Legal Question in Credit and Debt Law in Arizona

Re: Boat repo

The boat will be auctioned. If they bank gets less for the boat then you owe on it, then they can sue you for the difference.

Re: Boat repo

Unfortunately, if you have a loan on the boat, the lender will not just repossess the boat, but will then seek a "deficiency" from you for the difference between the boat loan amount, and what they are able to "wholesale" the boat for at auction. Its not good because the banks generally dump boats and cars to get them off their books, most of the time well below what is owed. Further, you may be personally liable for the slip fees (It appears the boat may be in Arizona, in which case I can't advise you on AZ law)? I'd do everything humanly possible to sell the boat before letting it be repossessed.

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Re: Boat repo

The company would not only charge you the fees and costs of repo, it would also probably sue you for a deficiency after an auction.