Boat Repossession

Boat Repo In Maryland

Are you wondering – What to do if my boat is repossessed in Maryland?

Have you been harassed by debt collectors?

Maybe even received a court summons?

Are you looking to see what your options you have?

Boat Repossession Laws In Maryland

The finance company that repossessed your boat must follow strict laws when collecting on the debt and/or repossessing the boat.   They cannot engage in any of the following actions:

  • Threatening you the consumer
  • Asking for law enforcement to assist
  • Physical altercation while attempting to repossess the boat
  • Not stopping the repossession after you protest
  • Unlawfully entering a secure property
  • Keeping any personal property inside the boat

If the finance company does not follow these laws, this could result in an illegal or wrongful repossession in Maryland.

They must also follow the Maryland repossession laws right to redeem, which is outline in more detail here.

Maryland law requires finance companies to provide you with a letter in the mail providing you specific information related to your right to get your boat back and the date when the boat will be sold.  If the finance company does not provide you with this letter or the letter fails to provide you with the information that you entitled to receive, you may be entitled to a refund of some of the money you paid for the boat.

What Is My Liability If The Boat Is Repossessed?

This depends on your specific situation, but most commonly if the debt is not quickly paid, then the boat is sold at auction.  The amount that the boat was sold for then gets applied to the balance of your loan (minus any expenses).  In most cases the price it was sold for at auction does not cover your entire remaining loan balance.  This leftover balance is referred to as a deficiency balance which you still may owe.

Voluntary Repossession – Boat

The main difference with a voluntary repo of your boat is that you do not have to pay repossession fees and it will show up on your credit report as a voluntary repossession.   However, this does not excuse you from owing the original debt.

Boat Repossession Lawyer

Cory L. Zajdel, Esq. is a boat repossession attorney, who protects the rights of Maryland consumers.  He specializes in protecting consumers against wrongful boat repossessions by finance companies and financing agencies.

He has successfully helped his clients pursue damages suffered by these unlawful practices.  He can also inform you of the legal and credit repercussions of both involuntary and voluntary boat repossessions.

He can advise you on the best course of action to take, depending on which stage of the repossession you are in, and discuss all of your options with you.

If successful with Mr. Zajdel’s representation, you may be entitled to a refund of some of the money you paid for the boat, a waiver of the deficiency balance remaining due on the boat and credit report revisions related to the boat loan account.

So What’s Your Next Step…

If you purchased your boat in Maryland and your boat was repossessed or your finance company is threatening a boat repossession, give my office a call today at 443-213-1977 or fill out the brief form on the right side of this page.

I will answer your questions and determine whether or not you have a viable case or a good solution to your legal problem.