I bought a used boat (1994 model) in 2004. In 2007 the engine blew up. I gave the engine to a friend (in 2007) who was going to part it out and split the proceeds. Hoping to get maybe $300.
Well I never had the money to buy a new engine and the boat has been sitting in my backyard since. I still owe about 9K on it. Without the engine it may be worth 2K - 3K.
If I just turn it back in without the motor, can the credit union cause any trouble for me in BK because I'm not returning it in "Whole Condition" ?
I'm guessing if I had a 2008 model with triple engines worth 60K and tried to turn it back in without them, they could claim some kind of fraud. But in my case it is a 15 year old engine that is missing.
I am worried over nothing?
Thanks,
Well I never had the money to buy a new engine and the boat has been sitting in my backyard since. I still owe about 9K on it. Without the engine it may be worth 2K - 3K.
If I just turn it back in without the motor, can the credit union cause any trouble for me in BK because I'm not returning it in "Whole Condition" ?
I'm guessing if I had a 2008 model with triple engines worth 60K and tried to turn it back in without them, they could claim some kind of fraud. But in my case it is a 15 year old engine that is missing.
I am worried over nothing?
Thanks,
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