What happens when you do a voluntary surrender on a boat?
I had motor issues with my boat and it came to the point where the marina that is housing the boat advised me to file a claim. My insurance company came by and the motor had to be dismantled. The insurance company paid for that but they are denying my claim because the risers are worn and torn. So now I have a boat with no motor sitting at a marina and I still have 2 years to pay off on it. I called the finance company and they asked me if I wanted to "volutary surrender the boat" - What does this mean? I can't afford a new motor and to pay off the finance on the boat. Please help Thank you!
Public Comments
- "Voluntary surrender" is a nice sounding term for repossession. If you do, it will impact your credit rating. Perhaps someone would be willing to take over your payments and take the craft as is, wouldn't hurt to give that a try. Ask the marina for advice.
- This is a passive term for repossessed. The boat will be auctioned off (for peanuts since it has no engine) and you will be required to pay the difference between what you owe and what it sell for. As a bonus, your credit will be trashed for three years. This is a 'no win' situation. You will be better off to work a second job until you can buy another engine then sell the 'money pit' for what you owe on it.
