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My daughters car was repossessed in 2020. She told them where it was numerous times. They showed up to get it at her exes, where the car was never kept. They hadn't lived together for five years. He told them where it was, but they never came to get it. It's been at my house this whole time. She came and trailered it a couple of weeks ago and took it to her house. She's getting a lawyer to see what she needs to do. I had never heard of such a thing. I voluntarily turned one over and they went to get it that day. It's very weird.

https://i.rdrama.net/images/17307541527026205.webp

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Genius play by the lender:

In general, if your debt is canceled, forgiven, or discharged for less than the amount owed, the amount of the canceled debt is taxable. If taxable, you must report the canceled debt on your tax return for the year in which the cancellation occurred.

https://www.irs.gov/taxtopics/tc431

Dudes gonna get fricked by the IRS if true. Liable for pretty much everything he hasnt paid to the lender as income which you know hes not reporting to the IRS

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Unreal lol

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All it takes is the lender reporting it and why wouldn't they, its a loss you can likely write off if you're never getting paid and ff the cash ever coming

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You don't realize the income if you're insolvent at the time of the discharge, and you know he is.

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Sounds like a smart financial play to me

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Sam hyde?

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EDIT: I have removed the ethnicity of the perpetrator - even if that's just a factual observation - since it's all some comments are focusing on and isn't the point of the post.

Snapshots:

https://old.reddit.com/r/CRedit/comments/1ggw2w1/i_havent_paid_my_car_loan_in_7_years_i_still_have/:

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