Boat without parts repo

[Bassgirl]

HI I did not get any answers on the main forum so I decided it would be best to post this here.

Sorry Mods for the double threads. I did a search but did not find the answer to my question.

We have a boat that we use in our business. We are upside down by 10,000. We were going to reaffirm but have now decided that is not such a good idea. We still have 11 years worth of payments for a total value of 21000.00And have found other means ( older cheap boat) to keep the business going.

My question is: We have some parts on the boat that we paid for separate from the original loan. Add on's like trolling motor, fish finder etc. We plan on taking those things off. But it will leave the boat without them. It had some on it originally, just not the upgraded ones we put on. We don't have the old ones anymore. We even have an upgraded motor. Not the original one it came with. And no we don't have the old one. We sold it.

So how does that affect us in the repo process? Will they come after us for the original stuff? Or will we have to pay back the original parts value?

Can I keep the different motor and send it back without one?

Just checking out my options here. We planned on keeping the boat until it dies so we did the upgrades. Now it is just best to let it go. But I hate to let the more expensive ( and better) parts go with it.

thanks
BG

[catleg]

So you're saying you can't even find a rusty old piece of crap doesn't even work motor that you can substitute in its place?

But seriously, this sounds like something up BigBoy's alley, hopefully he will tell you how it really goes.

[BigJohn]

Think of the boat as a car. They repossess the car but it doesn't have a motor, transmission, seats, radio and tires. They auction the car off for $300.00. The car was a 2006 BMW. They come after you for the difference owed, expenses of repoing and selling the car. You file bankruptcy, end of story.

[catleg]

I guess if you just park it somewhere and tell them to pick it up there's no way of knowing who took whatever is missing. I know outboard motors go missing from boatyards over the winter very easily. My dad had one or two stolen off his little 22' catalina over the years.

[Bassgirl]

Well that is good news.

SS Minow LOL.

Anyway I have already filed and had the 341 two weeks ago. We were going to reaffirm but after looking at the length of time and the cost we just decided to let it go back.

I can get a cheap motor. I just wonder if they can come back on me since I have filed already and they just don't know we have changed our mind and going to call them to come get it. The original motor is listed on the paper work that I signed for it. The boat, motor and trailer with serial numbers are all listed.

thanks all for you input
BG