Boat Repo

I'm located on Long Island in New York and am trying to pick up a cheap boat. Any ideas?

Manheim Auto Auction is the largest auction company in the USA. Contact them. If they don't do boats, they will steer you to someone who does..

2008-09-30 22:50:40 by theresnosn@ymail.com

Do you have questions about our bank repo boats? This video answers several questions we get from prospective customer. Lots of great info about ...

Unable to make my payments. What is the legal consequences

First, in my opinion, the 3 most evil and useless things in this world are bankers, lawyers and realtors, and you are about to get real close to 2 of the 3.
The bank (or lender) will proceed to the letter of the law, giving you whatever warnings are required. They will then get a repossession order from the courts, allowing them to recover the boat, and if the loan is secured, they may also seize the security (ie: stocks and bonds maturities, property, etc.). But wait, it ain't over yet. The lender will sell or auction the boat and securities and apply the proceeds against the outstanding amount of the loan. If the proceeds do not cover the loan and the banks legal fees, you still owe the remainder. The lender will then proceed to get legal right to garnishee your wages or pensions, seize more property, etc, to recover the remainder of the amount owed. Meanwhile, your credit rating just bottomed out, your credit cards may be cancelled, and you are trying to live on 30 % of your income. Not a good situation.

Let's face it, the bank doesn't want your boat, they want cash. Talk to your lender and see if you can work something out. Sell the boat, and maybe your pickup (keep the dog), reduce the loan as much as possible, maybe the lender will rewrite the loan to terms that are easier for you to handle.

Do not try to skip out, or hide the boat. That will put you in jail. Do whatever you can to meet the obligation of the loan, even if you have to suffer some hardship.

2009-10-13 19:11:30 by jimmyw54

Price: $9.99

I pulled some stings with some collegue bankers, and I was advised the bank that had the boat no longer owns it. Thus I conclude the dealer does.

The dealer may have had to "floorplan" the boat with the bank, which means that if the bank has to repo it, the dealer is required to make good on the loan. If the dealer owns it, it must still be sold as a used boat, but the title should be clear. You'll have an easier time dealing with a dealer than a bank, anyway.

2006-11-29 19:06:21 by Sealbeachguy

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I'm asking this on behalf of my mom. My father and her divorced. For whatever reason she got to keep the Boat, but my dad had a loan out on it- that he took to pay off some credit card bills. Well now that he is remarried and other stuff- he and his current wife are out to get my mom any way they can- so they haven't been paying the boat loan and now today the repo guy showed up saying his work order showed that my mom had volunatirly called and said they could come take the boat. My mom told the guy she was sorry- but that she never called and the guy left. Obviously my mom doesnt care if my dad f***s his credit up getting it repo'd.. but he left the boat with her for us kids to use and knows hes doing it to be a dick and be mean to her.. What can she do? And what rights do repo men have if they come to your house?
Ok sorry i guess i should have added these details to my question. 1. my mothers name is on the boat title- just not the loan. 2. She tried to call the bank to see if she could just pay it off- however the bank said since she isnt on the loan they cant talk to her about it or even let her make a payment.. so does she have any options since the boat title is in her name?

The boat is technically the finance companies, and they will be back to take it.

If your mom wants to keep it, she is going to have to pay it as your dad could care less about his credit. And if she was a co-signer she is liable anyway. Credit companies do not care what the divorce decree says, they only care about what their contract states.

She could always find out where the auction for the boat will be held and go and try to buy it from auction, it may be cheaper.

2007-09-17 13:27:37 by Amy Clark

I have a very high credit score now. I'm wondering what will happen when I want to buy a car in 3 years?

Hate to say it dude, but it will drop your score faster then a broken kick stand.

Better off to find some sucker to buy it, even if you have to take a little less then owed, or just rent it out to make a few bucks.

=-0

2009-05-25 12:03:28 by Bigpappi