Legal Question in Credit and Debt Law in Florida
I am behind on a boat loan, 2months, for a total of 300.00. I was laid off 1 year ago, and have managed to keep all debts current, with this one, as the exception.. The bank asked if they can come get it, should I let them?
1 Answer from Attorneys
It depends on what your intentions are with the boat. Where you are in your loan and if in the future you will be able to make payments.
They most likely have a right to repossess the boat if they have a security interest in your boat. By surrendering the boat you may lessen the costs the bank with have in repossessing the boat and this in turn will decrease the amount of a future deficiency if they choose to bring a deficiency action. One thing to note surrendering the boat will not relieve you of a deficiency if one exists.
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