Sea Ray Anonymous
New Member
I own a 2000 Sea Ray 310 Sundancer.
I have a boat loan that owes ~$70K that due to the economy and a job change in salary that I can no longer afford.
A boat broker told me that these boats are selling in the $50K price range. Yacht World agrees though some are higher. So I'm definitely upside down on the loan. I dont have $20K to pay off the loan balance if it were to sell at $50K.
My wife doesn't was us to default on the loan, since it may ruin our credit ratings and hurt future potential job opportunities.
Is there any way out of this? Any recommendations?
I have a boat loan that owes ~$70K that due to the economy and a job change in salary that I can no longer afford.
A boat broker told me that these boats are selling in the $50K price range. Yacht World agrees though some are higher. So I'm definitely upside down on the loan. I dont have $20K to pay off the loan balance if it were to sell at $50K.
My wife doesn't was us to default on the loan, since it may ruin our credit ratings and hurt future potential job opportunities.
Is there any way out of this? Any recommendations?