You should have received a refund of the unused portion of the VSI when you sold the vehicle. Did you get this or did the dealer? When you received the VSI notice, what did you do?
Secondly, you could have (and should) use USAA's garaged vehicle insurance service. For $60 per year you could have prevented them from tacking on the VSI. I am sure other carriers have this option, but I am familiar with USAA's. What is nice about their's is the ability to selectively drive the vehicle. Let's say you came back for a week, you could reinstate the driving portion pro-rated for just that week and then put it back on the garage policy.
As other's have said, you will pay for this new vehicle whether you drive it or not, have it in your possession or not., They will sue you and garnish your wages.
ALso, as other's have pointed out, you chose to ignore the contract provisions to provide insurance, you chose to roll negative equity that you created into two more vehicles. The credit system you criticize bailed you out of bad decisions.
@StartingOver10 wrote:
@Anonymous wrote:
Hello
I have a situation I am in dire need of help with. It all started with a vehicle i got in July 2012. It was a 20 10 300 c and it was for 24.5k. I never missed payments but went overseas for work and came back and they tacked on another 4165 for lack of insurance. So until 2014 Jan I drove the vehicle new debt was 28 something. I traded in the car for a brand new van (for work) at a dodge dealership but was under water 12k. Then I traded the van for a 200 for better gas etc. My payoff is now 30000 and the car is at best worth 17.5. I may be going overseas next October for a while and don't know what to do with this car loan. I don't care about my credit anymore and the car has 4154 miles only. This country's credit system is a big joke and I could care less about my score. I need help and advice on what to do regarding this POS loan though. Thanks to all...
the other posters hit the nail on the head. Where did you get this valuation from? Is that private party retail value or KBB or NADA? OR some other resource?
You can start making very large principal reduction payments or save up a large chunck and sell it privately. You have a year to get your ducks in a row before you leave to go out of the country. Sell things around the house to pick up extra funds. Or get a second job. Or find some source of secondary income to pay down that vehicle. You might not be as upside down as you think because you have such low miles.
