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Yes, and they are every day.
It is true that boats, 4 wheelers, and any other type of recreational vehicle are repossessed all the time. It also true that these types of repossessions are some of the most difficult to accomplish. With something like a boat for example, you don't have to use it everyday out of necessity like your car. This means it can be located anywhere. Vehicles are most often located by finding the person who owes for it. The repo man can locate the owner of a boat but that doesn't mean it will be anywhere they live, work, or have listed on their credit application. A boat can be located literally anywhere. Usually something like that is found by convincing the debtor that he has no choice but to it hand over or convincing a friend or relative that they are actually helping you by revealing it's location so that you don't go to jail. It is very unlikely that you would ever be put in jail or arrested because you refused to reveal it's location. The only time I saw this happen was when the bank knew where the owner lived and worked and decided to go the hard way. They obtained a repleveth requiring him to come to court. When in court he admitted to the judge he had the boat but wanted to use the upcoming weekend for the holiday and then he would turn it over. That was not smart. The judge told him to reveal it's location to him immediately, he refused so the judge found him in contempt and ordered him to jail until Monday, this was on a Friday. When he heard this he said never mind he would tell. The judge said fine, you will get your chance on Monday. He had to sit in jail all weekend, not for being unable to pay the note or from hiding the boat. He went to jail because ignored a judge's order right to his face. Had he not been located, gave it back before that day or even told the judge where it was when he asked things would have been different. Having said that, it is also very easy to get one if it is found because there is no one at the location to stop them. In most cases it would be better to sell the boat for what is owed on it and be done with it. So, the answer is yes they can be repossessed but can be very difficult.
What else can I help you with?
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.
Why would a boat be repossessed?
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.
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.
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 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.
Is the value of repo boats worth it.?
Repossessed boats may tend to be cheaper than those boat at normal retail price. However, there are some concerns that go into buying a previously owned boat, and you should do your due diligence before making a purchase.
Is there a website for repo boats for sale?
There are sites out there that sell repossessed items, however, it is unlikely your friend will find his exact boat. He might be better served by contacting whoever did the repossession.
What happens if you get your car repossessed?
if i get my car repossessed, can they put a llien on the house?
