Finance Q&A

Who gets the boat? Voluntary Repossession problem ?

Q. Who gets the boat? 3 years ago I bought a new boat, since I didn't have any credit, the dealership, eager to make a sale, co-signed for my loan. I have diligently paid on a 4 year loan for 3 years. I was recently laid off of work, and fell behind on my payments. Since the boat was worth far more than I owed on it, I went back to the dealer and offered the boat for the payoff amount plus a small sum for me, which would have left LOTS of room for profit. They told me they weren't interested in the boat and talked me into a voluntary repossession. I contacted, the bank and the recovery company and told them to come get it, I didn't feel as though I had time to sell the boat, plus it is the wrong time of year for selling boats. The recovery company came to my house and I handed over the boat. about four weeks later, I got a letter from the bank stating... "Please be advised this account has been paid in full on the above referenced account number. Accept this letter as verification of settlement." Also included was the title for the boat stamped and signed 'lien satisfied'. I moseyed over to the dealer today, and guess who has the boat??? You guessed it. the dealer as co-signer, paid off the loan. They nicely asked me for the title, but I am not sure I am ready to hand it over just like that. I know there are prevailing ethical issues here, but who legally ownes the boat. I never signed anything relinquishing the boat, just handed it over.

A. - I guess if I had legal issues such as these and wanted to have the best attourneys in the nation working for me I wouldn't have a problem paything 25$ to have them represent me. If I had a traffic ticket they will fight that ticket for me. My wife and I had our wills done already. We've only been members for 1 month. I think that you can see a good value here. We've only paid $25 and we've already had good use of it. I'm sorry if you don't see a good use for having a law firm at your disposal. - Technically, both of you have/had interests in the boat. But, b/c there was a "voluntary repossession" (which hopefully didn't affect your credit), then it sounds like the dealership might own the boat.

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