I don't get the point of having that fabric as a hood. Wont the moving parts, such as the fan and belts, get caught up with it? Why not just let the engine bay breathe? In a situation when someone is so financially dire that this is their vehicle, why spend any resources at all on that? I see no benefit to the fabric hood.
Park like that and it'll get impounded. Believe me when I say the impound bill will be higher than the worth of the vehicle. Even surrendering the title to the towing company may only take fifty dollars off it for sparing them some paperwork. You'll still be in debt or sent to collections. Don't risk it.