How do I sell my boat when I'm upside down on the loan?
I would like to sell my boat, but I owe more than what it's worth. Can I still sell the boat? Will my bank let me sell the boat? How do I go about selling the boat? I don't have to sell it, but it would just be one less payment I have to worry about.
- ChucklesLv 71 decade agoBest Answer
You have to speak to your bank about this because right now, they own it and it is not yours to sell.
- 1 decade ago
oh geeze, that always sucks really bad. in the situation of an upside-down car loan, sometimes it's better to do a trade and get into a less expensive car, if there's not a lot of negative equity, you roll over a few grand into the new loan, but over all you have consolidated the debt into smaller payments. now, one option i can think of (find out if it's legal first....) is you could "rent to own" the boat to someone, at a price that is appealing, even if it's less than the amount of the loan. then you can give that guy the boat, while the title is still in your name, and use his money to pay the loan down while adding a little to it, until the loan is paid off. or you could re-finance the loan and see if you can get it at a better rate. or you can contact the loan holder and tell them you don't want it any more, but you will owe the difference of what they auction it for, and screw up your credit, and have a repossession on your record, therefore making it very hard for you to buy anything cool in the future. personally, i'd "rent to own" it to someone, so that they can have a boat for a good deal, and you can successfully get out from under the loan without screwing yourself with no grease in the process.Source(s): i'm a freakin genius. * i sell cars and i deal with upside down people all day.
- zealot144Lv 51 decade ago
You owe X. You sell for Y, which is less. In order to transfer title, you must pay off the loan. Thus, you will have to pony up X minus Y in cash at the time of sale. Neither the bank nor the titling agency will permit transfer until the loan is satisfied.
You will need cash or a credit line of some sort to do this.
I hope this helps!
- Anonymous3 years ago
I don't believe that's right