QUESTION
Strategic default or just walk away
Asked on Aug 29th, 2019 on Breach of Contract - Florida
More details to this question:
I own an RV that I leased out through a third party leasing company for 5 years. The lessee has recently defaulted on the lease and left the RV at a repair shop in WVA with over $20,000 of damage. The shop won't release it even though I am the owner. They won't even give me the tags so I can mail them back to MVA (registration suspended). Is it better to do a strategic default, or can I just do a voluntary surrender to the bank and just walk away? What's the worst that can happen is that scenario?
1 ANSWER
Consumer Debt Collector Harassment & Abuse Attorney serving Tampa, FL
Partner at
Tischhauser Law Group
2 Awards
In reality there is no such thing as a strageic default. You will still owe money to the repair shop and the lender if the RV is upside down. This may result in lawsuits against you and credit damage. You also need to know the renting out an RV that is financed may also be breach of both the finance contract and your insurance contract.
Answered on Aug 30th, 2019 at 7:59 AM
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