for a couple grand. That car won't be in my dad's name, so I'll get insurance based strictly on my own (relatively clean) record, plus I'll be 24 (was 22 when I bought the Corolla, which probably jacked up my insurance cost) and it'll be a piece of crap versus a brand-new car. All those things should make insuring it much cheaper.

    Ah, life lessons.

  • MyDcmbrMyDcmbr Registered User regular
    Hmmm...

    Normally if you cancel or let your insurance policy lapse, your insurer will contact the lien holder and notify them of the lapse in coverage. Did you ever get a letter from your lien holder about it?

    Also yeah, insurance in Florida is mandatory and you have to have an active policy when you register the car every year, though that doesn't stop an estimated 1/4 of the drivers in FL from driving without insurance.

    Anyway, good luck with the bank and hopefully they recover your car (but given your location and the car, I highly doubt it).

    Steam
    So we get stiff once in a while. So we have a little fun. What’s wrong with that? This is a free country, isn’t it? I can take my panda any place I want to. And if I wanna buy it a drink, that’s my business.
  • saltinesssaltiness Registered User regular
    Just to give you some hope, Hamurabi, I had my Honda stolen a couple of years ago. Found it missing on a Wednesday and it was recovered completely intact with no damage the following Sunday, missing only the change from the ashtray. Unfortunately I still had to pay $300 in towing fees because of that whole racket and I had to spend 4 hours at city hall getting the parking tickets it had acquired while out of my possession cleared but I had my car back in the end. Sometimes the scum just doesn't want to walk home.

    XBL: heavenkils
  • DeShadowCDeShadowC Registered User regular
    MyDcmbr wrote: »
    Hmmm...

    Normally if you cancel or let your insurance policy lapse, your insurer will contact the lien holder and notify them of the lapse in coverage. Did you ever get a letter from your lien holder about it?

    Or has your rate ever increased randomly? They'll tack insurance on, and backdate it, when they find out you don't have insurance.

  • MushroomStickMushroomStick Registered User regular
    saltiness wrote: »
    My numbers are conservative but I don't think they're ridiculous. I should clarify that I mean the amount you're financing should be no more than 1/4 to 1/3 of your annual income before taxes. So if you put down $5k on a $25k car and you make $60k/yr you're in good shape. I think that's safe, especially in the current economic climate.

    This is probably a regional thing, but in a lot of (I'd even go so far as to say most) areas, $60k/yr is considered to be a fairly high income. If I'm doing the right google searches, the average annual income in the United States is a little less than $30k/yr as of a few months ago. Now consider that in a lot of the US the used car market is abysmal right now, and you can see that most people simply don't have the luxury of using your formula to that extent.

  • HamurabiHamurabi Cambridge, MARegistered User regular
    DeShadowC wrote: »
    MyDcmbr wrote: »
    Hmmm...

    Normally if you cancel or let your insurance policy lapse, your insurer will contact the lien holder and notify them of the lapse in coverage. Did you ever get a letter from your lien holder about it?

    Or has your rate ever increased randomly? They'll tack insurance on, and backdate it, when they find out you don't have insurance.

    Nope. $310/mo since Day One, and it's never changed. Got a letter telling me my coverage was in danger of lapsing, then that it lapsed, then that they'd taken the initiative and told my county that I was driving without insurance, and to suspend my license.

  • AresProphetAresProphet stop trying to keep your composure I'm only having a laughRegistered User regular
    Hamurabi wrote: »
    DeShadowC wrote: »
    MyDcmbr wrote: »
    Hmmm...

    Normally if you cancel or let your insurance policy lapse, your insurer will contact the lien holder and notify them of the lapse in coverage. Did you ever get a letter from your lien holder about it?

    Or has your rate ever increased randomly? They'll tack insurance on, and backdate it, when they find out you don't have insurance.

    Nope. $310/mo since Day One, and it's never changed. Got a letter telling me my coverage was in danger of lapsing, then that it lapsed, then that they'd taken the initiative and told my county that I was driving without insurance, and to suspend my license.

    The silver lining here is that you had your car stolen before you got pulled over without valid insurance, had your license revoked, had to figure out how to get to work sans transportation, had to pay hundreds of dollars in reinstatement fees after proving that you had in fact purchased insurance, at the 25-50% premium increase you would then be on the hook for for the next 5+ years. The theft may have saved you money, in the long run.

    I have recently witnessed this exact scenario play out with a coworker. It may not feel like it but you dodged a bullet.

    the latest attempt at closure
    failed after twenty-five drafts
    but I can still retain this, I can still collect
  • bowenbowen Registered User regular
    Hamurabi wrote: »
    As it happens, I don't have health insurance either. >_>

    They were charging me $120/mo. That made sense when I worked 5 days a week and every paycheck was ~$500-600; not so much when every bi-weekly check is ~$250 before the health insurance premium.
    Hamurabi wrote: »
    Shadowfire wrote: »
    Did you shop around for insurance at all?

    I did. The range was basically $300-350, but my dad really liked Mercury for whatever reason. He made the initial lump-sum payment, so I didn't argue.

