Boat repo question

[Bassgirl]

I did a search but did not find the answer to my question.

We have a boat that we use in our business. We are upside down by 10,000. We were going to reaffirm but have now decided that is not such a good idea. We still have 11 years worth of payments for a total value of 21000.00And have found other means ( older cheap boat) to keep the business going.

My question is: We have some parts on the boat that we paid for separate from the original loan. Add on's like trolling motor, fish finder etc. We plan on taking those things off. But it will leave the boat without them. It had some on it originonally, just not the upgraded ones we put on. We don't have the old ones anymore. We even have an upgraded motor. Not the original one it came with. And no we don't have the old one. We sold it.

So how does that affect us in the repo process? Will they come after us for the original stuff? Or will we have to pay back the original parts value?

CanI keep the different motor and send it back without one?

Just checking out my options here. We planned on keeping the boat until it dies so we did the upgrades. Now it is just best to let it go. But I hate to let the more expensive ( and better) parts go with it.

thanks
BG

[Confused33]

I took the add ons off of my boat, but they were in the form of speakers.

You're not going to get away with taking the motor off, but I'd take the electronics like fish finders and so forth off. If you don't then someone else will before they auction it.

[kenshirley]

Normally if an item was part of the financing and shown in the equipment list that way upgrading or replacing them means that they now belong to the bank. However the bank may or may not come after you.
It's just like upgrading a stereo in a car. Many do it and spend a lot doing it.
But the car came with a system and the bank will expect it to be there, or a replacement.
I found one guy that told me to strip my new kitchen in our home and sell off the stuff for cash before I left.
Criminal at best, but he was a little on the dumb side.