Legal Question in Credit and Debt Law in New York
Boat Payment
We bought a boat in Texas and came back to NY State and registered it. We're paying payments on it, but my husband was out of work for 3 months. We fell behind. He's now working again & we're catching up. The bank wants to come and look at the boat. But the catch is NY State issued us a legal title to the boat. Can the bank touch it or just ask for the payments?
1 Answer from Attorneys
Re: Boat Payment
Ask they why they want to "see" the boat. You don't say how long you have the boat and whether the request to see the boat predated the default. I think they may want to locate the boat to repossess it...though I may be wrong about that...
If there is a default the finance papers gives the bank the right to repossess the boat. If they show up and you give them access to it, they can take it. Did you ask them WHY they want to see it? Have them put the request and the reasons for seeing the boat in writing and have them specifically state they are NOT looking to repossess the boat...also, check the written contract to see if they have the right to inspect the boat and have them point out where in the contract they have that right...
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