What Do I Do When My Boat or RV Gets Repossessed
May 13, 2023

What Do I Do When My Boat or RV Gets Repossessed

If you can no longer keep up with repayments for your boat or RV, the lender is likely to take control of your asset. Repossession can happen very quickly and the lender doesn’t even need to notify you of their arrival. However, you likely know this already and need to figure out what to do about the situation?

In this article, we talk about what happens during the repossession process and the best way for you to move forward when your boat or RV is taken away.

What Happens After Your Boat or RV is Repossessed?

When you take out a loan to buy a boat or RV, you sign a contract which uses the asset as collateral. This means your boat or RV is used to secure the loan and the lender can take the vehicle from you if you fail to make loan repayments as agreed. When this happens, a repo person can arrive as soon as one day after a missed payment and essentially take the boat or RV away.

You should then receive a letter from the lender to notify you that the vehicle has been repossessed. This letter will outline your rights and invite you to collect your personal items from the vehicle. You might also be given a timeline in which you can pay off the outstanding debt in order to get your asset back.

However, if you fail to comply and pay off the loan, the lender will put the asset up for sale by auction or private sale. This means you might only have a number of days to act between the repossession and the sale of your vehicle.

Now, in order to fully understand why you need to act quickly, it’s important to know the impact that repossession can have on your financial wellness.

The Financial Implications of Repossession

Repossession does not cancel the debt. The lender will usually sell the asset for less than the loan amount which means you will still owe them money. Lenders also add repossession fees to this balance before deducting the sale price and then place a lien on the property you used as security against the loan. You should also expect the lender to sue and ask for permission from the court to take funds from your bank account or wages. While you can ask for relief at this stage, the only way to stop this levy is to pay off the amount due.

The credit bureau is also notified of a repossession which will have a negative impact on your credit score and a lawsuit can stay on your file for 10 years. It’s important to understand that this lawsuit and repossession will harm your financial situation and reduce your chances of loan approval in the future.

But what should you actually do about this repossession?

Working with a Credit Attorney

Working with a credit attorney can prevent repossession and help you get the boat or RV. This is only an option if your boat or RV has yet to be auctioned or sold off. This process comes with an ”automatic stay” which will give you more time to negotiate better loan terms with the lender. This can also help you reorganize your debt to make monthly payments more manageable and affordable.

You must act quickly to get your asset back after it has been repossessed as the lender will often act swiftly to sell your boat or RV. Working with a credit attorney is by far the best way to proceed at this point because they understand the nuances involved with repossession and everything there is to know about debt and getting your vehicle back. 


If your boat or RV has already been repossessed, there may still be time to get it back. The lender might reinstate the loan if you make a lump sum payment but otherwise, a credit attorney can then try to negotiate better loan terms with your lender and help you avoid being left with a deficiency balance. However, timing is everything when it comes to repossession and right now really is the time to take action.

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Get in touch today and speak with one of our paralegals about your situation.

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