    Based on this it makes sense now. I'm guessing you're a guy under 25. That would explain why you were getting shafted.

    By the way, get health insurance.

  • HamurabiHamurabi Cambridge, MARegistered User regular
    It's on the to-do list once I stop being poor. :P

    As it happens, I'll be covered for most of the rest of the year as a happy accident -- the summer study abroad and fall semester exchange program I'll be going to force me to buy health insurance as part of the fees for those programs.

  • bowenbowen Registered User regular
    You're never too poor to not have health insurance. If you're too poor, chances are you qualify for medicaid. If not, then, to be honest, you're being cheap.

    Mayhaps paying $310 a month for a car isn't a good idea though if you're poor. And if you're under 25 car insurance is expensive, but healthcare is not, but you should still have both. And you probably qualify for your parent's healthcare too. And if you're in school it's probably required. Last thing you want is to be stuck because some asshole smashed your car and whoops you're in the ER with a $80,000 bill from the hospital.

    So, in short, uh, you should spend some time reading contracts you sign in the future.

  • HamurabiHamurabi Cambridge, MARegistered User regular
    Well I wasn't this poor when I signed for the car. Back then I was working five days a week and going to school two. $310/mo in car payments out of ~$1200/mo isn't that bad. When I got to university, though, all the classes I needed were MWF; they were also decidedly harder than the 100 and 200 level courses I was taking at community college, and so for the first time in years I actually needed time to do that "homework" thing. I also probably have ADD, which makes my time management shit to begin with. For those and other reasons, I cut back my hours substantially and since about November have been working just weekends. Working fewer hours = less pay = dramatically reduced ability to deal with expenses that I would previously have shrugged off.

    Of course, as a Rational Agent™, I should have realized these things in February of 2010 when I signed for my car, but those were heady days, full of youthful exuberance and almost callous disregard for where I might be in six years' time. :P

    My parents also are pretty poor, and so none of us have health insurance. I know they had Medicaid for awhile, but they stopped qualifying for it a couple years ago; I don't know what's stopping us from getting it now. I'll ask them sometime. I might qualify for Medicaid individually, too.

  • bowenbowen Registered User regular
    Yeah, the last thing I want you to do is make excuses or justify it. Just remember you gambled with your car and it bit you in the ass.

    If you gamble with your health or life... it could quite literally maim you forever.

  • TriiipledotTriiipledot Registered User regular
    How did you drive this thing off the lot with no insurance or did you just cancel it when you took it? I never mess with insurance things, i work for the Dept. of Transportation doing Transportation Management and see accidents and shit every day, its not worth the risk.

    I hope you do recover your vehicle and everything is ok, good luck.

    || 3DS FC: 0130-2747-6369 ||
  • HamurabiHamurabi Cambridge, MARegistered User regular
    The dealer forced me to have insurance before I could take the car off the lot -- in fact, I blew $167 on 30-day provisional coverage because my dad and I didn't realize we could just put the new car on my mom's existing policy.

  • HamurabiHamurabi Cambridge, MARegistered User regular
    I know.

    I rationalized it as, "Well, I'm the World's Best Driver, so that probably wouldn't ever happen."

  • bowenbowen Registered User regular
    Also something to keep in mind your insurance helps cover you in case you rear end someone's BMW too.

  • SentrySentry Registered User regular
    It's weird that people don't understand how driving works. You can be the greatest driver ever and not be able to anticipate what the guy in front of you, or behind you, is going to do. You can do everything 100% correct and still get into an accident that is technically your fault.

    And I think the real lesson here is buying a car while going to college is just not a good idea. At least buying anything other then something to move you from point A to point B. But even then bikes, public transport, even scooters are typically a better, cheaper, and sometimes more reliable means of transport.

    And actually OP, you may want to consider a scooter. You can get one for less then 1000 bucks, insurance is peanuts, gas mileage is great, and it will get you where you need to go. Just a thought.

    [SIGPIC][/SIGPIC]
    wrote:
    When I was a little kid, I always pretended I was the hero,' Skip said.
    'Fuck yeah, me too. What little kid ever pretended to be part of the lynch-mob?'
  • R0land1188R0land1188 Registered User regular
    Also full coverage is your best friend. I drive a lot of miles at odd hours and knew an accident was inevitable, when it did happen it was a lot less stressful knowing that my rental & repairs were covered and I just had to make a few phone calls. $500 out of pocket for $7500 worth of coverage is totally worth it.

    steam_sig.png
  • Jam WarriorJam Warrior Registered User regular
    edited April 2012
    How you can not take this as a lesson to get health insurance now is beyond me.

    Recognise the patterns.

    Jam Warrior on
    TingleSigBar.gif
    WiiU: JamWarrior
  • HamurabiHamurabi Cambridge, MARegistered User regular
    A scooter or motorcycle isn't really feasible because of the unpredictable and often adverse Miami weather, because I normally take the freeway to school and work, and because I just prefer the relative safety and amenities of a car.

