Can't afford the boat questions.
 

I have had a change in income. I have a $50k boat loan. Any Ideas of what to do? If I stop paying do they just come get the boat and ruin my credit ? or do they garnish wages?

If you stop paying, they will come get the boat. The boat would be sold, and you will be liable for any remaining balance.

In order to garnish your wages, they would have to sue, and get a judgment. As far as if they will do that? Depends on the bank, and the attorney representing them. Most of the time they will charge off the remaining balance, and that will be the end of it

Can you sell the boat for the loan balance? If so, dump it

i would get your exact payoff, and figure out what the boats worth in 2days market...if its worth more then ya owe your in good shape, if its worth less you will have to pay the difference out of pocket in order to satisfy your current loan

I used to buy and re-sell repos.....I once bought a 29 Searay witha a"book" value around $55K but it needed work and I got it for $37K.....the owner owed almost $90K and the bank was going after him for the $53K difference from what I paid for the boat.
If you can "fire-sale" it for what you owe to keep them from coming to get it your better off....if they repo it they will still look for other assets you have to satisfy the remaining balance owed!

thanks guys, I am at the loan amount, you would think it is worth more, but to save my credit rating I was ready to take a loss.

You can also try and call the bank and tell them straight up what is going on. Depends on whether you want to try and keep it, or really need to get out of it. Your basic "customer service" rep won't have any answers though, might have to ask for "loss mitigation" department.

Mortgage lenders, credit card issuers, recreational lenders...they'll bend over backwards to not have to deal with a repo or non-payer. Everything you read says "call the bank and talk to them." Maybe they'd be willing to take a small loss with you selling instead of the increased cost & hassle of having to liquidate it themselves.

Best of luck...

That's good advice handful. I don't if it's possible in todays market but you may be able to check into refinancing?

Communicate with your lender! Tell them what has happened to you. Maybe they have a solution none of us have even thought of. Maybe a re-fi for a longer term loan that would make the payments lower could work.

I would never let a little thing like money force me to part with anything I have busted my butt for without exploring all the possibilities. I want you to have your cake and eat it too.

Thank You