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Sam, Attorney at Law
Category: Legal
Satisfied Customers: 27009
Experience:  More than 20 years of experience practicing law.
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I am about to default on a boat loan. I will voluntarily surrender

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I am about to default on a boat loan. I will voluntarily surrender the boat. What recourse does the bank have? Can they attach my pay and/or my bank account? I bought boat in 2009 when making 120k, am now making 25k, have kept payments up for 2.5 years while unemployed/underemployed, but have exhausted all savings & 401. Am also looking at same situation for credit card. Credit rating is presently in the low 700's but own home outright and am in fair shape with vehicles, so taking credit hit may be ok.

Welcome and thank you for your questions


I am an attorney with more than 25 years of experience and look forward to providing you true and correct information in this regard


Please remember, I can only answer what you ask and so if you have follow up questions, please post them here for full and accurate information before rating. If there are no other questions in this regard then I thank you in advance for your positive rating

If you do a voluntary repossession the bank will auction off the boat. You then are responsible for the balance between what they get and you owe, plus interest of course.


if you do not pay that invoice, then the back will have to sue you to get judgment. The judgment becomes a lien that can attach you home and you wages,

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