Unfortunately, you're in a situation where the title holder is in control of your budget. It's like a mortgage on a home...the bank will almost NEVER allow a mortgagee go without carrying a full policy on the mortgage holder's collateral.

In anycase, here are some questions to ask:

1. How long are you planning on putting the car up for?
2. What's the monthly cost of ownership for your beater?
3. If you're going to drive the S2000 through the winter, what up costs are you going to have to front to make it Winter ready?
4. If you're going to drive the S2000 through the winter, are you going to sell the beater.
--If no, see #2
--If yes, how much will you sell it for....and when will you sell it (also see #2).


Your "Plan A":

Figure out what you can sell your beater for and when. Up until you sell your beater, you still have to maintain both cars (don't skimp on insurance on the beater...if someone takes it for a test drive while it's not insured can seriously wreck you financially).

Then figure out how much you have to spend on the S2000 to get it Winter worthy. Hopefully you are left with extra cash in your pocket.

Your "Plan B":

Take a guess at how long your S2000 will be sitting through the Winter. We seriously only get 5 or 6 bad snow days where you can't/shouldn't drive the S2K regardless of what tires you have. If you can brave the salt and wash your car once every two weeks, you could still drive the S2000 through the winter when the 'urge' comes. Realistically, your s2k could sit for maybe a month...at which point, you're 'wasting' only $250. Plus after $500 you'll have a more reliable backup beater that you can sell more easily once Spring comes along.

"Plan C"

Shop for another loan through a local Credit Union or local bank. Look for terms that allow you to drop coverage through the Winter. This option can be done in a week; you could take out an extra $500 on the loan to pay for updating your beater....and depending on how it's reported, it can help your personal credit rating (because the first loan is being paid off).

 

Stopped by and asked to see the contract, and sure as shit "Collision" is in bold so I can't go use a loophole.

1. Till all the snow melts.
2. It's a beater, so other than general maintenance and gas, $0
3. Snow tires
4. Yes, Should be able to pull $1k out of it.

Plan C:
I'm stopping by my actual bank tomorrow to see about that option.

 

I have that issue of "Must have full coverage" on my S2000. However, I was able to get around it. I called the bank the loan is through and was able to wade through all the nonsense "We're sorry, but we can't do that, sir..." to speak with a higher-up authority. I was able to put the car on a storage insurance level (comp only+ whatever other misc bits they needed to be in there)

I needed to write a letter to a specific individual stating my insurance company, agent, agent's number, the address the vehicle is being stored at, and (very important) HOW the vehicle is being stored. (i.e. Indoors in a garage with cover...) This was sent to the specific individual so a "Storage report form" could be filed. Once that was set, I was good to go.

Also they will not allow the car to be in storage for more than 6 months.

I have done this for two years now, and have not had any problems, other than the initial setup of getting the required information to the bank in the correct format.

 

Not true. They wouldn't let me go to storage insurance when I had the lease on my S2000.

Even all-season tires are pretty well crap in heavy winter conditions. The stock tires are summer-only performance tires which are absolutly dangerous in anything below 50deg weather.

Pony up for snow tires if you are going to drive the S year-round. Or pony up for VERY good insurance.

 

I've driven my old, old BB S2k with all seasons. While I could get away with it, it wasn't the best experience either. And tread life was so poor I had to replace the rears the for the next season. They are only so effective at full tread, but are reduced to nothing better than the OEM S02s when the depth is worn down.

Also, as Pete says, summer rubber is downright dangerous at colder temps. My Dunlops did NOT like the 50 degree weather this weekend. I could break the rear loose in second gear going in a straight line! Summer tires + cold weather/pavement = extra-large hockey pucks.

When I got a second set of wheels, I put on Blizzak WS-50s and it was like night and day difference. And when I went to a second car, I thought I could get away with AS tires again. The S2000 did everything BETTER with the studless snow/ice tire than the FWD car with all seasons. Now I have WS-60s for my wagon. Makes it a tank.

So yeah, get good summer rubber and good winter rubber. All season tires = no season tires.

 

I'll chime in. I drove my S2000 one winter while I had it and it was a bad idea. All the sand/salt that they put down on the road just completely ate up the front bumper. While the S2000 had real snow tires, I would have much rather driven any FWD econobox in the snow. The S2000 would have better traction taking off, better braking and take turns better, but overall it was very much a white knuckle experience. The suspension was just too rough and the car too short to be stable at ~50 mph on a snowy freeway.

What's wrong with the Passat? Why can't you drive the BMW through the winter? And why is collision costing you $250/month? Have you shopped around for insurance?

 

My lease was through Honda and they allowed me to have storage ins. Perhaps state laws have something to do with this

 

Very possible.
Although, GMAC didn't have a problem with me suspending the insurance on the 'vette so long as I sent them an avadavit every year stating that the car was in storage.

 

Correct. Michigan law only allows a seller or lessor to require insurance "against substantial risk of damage, destruction or theft of such motor vehicle"; i.e., storage insurance.

 

^^^ So, Plan D, would be to move to Michigan.