Various Types of Repo Boats

When most people think of repossessed boats, they tend to think that the stock is going to be limited to fishing boats. The truth is that there are many different types of watercrafts that are available including pontoons, luxury yachts, sailing boats, and other types that you may not have expected. There is something for every budget when it comes to repo boats. Most of the time you will end up saving a lot of money that you would have had to spend if you would have shopped at a new or used boat dealer.

Who Can Buy Repo Boats for Sale?

Anyone that is interested and has enough money can buy a repo boat that is for sale. If you see boat repos that you want to buy, consider attending a repo boat auction at some point in the future. These auctions are usually organized very well and boats end up selling for very low prices. The competition at auctions is going to vary depending on whether you live in a busy area. If you live in a smaller city, you may be able to get great deals on bank repo boats without having much competition.

Where Repo Boats For Sale Are Common

In most states where there are a lot of lakes, rivers, or where there is a large coastal area, you are going to find plenty of repossessed boats for sale. The reason that there are going to be a lot of repossessed boats available in these areas is because people usually end up buying too many watercrafts. In states where there isn’t much water available to take a boat out for recreational activities like fishing, tubing, waterskiing, etc. – there is going to be less overall boat owners; thus, less boats are going to be repossessed.

Banks Collect and Repossess Boats

After the banks have collected and repossessed boats, they get set up for an auction. Most of the time, these auctions are staged in a large city so that they can draw in big crowds of interested people. Although there will likely be some competition if you decide that you’re going to attend an auction, most people are trying to get a very low price. People that go to an auction with the intent of buying a boat usually are able to save at least 20% off of the assessed price of the boat that is being sold. Sometimes, you will see that people save up to 70% – which is pretty much unheard of if you are buying a new or used boat from a dealer.

Finding a Bank Boat Repo Auction

There are many ways that you can an auction with bank repo boats for sale. All that you need to do if you are interested in getting a repossessed boat is call up a few auction companies and/or banks and ask whether they are going to be selling any repossessed stock. If they say that they are, then ask about whether they will have boats. Most of them are going to carry boats at some point, so ask them for a date and plan on showing up when there’s an auction.

Looking for the Best Bank Boat Repos

If you want to get the best bank boat repos available, you are going to have to do some searching. There is no way of telling what is the best “repo” that is available without knowing what you are looking for. There are all kinds of boats that have been repossessed including: yachts, sailboats, bass fishing boats, pontoons, and more. The best boat for you is whatever type would bring you the most enjoyment. With all of the opportunities that are available to get cheap bank boat repos, it would be smart to capitalize on the market and get what you are looking for before all of the good stock is sold.

Why Do Banks Collect Boats from Owners?

The reason that banks collect and sell boats is because they are entitled to them (by contract) if the owner fails to pay of his or her loan on time. You have probably heard about other things getting repossessed as well such as homes, cars, SUVs, trucks, and motorcycles. When people take out loans for any type of transportation unit or for any newly acquired property, they must be paid for on time. When they do not get paid for, the banks give a notice out to owners and then tell them that their property is going to be repossessed.

Deals on a New Bank Boat Repo

Since there have been so many boats that have been reclaimed from their original owners, the bank repo boats market is really booming. There are many places that you can go to take a look at stock and inventory in your area. Many fishermen and used boat dealers contact banks and find out when auctions are going to be held for their boat stock. You may even see advertisements on television like “liquidation sale on boats that have been repossessed.” Most of the time, there will be contact information, including a number that you can call to find out more.

Saving Money With Bank Boat Repos

You can save a huge amount of money by purchasing your next watercraft from a bank repo boat auction. When you go to bank repo boat auctions, you will notice that there are some incredible deals to be had. Some of the boats will not necessarily be in perfect condition for taking on the water right away, but if you inspect all of the boats that you’re interested in, you are bound to find one that you will want to buy for a reduced price.

The Repo Boat Market

Even though there are some people that do know about the boat repo market, not all of them are going to show up just because there is an auction. Let’s face it, people have a lot of other stuff to do than be constantly concerned with the next repossession auction. Although they do not happen every single week, you should be able to find one in a large city on at least on a bi-monthly basis. It takes time for a large selection of things to be gathered, compiled, evaluated and sold to people that are interested.

Now Is The Time To Get Repos For Sale

Bank boat repos are good to take advantage of right now because when the economy bounces back, there is not going to be nearly as large (and as good) of a selection. Though the economy is terrible, you’ve got to roll with the punches. Instead of always buying new, you can get something that is either used or that has been classified as a boat repossed. It has been said that there has been more repo boats in Florida than most other states; this makes logical sense if you know anything about the baseline boat sales down south.

