Question about repossession

quote:
Originally posted by pgilbert

Suppose one has a boat loan with $75K remaining. NADA value is $95K. Been trying to sell boat for 2 years with current asking price of $79K with no lookers. Considering just stopping payments and allowing repossession.

Aside from a hit to my credit score, what else would I be liable for to the lender?? Anyone out there ever done this??

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Go big or go home. Repossession is for pusssies. What is the insurance value?

For three months worth of payments, there are people that can be found that will quietly make the boat "go away".
 
quote:
Originally posted by In the know

For three months worth of payments, there are people that can be found that will quietly make the boat "go away".

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Hopefully you were joking.
 
quote:
Originally posted by Stephen

quote:
Originally posted by In the know

For three months worth of payments, there are people that can be found that will quietly make the boat "go away".

Click to expand...


Hopefully you were joking.

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Hopefullky the original poster was.
 
quote:
Originally posted by In the know

quote:
Originally posted by pgilbert

Suppose one has a boat loan with $75K remaining. NADA value is $95K. Been trying to sell boat for 2 years with current asking price of $79K with no lookers. Considering just stopping payments and allowing repossession.

Aside from a hit to my credit score, what else would I be liable for to the lender?? Anyone out there ever done this??

Click to expand...


Go big or go home. Repossession is for pusssies. What is the insurance value?

For three months worth of payments, there are people that can be found that will quietly make the boat "go away".

Click to expand...


Wow! Good sad example of KidA'a H Jackson Brown quote above.
 
quote:
Originally posted by Sandy

quote:
Originally posted by In the know

quote:
Originally posted by pgilbert

Suppose one has a boat loan with $75K remaining. NADA value is $95K. Been trying to sell boat for 2 years with current asking price of $79K with no lookers. Considering just stopping payments and allowing repossession.

Aside from a hit to my credit score, what else would I be liable for to the lender?? Anyone out there ever done this??

Click to expand...


Go big or go home. Repossession is for pusssies. What is the insurance value?

For three months worth of payments, there are people that can be found that will quietly make the boat "go away".

Click to expand...


Wow! Good sad example of KidA'a H Jackson Brown quote above.

Click to expand...


Really? I am not the one looking to voluntarily let my boat be repossessed.
 
I'd go with the {legal} reposssession route before the illegal insurance loss route.
 
Bankruptcy would be the best way to handle losing a boat, if you qualify. That way the bank cannot come after you for all expenses. Bankruptcy laws vary state to state, so it is best to consult an attorney before you make any decision about the boat.
 
Repo or bankrupcy has consequences on all your other assets.
Sit down with the bank and ask them for alternate suggestions before anything else.
Discuss a short sale and their suggested remedies/approvals.
You may be able to bundle a refi on your house with a short sale on the boat.
Discussions with the lender is better than asking advice here.
 
Let the bank have it back. You entered an agreement that had risk on both sides, you and the bank ACCEPTED IT. It did not work out for you... resale is gone for good. The Bank can discount it and get it sold and back on the water before next season gets here.
 
quote:
Originally posted by sabrejocky

The bank does not want the boat and also the bank can not "firesale" it. They are required to market the boat properly and maintain it so it would sell for the most possible money. If they where to take the boat and than sell it quickly for pennies to than go after you for the deficiency they would have a very hard time convincing a judge they handled in good faith.
Talk to the bank and see if they will work with you on a short sale and try to get them to commit in writing to forgive the deficiency.

Cor

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The bank can auction it off which is in effect a legal version of a firesale.
 
Guys, until we hear back from the OP, let's stop beating a dead horse
 
Wouldn't it just be easier to list it with a good brooker at the right price. Everything will sell when priced right and I would rather loose a few grand on a sale than have something repoed. There used to be some stigma with having that happen. I guess times have changed.
Al
 
Get a priest to exorcise the demon and the boat will no longer be possessed.
 
quote:
Originally posted by cwms

Guys, until we hear back from the OP, let's stop beating a dead horse

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Dead horse? Still on page 1. Not a dead horse until page 3
 
quote:
Originally posted by btoran

Get a priest to exorcise the demon and the boat will no longer be possessed.

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It's when you don't pay the exorcist that the boat becomes re-possessed.
 
beating_a_dead_horse1.gif
 
So...I'm guessing we're not going to hear back from the OP on this.
 
No, but I'd love to hear if anyone can get that horse animation to work with MS Outlook 2007 and above. It used to be a good footing for certain emails.
 
quote:
Originally posted by The Other Gary

Repo or bankrupcy has consequences on all your other assets.
Sit down with the bank and ask them for alternate suggestions before anything else.
Discuss a short sale and their suggested remedies/approvals.
You may be able to bundle a refi on your house with a short sale on the boat.
Discussions with the lender is better than asking advice here.

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Oh my gosh. Really? You think so.

Why would any one want to actually talk to the party that can actually discuss the matter rationally. Much better to get advise from people who have no idea of the matter.

George
 
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