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    bigbabb25's Avatar
    bigbabb25 Posts: 3, Reputation: 1
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    #1

    Jul 9, 2010, 12:20 PM
    How often do banks go after a defalted boat loan.
    How often do banks go after a defalted boat loan?

    I owe 10k. Do they usually mess with this amount or take no action?
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
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    #2

    Jul 9, 2010, 12:23 PM

    I'd say... 100% of the time. A boat loan is a secured loan. You don't hold title free and clear and never will as long as the obligation is outstanding. They WILL take the boat, and /or sue you for any balance. Pay up or deliver the boat to them or expect to be in court.
    bigbabb25's Avatar
    bigbabb25 Posts: 3, Reputation: 1
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    #3

    Jul 9, 2010, 12:45 PM
    Comment on smoothy's post
    And when I said go after a defaulted loan, I plan to return it back to them, I meant how often do they actually sue for the remaining balance.
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