The number of bank boat repos varies across the United States. The Midwest tends to have a fairly good market, and so does the west coast. If you are planning on making a trip to a certain region of the U.S., you should probably make some phone calls and contact a few people that are “in the know” ahead of time. If you are able to get in contact with the people responsible for storing and collecting them, you may want to see whether you will be able to tour what they have in stock which is definitely recommended before going to an auction.

Why Boats are Seized

A lot of people wonder what the difference is between seized bank boats and government seized boats. Really the only thing that may differ is that they are handled by different repossession agencies. Usually government repos are a result of a person failing to pay money to the government in the form of taxes. The banks usually take boats from their customers that fail to pay back loans and mortgages on time.

Before the boats get repossessed, the owner is required to be notified either through the mail or with a phone call. In other words, the act of repossession should not be a surprise to the person that cannot pay off their bills. If it is a surprise, then chances are that they did not want to communicate with the company and disregarded the notice. In many reality television shows and movies like Repo Man, the act of repossession is portrayed as being very dramatic and dangerous. As mentioned in a previous article, boat repo jobs continue to become popular choices for work in the rough economy.

Selling Discrepancies

Both the banks and government work the operation of selling very similarly. They both are trying to essentially flip the property for a profit as quickly as possible to any willing buyers. So if you show up to either an auction that is endorsed by the government or banks, you will find a barrage of different things, some of which may not even be vehicles. Many times auto dealers and boat companies will try to get all of the best deals by buying in bulk and reselling them at their business; be aware of this. The most important aspect is analyzing your boat to make sure that it is in decent shape and runs well before you make an investment in a “seized property.”

Government Repo Boat Auction Basic Details

The opportunity to participate in a government auction is not as common as those run by companies affiliated with banks, but many places have them. The operation is generally similar, except some repo sellers do not require an auction style every time. The government, on the other hand, typically has a strict policy that the boats will be given up to the highest bidder. Although you can still get an impressive deal out of buying one of their collected boats, the overall selection and price will probably not match that of a regular repossed boat.

Don’t get me wrong, there have been plenty of great government seized boat auctions, but the fact is that they just aren’t as widespread as other types of repos. There is absolutely no reason to pass up the opportunity to go to a government auction. Many of them will also have other repossessed vehicles like trucks and RV’s. You may find that there is a large selection of items ranging from things like repo Jet skis to four-wheelers.

Look to Big Cities for Best Repossessed Selection

Most of these government repo auctions are going to take place in large cities because they want to draw the biggest possible crowd of people in order to keep the auction competitive. As it turns out, there is usually a minimum bid that needs to be made in order for each item to sell. Some of the things on display will naturally draw in more attention than others and it may be hard to get what you had originally wanted.

If you ever go to a government boat auction or any other type for that matter, just have a couple of things in mind that you are interested in. This way, if one thing that you wanted is selling for a price that you feel isn’t enough of a reduced price, you can move on and hopefully get the next thing that you had in mind.

Advantages of Pontoon Boats Compared to Others

If you are trying to enjoy a wide variety of activities including tanning, tubing, fishing, and conversation. These boats are ideal for going for casual joyrides out on your favorite body of water. They are great for if you plan on swimming as well because they have a nice deck that floats with a ladder down to people swimming on a sandbar for example. There is really nothing more enjoyable than being out on the water and having a good conversation out in the elegance of the water and surrounding nature.

Saving Money on Your Purchase

When it comes to bank repossessed pontoon boats, you can stand to save quite a bit of money. Most types of these boats cost well over $10,000 dollars, which is not cheap by the economic standards these days. You can expect to slash the price in at least one third (on average) when you buy repossessed. The comfort of having a boat like this is great for people that own waterfront property or have a summer home which is near a river or lake.

Most people that have kids that are interested in going for boat rides are not going to want another style of watercraft; the perfect fit for large families are repo pontoon boats. Of course they are going to vary in size, shape, quality, make and model at auctions – so make sure you know what type of pontoon that you are looking for or have something in mind before you show up asking about repos.

Know What Boat You Want

The bottom line is that you should know the type of boat that you need so that you are focused at an auction. If you are looking for a fishing boat, then ask about those. In places where there is a big selection of collected repossessed boats, it may take hours to find what you are looking for if you don’t have any preferences. Not having an idea of what to look for is not necessarily a bad thing if you don’t plan on buying. Just know that other people will be there that plan on buying and they will have done their research in advance.

