Can a boat purchased on a revolving credit account be repossessed?
I bought a boat, and for financing they set me up with the boat's financing company with a revolving credit account. If I am unable to pay on that account, will they repossess the boat? Or moreso, if I go to debt mediation, can I get a settlement amount and then pay that off and keep the boat?
Public Comments
- I think they will come and get the boat.
- If it's not a Visa or Master card then if you default, they can repo it.
- Yes, they can repossess the boat. And yes, it can be renegotiated.
