u/FloridaMarine

I have a boat that, due to COVID, I had to let payments slip. I still have the vessel after a few repossession attempts, they have been unable to locate it. I have saved up the money to pay off the remaining loan amount, which is around $12,000. The bank referred me to a law firm who was handling the account. A rep from that firm advised the amount due was nearly $18,000, due to the interest compounding. Am I able to negotiate paying just the loan amount to pay-off the boat, obtain the title and sell it, or am I obligated to pay off the amount, to include the compounded interest accruing? I wasn’t sure if this was a tactic or a trick, or if I was able to negotiate paying-off price, negating the interest. Thank you! 🙏