Obviously I'm going to be attacked for what I'm proposing, but since this is a legal help website, I need to know the legal ramifications.
I have a 2003 Acura RSX type S that I bought 08/2006, in North Carolina. The car has a NC title and registration. Right after that, I got out of the Marines and moved back to California, where I'm from.
Long story short, I wasn't making 35,000 a year anymore, I defaulted on the loan and owe probably 19,000 on a car that's worth 11-12,000 (13.25% interest adds up quickly).
They haven't repo'ed the car yet. I haven't received any communication from them in months, since I got the default letter. They're not persuing this very hard. The bank is USAA Federal Credit Union by the way.
My question is: What are the legal ramifications of stripping the car? The engine and transmission are worth $4000 by themselves, would go very nicely into an Integra that I have. Other parts could be sold, leaving a rolling chassis for the bank to come repossess.
Before anybody asks, my credit is already shot so I have nothing riding on this credit wise. I don't think my score can go much lower than 425-450 with it mattering.
I've searched for awhile now, and can't find a precedent for this. Thanks for any professional advice anybody has to offer.