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Date:02/10/2009 Time: 01:11:15 PM      

I spoke with my bank this morning about my boat loan because I was a few days late on my payment this month.  Well, I started asking a few questions about how things were going there and they told me that just about everybody is doing voluntary reposessions these days.  To my understanding before, if you did this your credit rating was marred and you wouldn't be able to buy a boat on credit for a few to several years. 

Well, that's not what they told me this morning!  Even if you do the voluntary or a bank started reposession because you're not talking with them, YOU HAVE TO PAY THE DIFFERENCE PLUS FEES BETWEEN WHAT THEY SOLD THE BOAT FOR AND WHAT YOU OWED!    So if you can sell it yourself, you are better off that way because you'll know how much you'd have to come up with to get the clear title.  If they do it, you won't have any control at all over what it goes for.  And you are still obligated to pay the difference.

So not to advocate trying to make your payments, but if you try to keep it and are just a couple to a few months behind on your payment, you can keep your boat keeping in mind that the difference they'll still ask for is more than your simple monthly payment. 

Here's an example...  If your boat has a loan balance of $43000 but the market values your boat only sells for $25000 because it sells in the wholesale market for someone else to make the difference in earnings, you'll have to come up with the $17000 difference plus fees from the bank which I'm told could be as much as another $10000!  So that makes your obligation to the bank go from $43000 ~ paying $430 per month to $27000 paying $270 monthly and not getting to have the boat ONLY IF they'll finance the balance!  If they won't they could demand it all at once even more compounding your problems!  So try, try to keep up with your payments at all costs!

Now, if you know differently, I'd love to hear your perspective on the topic.  Just post a reply to this blog...


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