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Boats can be repossessed due to non-payment or maybe the boat does not meet the requirements needed to sail. I would think it would be just like a automobile as far as finance goes.
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∙ 12y ago
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What is the difference between a normal boat and a repossessed boat?
A repossessed boat is a boat that the bank or company has taken back from you because you neglected or were unable to make payments to legally own the boat. A normal boat would be a boat that's owned by a person who's either making the payments on time or already has it paid off.
Can a cosigner have a boat voluntarily repossessed?
NOT unless the payments are delinquent and the cosingnor has POSSESSION of the boat. Call the Lender and work it out.
Can you get a repossessed boat cheap at an auction?
Often repossessed boats are sold for 60%-75% off their book value. You can however encounter bidding fees and will need to have a deposit as well if you are the winning bidder.
Is it ileagle to reposes a boat in Florida?
No. A boat can be repossessed anywhere. If you have a boat up for repossession, and you think you'll be slick by taking it out of state or overseas, they can still come for it. The lienholder is the legitimate owner of that boat, and has a right to reclaim it whenever they see fit to.
Your mother-in-law filed bankruptcy and now has had her boat repossessed Can she be sued for the value of the boat and an additional 18k?
she is liable for whatever is left on the loan after the boat is sold by the creditor. If shes owes 50,000 on the boat and it is sold for 30,000 she is liable for 20,000 and the associated costs of the process.
If you have a boat that was listed in a bankruptcy that the lender never repossessed what can you do with it 10 years later?
Nothing unless you receive a clear title of ownership from the lender.
Can your car be repossessed if it was in an accident and nearly totaled?
If you weren't making your payments yes. It would only be repossessed if you weren't making your payments.
How can you get your repossessed boat back?
To get back a repossesd boat one should get in contact with the institution that repossesed it and see if there is any way to get it back. It is possible that the institution will let you pick the payments back up, probably with a fee for being ate and being repossesed, then you can have your boat back.
Can a car be repossessed from a car dealership?
if the car dealership does not pay for the car in full or pay their bills then the car would most likely be repossessed
In Kentucky how many car payments behind do you have to be before your car is repossessed?
Your car can be repossessed if you miss one payment. Not likely they would do that but it is possible.
Can repo company repossess a boat while it is on a trailer that is not in the repossession order?
Yes. The trailer is considered personal property, much like that rod and real you left in the boat, or the motor that was not part of the loan. You will be permitted to claim your personal property for thirty days after the boat is repossessed. You will be charged for the storage of it though.
Can you be arrested for not paying your car payments?
maybe but your car would be repossessed