  • NibCromNibCrom Registered User regular
    Hamurabi wrote: »
    As it happens, I don't have health insurance either. >_>

    Please tell me that you have learned your lesson and that you are now going to buy health insurance in addition to car insurance, assuming you ever purchase a car again.

    signature-sir.png
  • HamurabiHamurabi Cambridge, MARegistered User regular
    I'm filling out the application for Florida Medicaid right meow!

  • admanbadmanb the bored genie Seattle, WARegistered User regular
    Hamurabi wrote: »
    I'm filling out the application for Florida Medicaid right meow!

    :^:

    twitter, github, resume/portfolio, if you like to play or host boardgames online, check out handtracker
  • bowenbowen Registered User regular
    Good job man, kudos all around there.

  • HamurabiHamurabi Cambridge, MARegistered User regular
    ITT: Life coaching! :P

  • MadpoetMadpoet Registered User regular
    Hamurabi wrote: »
    A scooter or motorcycle isn't really feasible because of the unpredictable and often adverse Miami weather, because I normally take the freeway to school and work, and because I just prefer the relative safety and amenities of a car.

    Miami weather? I ride my motorcycle year round in Portland Oregon. Just carry a rain suit. But yeah, not something to do if you're not comfortable with it.
    On the other hand... Honda Rebel: $1500. Rain suit: $150. Year of insurance: $75.

  • HamurabiHamurabi Cambridge, MARegistered User regular
    Even with something like a rain suit, I carry around enough shit with me that I don't like the idea of having to strap it all to my back or onto a bike. Plus I like the option of being able to carry even more shit, including people. I also like listening to the radio while I drive, which I could technically do with headphones (or even apparently with motorcycle radios, which apparently are A Thing now), but which doesn't sound altogether safe.

  • bowenbowen Registered User regular
    Being miserable while riding your scooter in the rain after a 9 hour day,: priceless.

  • MadpoetMadpoet Registered User regular
    Sure, sure - just giving you the numbers, since it sounds like the situation might not allow you to go with what you'd like. I'd take a reliable MC over a sketchy car any day.

  • HamurabiHamurabi Cambridge, MARegistered User regular
    From here, I probably wind up scraping together whatever cash I can and buying some tiny little A-to-B-mobile outright. That won't be until next year, though, once I'm firmly back in the country and have my tax refund.

  • TriiipledotTriiipledot Registered User regular
    OP you also live in Miami? I lived there and other parts of fl for a few yrs how did you not have insurance with all bthose horrible drivers?

    || 3DS FC: 0130-2747-6369 ||
  • tinwhiskerstinwhiskers Registered User regular
    edited April 2012
    Hamurabi wrote: »
    It's on the to-do list once I stop being poor. :P

    As it happens, I'll be covered for most of the rest of the year as a happy accident -- the summer study abroad and fall semester exchange program I'll be going to force me to buy health insurance as part of the fees for those programs.


    May I suggest some http://www.amazon.com/s/ref=nb_ss?url=search-alias=aps&field-keywords=boot+straps&x=0&y=0

    tinwhiskers on
  • HamurabiHamurabi Cambridge, MARegistered User regular
    edited April 2012
    So people have been suggesting I sign the car over to my brother and stop making payments. His credit gets ruined, but he doesn't care.

    Is this a realistic alternative to continuing to pay the $10k I still owe on a car I don't have? Like, I get the ethical duty I have to meet my commitments, regardless of circumstances... but $10k is a lot of penance for a stupid mistake. >_>

    EDIT: Actually, 37 remaining payments @ $310.15 = $11,475 I still owe.

    Hamurabi on
  • DeebaserDeebaser Lead Frog Rammer Fake Board GamerRegistered User regular
    edited April 2012
    Hamurabi wrote: »
    So people have been suggesting I sign the car over to my brother and stop making payments. His credit gets ruined, but he doesn't care.

    Is this a realistic alternative to continuing to pay the $10k I still owe on a car I don't have? Like, I get the ethical duty I have to meet my commitments, regardless of circumstances... but $10k is a lot of penance for a stupid mistake. >_>

    EDIT: Actually, 37 remaining payments @ $310.15 = $11,475 I still owe.

    You generally can't sell the car until you pay off the bank note.
    Sorry.

    Also, for five figures, the bank will come after you.

    Deebaser on
  • SixSix Registered User regular
    edited April 2012
    Your brother would have to be approved by your bank. Why would the bank agree to this?

    Six on
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  • admanbadmanb the bored genie Seattle, WARegistered User regular
    Hamurabi wrote: »
    So people have been suggesting I sign the car over to my brother and stop making payments. His credit gets ruined, but he doesn't care.

    Is this a realistic alternative to continuing to pay the $10k I still owe on a car I don't have? Like, I get the ethical duty I have to meet my commitments, regardless of circumstances... but $10k is a lot of penance for a stupid mistake. >_>

    EDIT: Actually, 37 remaining payments @ $310.15 = $11,475 I still owe.

    I'm not sure if anyone you know really understands how money works...

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