Legal Question in Consumer Law in Florida
i have a boat that we bought 1 year ago and i lost my job last year and we can not afford to keep it. can we voluntarily return it to the bank and if so, what are the laws governing?
Asked on 1/12/10, 9:58 am
2 Answers from Attorneys
Sarah Grosse
Sarah Grosse, Esquire
You will be liable for the difference in value and your loan. Same as repo of a car.
Answered on 1/17/10, 11:04 am
Alan Wagner
Wagner, McLaughlin & Whittemore P.A.
The bank would need to take it. You would still be liable on the note and on the difference between what the bank sells it for and what you owe. You should try to sell it. You will get more than the bank will.
Answered on 1/18/10, 2:27 pm
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