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I purchased a boat with a USAA loan and it was destroyed in…

Customer Question
I purchased a boat...

I purchased a boat with a USAA loan and it was destroyed in hurricane Irma. The lien balance is 31600 and when I attempted to insure it USAA refereed me to Progressive and Progressive said the would only do Liability due to the boats age. They then cancelled this coverage just prior to Irma, but after Irma reinstated it until 2 December.I would not have purchased it knowing the institution I borrowed from, an insurance company, would not insure it. I have requested an SBA disaster loan to cover my indebtedness to USAA where I bank. What are the consequences should I walk away from USAA and the boat loan? Would this result in any legal recourse like a judgement or garnishing any wages or income.

Lawyer's Assistant: What state is this in? And how old is the boat?

FL

Lawyer's Assistant: Has anything been filed or reported?

Claim to USAA and Progressive and Fema and SBA loan request. USAA and Progressive have denied claim

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I am 84 and don't think a lawsuit would be concluded in my lifetime but you could ask for an opinion on possible grounds.

Submitted: 7 months ago.Category: Consumer Protection Law
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Answered in 30 minutes by:
11/30/2017
Consumer Protection Lawyer: Legal Eagle, Lawyer replied 7 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 13,233
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today. Because I want to provide you with the most accurate answer possible, do you mind if I take a moment to review your question?

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only.

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Customer reply replied 7 months ago
Boat is 50 years old. All questions answered
Consumer Protection Lawyer: Legal Eagle, Lawyer replied 7 months ago

Hi, I'm so sorry for the delay. Sometimes, questions disappear from my question list if I accidentally close out of my browser. I can't find my questions after the fact and it's terrible. I have to wait until a customer responds for the question to reappear and I have no other way to contact you. Again, I am very sorry.

To generally answer your question, if you were to walk away from the loan, it is possible that USAA may try to repossess the boat. If they don't repossess the boat, they may sue you in court. If they sue you in court and they win, and you don't pay the judgment, then they can get a lien against your property or potentially garnish your wages. In these cases, there are some options you can employ to help yourself avoid this kind of pitfall.

If they decide to sue or even if they decide to repossess, sometimes, just settling the debt is the easiest thing to do. It doesn't always appear as if it's the easiest thing to do, but every single day lawyers across the country are explaining to their clients that if they just work on settling their debts in a way that makes sense for them and they are going to be in a better position in the long-term. To facilitate your situation, there’s a site that I’ve used in the past where you can find a good template for debt settlement (click here). It's a bit easier (and cheaper) than going through litigation and I have seen it be effective in the past. If you send this letter and they do not respond, then try sending it again to remind them that settling is really what resolving disputes is all about.

What other questions did you have for me today?

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Customer reply replied 7 months ago
I previously insured a wooden boat 50 years of age with USAA for 9.5 years with no claims. I wouldn't have borrowed the $35K purchase price had I known they would not insure this one like they would insist on with a car or house loan. Are they at fault for not informing me?
Consumer Protection Lawyer: Legal Eagle, Lawyer replied 7 months ago

I see what you mean. Generally, there's no law that specifically says that they must inform you that they are not going to insure something that you've taken a loan out on Unless it is a federally backed program such as FHA where insurance is required, they don't have to tell you. I'm very sorry. What other questions did you have?

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