IMO, these are the only options.
1) Replace with new identical model (NOT repaired. A repair would be resonable if you had used it for a season.)
2) Replace with next model UP
3) Return full purchase price
Don't worry about the loan, you can get another boat and/or pay down the loan or any doifference. The bank would be on your side
.
FWIW I would buy a Seamax and pay down the loan.
GL and stand your ground.