Modifying a financed car can you do it?

[stepping razor]

Hey guys so um getting a ssv 2011 but I want to air bag it and throw on some custom deep dish rims and lumpy cam it.

Can I do it or not under finance..

What if I go ahead with it without consulting the insurance company or dealership will there be consequences?

 

[Ginger Beer]

Bad idea

Modified suspension = Insurance can refuse any payout

So you crash or hit a car = lose your car and fix the other car out of your pocket, their insurance company takes you to court, and still need to pay out the remainder of your loan

 

[gossie]

Lots of consequences.

 

[_R_J_K_]

Will depend on the kind of finance. If it's a personal loan for whatever you sort out insurance yourself, but you can end up in a lot of debt trouble if you don't insure it correctly and something happens, if it's a car loan they generally require you to have some kind of comp insurance who you should probably consult. IMHO I would not get finance and insurance through a dealership/yard/finance company, they're typically traps.

The common sense one is though, why don't you take that money you were going to spend on wheels and camming the thing and actually use it to pay it off faster instead? They aren't particularly cheap if you're not cutting corners.

 

[VS 5.0]

why don't you take that money you were going to spend on wheels and camming the thing and actually use it to pay it off faster instead?

This.

 

[Skylarking]

I‘d second @_R_J_K_’s comment and suggest it’s best to achieve full ownership by paying of the load ASAP as paying interest on a loan for a depreciating asset isn’t such a great idea,

Once you have full ownership, you can do mods as you desire, only tempered by what your insurance company will accept...

If insurance companies won’t insure your mods, you can always self insure if you have deep deep pockets , but obviously that’s not the case as you wouldn’t have had a loan to start with

 

[stepping razor]

Bad idea

Modified suspension = Insurance can refuse any payout

So you crash or hit a car = lose your car and fix the other car out of your pocket, their insurance company takes you to court, and still need to pay out the remainder of your loan

Sounds like a great idea then lol **** that! Thanks bro

 

[stepping razor]

Will depend on the kind of finance. If it's a personal loan for whatever you sort out insurance yourself, but you can end up in a lot of debt trouble if you don't insure it correctly and something happens, if it's a car loan they generally require you to have some kind of comp insurance who you should probably consult. IMHO I would not get finance and insurance through a dealership/yard/finance company, they're typically traps.

The common sense one is though, why don't you take that money you were going to spend on wheels and camming the thing and actually use it to pay it off faster instead? They aren't particularly cheap if you're not cutting corners.

Wise words bro will def take it on board.cheers

 

[vr304]

probably is better to pay the loan off but however perhaps you could compromise? still do some of the mods and put the rest of the money on the loan, but consult with your insurance company 1st and see what they say in regards to mods