Types of Bank Repo Boats at Auctions

Even though people are interested in getting all different kinds of boats at auctions, the majority of buyers are in fact fishermen. There are specific types of boats beings sold such as repo wakeboarding boats, bank repo bass boats, but in general, you will probably find what you are looking for if you tour some dealers in your area that hold the repossessions. Getting a brand new boat is good if you are the type of person that wants pristine quality and doesn’t care about spending the extra money. What many people don’t realize though is that you can find plenty of good quality repos.

The reason that a lot of repossessed fishing boats are going to be in good shape is because their owners take care of them. Even if you see a few collected boats in storage that have things wrong with them (e.g. scraped paint and malfunctioning parts), there will be plenty of others that are in good condition. You’ve just got to know what you are looking for and make sure that you are saving the money that you had hoped before you make the investment, despite the fact that the price will be significantly marked down.

Keep the Price in Mind

Even in comparison to non-repo used boats for sale, regular repossessed items are generally going to be the better deal. If you don’t think that they are, just take the time to compare prices yourself by going to an auction and/or contacting a dealer for their prices. In the end, you will probably be surprised (maybe even shocked) that the price is so good. Sometimes though, the price may be marked up a little too much, it is good to take your time when buying and never rush into buying bank repo fishing boats before you have done a little bit of research.

Advantages of buying bank repo boats

1. The savings – The primary reason that people participate in the act of buying bank repossed boats is because they can potentially save a lot of money in the deal. Think about it, when the banks collect a ton of repossessed boats, they want to get rid of them quickly so that they can get some money out of the deal. The longer they wait to sell them, the lower their profits in the long run. For this reason, they want to sell them fast for a decent price; one low enough so that people are willing to buy these used repo boats.

2. Good quality – Another reason that people buy things like bank repo yachts is because they are usually in good condition. Sometimes very wealthy people (e.g. pro athletes) are forced to give up their boats because they run into financial trouble. Most people take good care of their watercrafts when they are owners and they end up being above-average quality when they are repossessed and put up for sale at an auction.

3. The selection – Typically when there is an auction, it has a large selection of watercrafts. There are all different types and kinds including repo pontoon boats, repo wakeboard boats, repo bass boats, ski boats, yachts, power boats, and more. The location and city size usually reflects the amount of boats put up for sale.

Disadvantages of getting a bank repossed boat

1. They may need repairs – Very often you will encounter boats that need to be fixed up in some way. Maybe it needs a new motor or the carpeting is worn out and you’d like to replace it. Realize that making these changes is going to take work and is likely going to cost you money and time. It is a good idea to calculate whether the time and repairs you do on the boat will be worth it in the long run before you buy a boat that is in sub-par condition.

2. Buyer competition – At many boat auctions there will be other people competing with you to get the low priced boats. Sometimes, this can turn into a bidding war (which makes the banks happy). Try to stay away from watercrafts that everybody wants because the price will likely be subject to heavy inflation in the auction process.

3. Harder to find – Let’s face it, even though a poor economic state has significantly increased the number of repossessed boats sold, they aren’t extremely common. Many people think that they are going to practically grow on trees and this is not the case. If you happen to live in a good location, then you can have some luck, but most of the time (especially if you aren’t living near any water), they will be hard to find.

4. Someone loses their boat – If the thought of buying someone else’s property that they could not afford to pay for does not sit well in your mind, then buying a repo is not for you. Many people feel sorry for the people that ended up losing their boat for whatever reason. Unfortunately, many people that have lost jobs fail to pay for their boats and end up in financial trouble, which leads to boat repos.

The General Job Qualifications

Many people think that they would make a good repo man, but when push comes to shove, the job can get quite dangerous. People are very defensive when someone tries to take their property, and as you may have seen or heard about, there have been many outrageous acts of defense including life threats that have been made to people that are in the repossession industry. Other times, things can get difficult because the individuals that are in trouble try to hide their property that is set to be taken away. The field takes one tough cookie, but if you are looking for work, this industry has been growing like crazy.

Not all cities and states are going to have car repo jobs or boat repossession openings, but if you are in a good location, you probably won’t have much trouble finding work. You have to be experienced in the area of hauling property and knowing how to handle the manipulative tactics that people use to try to keep ownership over certain items. The primary reason that a person has something repossessed is because they cannot handle their payments. This may have been a mistake in their judgment or it may have just been bad luck.

Private Repossession Agencies Repossess Boats

Understanding The Repossession Process

A lot of people that get their property taken away have been laid off from their job and as a result, they just can’t keep paying for things that they don’t need (e.g. boats). Others may have been less responsible by racking up a lot of credit card debt. Banks outsource their repossession work to independent repo companies for them to deal with their list of clientele. The people are warned and contacted in advance before their stuff gets taken and if they fail to comply or make the necessary financial adjustments to pay their statements, then they get into trouble; boat seizure occurs.