Is there a time frame for repo'ing a boat?

[sunkinsc]

We have not made a payment in well over a year and have told the company to come get the boat but they haven't. The original finance company was sold to another company who then sold our loan to a company called SST who we cannot get to take the boat.

Very strange but now I am wondering if there is an actual time frame they have to get it or does it remain open forever on them to repo it.

[justbroke]

The problem is, that the debt is probably "unsecured" now that it has changed hands so many times. I would check the title on the boat, if it's required to be titled in your State.

If it's titled in your State and the lienholder is on the title, then you may want to start an action to quiet the title.

If you're about to file, the Trustee him/herself may go after the title, so you may not need to do the title action if you are not wanting to keep it, and certainly if you don't have the exemptions to cover it.

[sunkinsc]

Hmmm, I will have to look into the titling

Trustee didn't even know it was a boat, he thought it was a motorcycle. We are 30 days past our 341 so we have already filed and just await the discharge at this point. I am mostly curious what happens if no one shows up to get it as we have requested over and over.

At what point can I charge them a storage fee


And now that I think about it I forgot to include the overdue taxes on our boat in the bk, rats......

[justbroke]

I would check the title to see which company is on the title. If the Trustee ends up abandoning the asset, then you can do a quiet title action and get clear title to the boat. Then... dispose of the boat... by selling it.

Remember, a creditor that has a security interest in something (boat, house, car) is not required to "come and get it" or foreclose or repossess the item. That's just their "right" or remedy, should they choose. I think your issue may be that the title is messed up. If you come out the other side of your Discharge and Closing and the Trustee doesn't want it, then you can attempt to quiet the title and it would be yours, free and clear.