accident with no insurance

[pokezy]

My 23 year old son had an accident, no other car involved. He had a lease with Toyota. He also had let his insurance expire. He had moved from my house to another state to work and did not pick up insurance there. Toyota picked up the car(about$7000. damage) So far nothing has happened. They want him to pay off the lease at $235.00 per month. He offered 175.00per month. Do they keep the car and him pay off the lease? If they fix and sell the car, does that come off the balance? I have never been involved with a lease or not having insurance. What usually happens in a case like this. He wants to pay for it, but does he get nothing for his money? PLEASE HELP A DAD OUT!
Pokezy

 

[peter]

You got it.he gets nothing for his money....

He not only has to pay for the full monthly lease $235.00 its a LEGAL CONTRACT..PERIOD! but also the repairs, then when the car is repaired and he pays the $7000, they could let him drive the car till the end of the lease.

Now if they DONT let him have the car back after paying the $7000 in repairs, then he could claim he doesnt have to pay the $235 a month, because Toyota refused to give him back the repaired car to drive.

Get out the checkbook dad, he will need it.

 

[peter]

Or he can file for bankruptcy he has no job, no assets, and no way of paying for it right?

 

[pokezy]

No, Dad is not going to pay for it. I would no co-sign because at the time he could not afford it. He has a good job making good money. I raised him to be responsible for his actions.

 

[pokezy]

They told him they had insurance that would fix the car. I thought the insurance company would come after him. Toyota says all they want is the amount owed on the lease. They want it paid off in three years and he has offered to pay it off in four.

 

[peter]

Of course their insurance will pay to fix their car, but then they will sue your son for the $7000 your son will be served with court papers...

And toyota has a right to demand he pay off hte lease as schedlued in 3 years, he cannot bargain with them ...

Like i said ya gotta pay his bills or have him file bankruptcy.

 

[pokezy]

I stopped paying his bills five years ago. If he would have listened to me he would not be in this mess in the first place. I have talked to him about filling, but he says no. He will learn the hard way. He had the car for a year before I knew he had leased it. I am on disability and he earns more than I get. One of these days he may learn to listen to his old dad.

 

[peter]

Guess he will have to move in with you , learn how to peddle a bicycle, and get 2 jobs for a couple of years..

Or maybe learn how to ride a BUS, or maybe go first class and get a little powered motor scooter...

 

[pokezy]

Give the Devile his due. He is not a lazy kid. He worked 3 part time jobs while he was in college and still made the deans list. He lives in another state. He doesn't seem to be worried about it. I was just curious about it myself. My wife has worked at a finnance company for 20 years. He knew what he was getting in to. I do feel sorry for him and have offered to help him get another car, but he says no. Just wish he would hurry and grow up a little.
David

 

[peter]

Youre a good dad....

But o offer to buy him another car, at this time is a bad idea, because if they get a judgement against him the can sieze the car, and if you are a co signer, or co-owner, or its on your insurance policy, you would be responsible for paying the judgement.

wait till after his bankruptcy is FINAL, then help him get him a car...

Thats the safest advice.

 

[peter]

OH to make matters even worse there is NO WAY to ever dischage student loans in bankruptcy...

The only way to get rid of student loans is to die broke, if you die with even a little money, the loans have to be paid first, even before the funeral.

 

[pokezy]

He has no student loans. And Toyota can not take anything from him but money out of his paycheck, if they get a judgement against him. Like I said my wife has worked at a finnance company for over twenty years.Courts can not touch a social security check. If he bought another car someone else would have the first lein on it. He has not been on my insurance for over 5 years.

[This message has been edited by pokezy (edited September 02, 2000).]