Repossessed boats

9/24/15 @ 10:18 PM
ORIGINAL POST
Theory
Theory
USER since 3/21/05
Do banks sell repo'd boats? Has anyone ever looked into or know about this?
Post Your Comment
Displaying 1 to 9 of 9 Posts
12/18/15 @ 4:42 PM
Ima FishingMachine
Ima FishingMachine
USER since 12/18/15
Good to know! Looking for a new aluminum boat.

Post Your Comment
12/10/15 @ 1:06 PM
Musky99
Musky99
USER since 8/8/11
Agreed with previous posters that some banks do and some do not.

A few pointers:

1. Make sure it is clear of all liens not just the banks.

2. Not all banks will have the boat/car inspected and sell ASIS. (see if warranty is transferable.)

3. Be very careful inspecting it and see if you can get a third party to inspect. If the guy cannot make his monthly payments, he most likely was not spending money maintaining it or winterizing it. (Some guys will actually abuse the vehicle before its taken back.)

Post Your Comment
12/9/15 @ 6:09 PM
Watchinbobbers
Watchinbobbers
USER since 6/30/10
I'd have to say the answer is yes some do. There is a credit union here in Green Bay that regularly has boats, atvs, cars, etc that they are taking bids on sitting in the lot. Actually this was Pioneer Credit Union that recently merged with another credit union and I don't know if they still are doing this. I do know when they operated as Pioneer they would usually have a couple items at a time on the lot at their main office.

Post Your Comment
12/3/15 @ 1:39 PM
fishen_soon
fishen_soon
MEMBER since 6/24/14
I bought my last boat repossessed from a bank (big one (bank)to boot). They took the top two bidders and did a live back and forth phone auction to get final price. I thought it was strange and thought they might be just running up the price but then I met the guy that was on the other phone at M&W marine during one of those winter seminars. Ended up to be a real nice boat.

Ches.

Post Your Comment
10/2/15 @ 8:06 PM
goju
goju
USER since 12/30/10
You guys may want to check out CrankyApe.com. Auctions on boats, cars, trucks, etc.

Post Your Comment
9/26/15 @ 11:24 AM
shadling1
shadling1
USER since 1/17/12
You are correct reeldrag. Some small banks will still sell or take blind bids on repos. About 10 years ago a friend of my wife's worked at such a small bank and they had 3 repo vehicles they were taking bids on. One was an f150 with less than 5k miles on it, I was in the market for a new truck. I put in a bid, didn't get it. Found out from my wife's friend what it went for, which surprisingly was alot. Whoever got it probably paid roughly 5k under what the same would have went for at a dealer. Saving 5k is alot of coin though. I haven't seen even a small bank don't his for awhile though, but I bet you can still find some if you look hard enough. Regarding the auctions I'm not sure. I did used to have a friend in the used car business and all the auctions he went to you had to be a dealer.

Post Your Comment
9/26/15 @ 6:29 AM
reeldrag83
reeldrag83
USER since 12/20/12
It kinda depends on the bank your bigger banks won't give you the time of day but some of the smaller ones will hook you up. My bank had a repo that they had parked in their lot for sale. Granted it was a 60 k ranger so I'm sure they didn't want it going for 5 k at some auction. But they were only asking pay off which was still 35 k but it was a 2014 18 fter with all the bells and whistles still had the rod holders sounders gps and from what guy told me lures and rods. I have had better luck at salvage yards. I once got a 16 ft smoker craft from a salvage yard for 100 bucks because it had been sunk. Took about 600 bucks in materials 40 hrs labor but it looked like new. I would be interested in finding these auctions thou. Any tips would be great I love to rework boats and set them up!! I have a project boat now. I had a guy give me a 14 ft John boat no title or trailer but I had an axel and a bunch of steel that I had laying around since the mid 90's at my grandparents farm so I built a bad @$$ trailer and gonna camo up boat and drop on an L drive got new numbers thru dnr should have a real marsh runner when done.

Post Your Comment
9/24/15 @ 11:30 PM
shadling1
shadling1
USER since 1/17/12
It's possible at some places I'm sure, but my wife says all the financial institutions she has worked at send their repo vehicle/boats/campers to auction.

Post Your Comment