I have a boat loan ,cannot pay monthly fee, if I allowed the bank to repo it what are the consequences ?

you are still liable for the cost and then legal fees because they will come for that money in court. They will sell the boat in an auction and you'll still owe the balance. Best bet...sell it first for what you owe then pay the bank off. Save you a lot of trouble in the long run.

You need to call the finance company and tell them to come out and get it. Bankruptcy laws have changed and that little magic wand breaks far more times than it works. If you want to keep it, have you tried to make arrangements with the finance company? If you have not been habitually late you stand a decent chance for them to lower and stretch the payments for you. Tell them the truth, your hungry and you cant eat the boat, but you would like to make arrangements to hang on to it if you could, don't avoid them, they will have someone out after it in a heartbeat if you do that.

When they get it they will take it to a dealers auction and here is where you are screwed they are going to auction it off, it is fall, the going prices on boats are really low. So lets say that it goes for 5,000.00 if you are lucky, you will be responsible for the balance, this they will sue to get.

Another option is to advertise it and try to get out of it close to what you owe, then make up the difference and pay it off, that will keep a volo repo off your credit history.

The last option is to find a friend, and get it in writing that this person will take over and maintain the payments. I have seen that work and I have seen that back fire and blow up in the guys face.

That's a shame, and you know the other day at the auction I stood there and watched 50 and 60 thousand dollar units go out the gate for 10 to 16 grand. I guess a lot of folks don't want to be on the water in the snow....go figure.

The finance company will have to sell it as is or have it repaired before selling. Whatever the residual balance that is left will still be your responsibility. They will attach the repo fees, attorney fees and any repairs they make to the existing balance. They can sue you for this amount. They will probably put a judgement against you if you own any real property. This repossession will stay on your credit report for seven years. If you plan on buying anything within that seven year period, count on paying a much higher interest rate because you will be a much higher credit risk. If you have other debts such as credit cards or unsecured loans, you would probably be better off filing bankruptcy. You should contact a bankruptcy attorney to discuss this. I'm not a fan of this, as I believe if you incur a debt you should pay it.

Boat will be sold at auction. You are still liable for 28K - selling price plus fees to repo and sell the boat. You could end up with more than 28K of debt, plus a bad credit mark. Negotiate a settlement or bankrupt against this loan.

It goes as a repo on your credit report and you're screwed for 7 years

A repossession on your credit for 7 or 10 years, depending on your state.