msmith1199 wrote: Okay, I looked it up. California law allows for a lender to collect a deficiency balance on vehicle loans. It's covered under California Civil Code section 2983.3. But on the good side if they sell it for more than what is owed, including their expenses, then they have to give that money to the borrower within 45 days.
Doug4.7 wrote: The problem with "your word is your bond" type argument is the bank would simply laugh at you if you asked them to do the same. They are in it for the money, nothing else. If it were more profitable for them to take it from you, they would without a moment's hesitation. Their response if you were to ask why would be, "It isn't personal, it's just business". So I see no reason for you to take some higher ground with a bank or other such company. They sure as heck would not return the favor. In fact, they would try to get YOU to be "bound by your honor" so that they would profit more.
Now if it were a person-to-person deal, my view would change.
On the other hand, those who mentioned that the bank would take the RV, sell it, and then sue you for the difference have a VERY good point. It would make good business sense to sue you for the balance (again, it isn't personal, it's just business). They could also ruin your credit rating (again, just business). So you might not want to just walk away without looking at the WHOLE picture. Is the elimination of the payments worth the possible suit and credit rating degrading? If so, I say walk away. If not, I say keep making the payments.
Again, when dealing with a soulless corporation, there is no point in being "honorable" as the company will not hesitate to use that honor against you to extract more profit.
I would bet that every one of us reading this post grew up hearing "2 wrongs don't make a right". There were no asterisks or caveats attached to that. No point in being honorable? Maybe not for the corporations but there is for me when I try to teach my kids and grandkids the right thing. I certainly can't tell them it's not OK to steal from your friends but it's OK to steal from big business. That's the attitude that made it necessary for Uncle Sam to get involved with closing access to websites that dealt in pirated music, videos, software. Way too many people thought it was OK to steal digital content since the original companies were making too much money anyway and their products were overpriced.
Joe and Dakota, the wacko cat
2006 Dodge 3500 QC CTD SRW Jacobs Exhaust brake
2006 Heartland Bighorn 3600RL, MorRyde suspension, TrailAir pinbox http://happykayakers.com/blogger/
HappyKayakers wrote: I would bet that every one of us reading this post grew up hearing "2 wrongs don't make a right". There were no asterisks or caveats attached to that. No point in being honorable? Maybe not for the corporations but there is for me when I try to teach my kids and grandkids the right thing. I certainly can't tell them it's not OK to steal from your friends but it's OK to steal from big business. That's the attitude that made it necessary for Uncle Sam to get involved with closing access to websites that dealt in pirated music, videos, software. Way too many people thought it was OK to steal digital content since the original companies were making too much money anyway and their products were overpriced.
It's not a matter of being "wrong" or "honor", or of "stealing". It's a matter of "business". When you use the contact law to your advantage, you are NOT stealing. You are simply following "best business practices", just like the bank would. Again, the bank would not hesitate to take the item from you if they could get away with it. The bank will also not hesitate to use your "honor" against you to make more money. If you tried the reverse situation, they would say it's "not in the contract", or "we are only doing what's best for our shareholders", and of course, "it's just business". By walking away from the loan, you are following the rules of the contract you signed. You are not changing your name, moving to another city, etc. You are simply following the contract you signed, just like the bank would.
I see "honor" as between two honest people, not between a person and a soulless corporation that would turn the tables on you in a heartbeat (if they actually had a heart). I am also NOT talking about stealing. You are not stopping payment on the loan and then trying to keep the RV (like some are doing with their homes). THAT would be stealing. Simply handing it back and facing the consequences of that decision (i.e., suit and/or credit rating hit) is not stealing. Now the bank would try to convince you that it is because that would help their bottom line and maybe get you to give them more money/profit. Look at how hard it's been for folks to get their home loans restructured. It would be "the right thing to do" for the banks to work with folks so they could stay in their house (and still make payments), but the banks will have nothing to do with it because "it is not in the contract".
When we refinanced our home to get a lower rate and to get away from Chase, we went with a local bank. They assured us they did not sell loans. Within HOURS of signing the paperwork, our loan was sold to (you guessed it) Chase. When I asked them about it, they told me it was not personal, it was a "business decision".
Again, if I am dealing with a person, I am as honorable as possible. When dealing with corporations, I see no reason to give them that much of an advantage to take advantage of my "honor". If I did, they would be laughing all the way to the bank.
It's not stealing, it's just business.
* This post was
edited 03/07/12 08:01am by Doug4.7 *
CatandJim wrote: You know, after reading some of the responses to this inquiry I am perplexed. When a person comes here with such a question it's pretty clear they are feeling badly about having to make such a decision. Why in the world would there be such name calling? Really? Is it just a mob mentality?
In these economic times some people are hurting (whether they readily admit it or not) and they don't need to come to a message board looking for advice only to be called "troll", "unethical", "stupid" & "disgusting". Would you talk to a person face to face this way?
This person (the original poster) hasn't been around in a while and probably won't stick around after this. From what I can tell this seems to be a real question and likely a hard decision for them... how would you feel if you were in the same situation and people responded this way to you?
Just wondering if you had finacial problems would you ask advice on a public forum or would you ask advice to just get this thread going which if we look at it now it sure has...
Benny and Lori
Sara, Matthew, Ashley and Christopher
Niko the camping dog!
2006 SALEM 312BHBS
2006 Dodge Ram 2500 Quad Cab
Just wondering if you had finacial (sic) problems would you ask advice on a public forum or would you ask advice to just get this thread going which if we look at it now it sure has...
I would not, in either of your scenarios, but then again I am more of a private person. Obviously there are people on forums who are not as private about their situation, financial or otherwise.
Name calling, in my opinion isn't right, even when we don't agree with one another.... Again, to state the obvious, there are some people who just don't think that way.
Cat (Jim just reads the forum once in a while)
Our toys:
2003 Damon Ultrasport 3873
(picture on profile)
Boat = ProCraft Fish & Ski
Working our way toward retirement...wishing it was soon.
True Honor and Integrity never takes a vacation...not even in business. It is a character trait not something you turn on and off at will. It is who you are (even with your back against the wall) and it affects every action and decision you make.
Sell the RV and pay what you owe to the bank. That is the only honorable BUSINESS decision there is.
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