March 11, 2010

Hey -- remember that runaway Prius that was doing 91MPH down the highway?

I am just as amazed that it was able to hit 91MPH as that it had a sticking accelerator problem. Now it turns out there is a little more to the story. From Jalopnik:

Did Bankrupt Runaway Prius Driver Fake “Unintended Acceleration?”
James Sikes, the San Diego runaway Toyota Prius driver, filed for bankruptcy in 2008 and now has over $700,000 in debt. According to one anonymous tipster, we're also told he hasn't been making payments on his Prius.

We received an email earlier today from an anonymous tipster who claims James (Jim) Sikes, the driver of the runaway Toyota Prius, was in financial trouble and even behind by five months on his payments for the Prius. If that's true, it's potential motivation for wanting to find an out — any out — on paying for the vehicle.

We did some public records searches (thanks to the help of Gawker's John Cook) and found Sikes and his wife Patty found themselves, like many in the California real estate business, on the bursting side of the real estate bubble last year. The two declared bankruptcy in June of 2008 and have a combined liability of over $700,000 dollars in debt.

Among the list of creditors holding secured claims is none other than Toyota Financial Services for a lease on a 2008 Toyota Prius with 7,200 miles on the odometer. Total value of the lease at the time of bankruptcy was $20,494.
As the great Sherlock Holmes once said:
How often have I said to you that when you have eliminated the impossible, whatever remains, however improbable, must be the truth?
Posted by DaveH at March 11, 2010 05:13 PM | TrackBack
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