Rv Repo Auction

if i had a 2005 four winns funship 234 that sunk, then got repo ed. do i owe any tothe bank if sold at Auction?

when a boat or rv is repo’d and they sell it a a auction and it sell for less then what i owed on it, do i have to pay the bank the differnce from what was owing? do i have to declare tothe bank any problems with it or that it sunk, some one told me that if if had been sunk that i would have to declare it, is that true

Yes! You do still owe the bank for the balance after sale, however if you had insurance on the boat before it sank, they would still have to pay for your loss, or if the bank has insurance that would pay them, then it has to credit you for that. You on the other hand don’t have to declare it sunk, because the new buyer purchased it at a bank auction. I hope this helps!

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Filed under: Government Auctions

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