"Bank Repo Boats NY: Downsizing Gives Way to an Uprising of NY Repos in 2008"

There are a number of factors contributing to the recent surge of bank repo boats in NY, CA, FL, and MI predominantly within the past two years. The most apparent are consumer debt which has more than doubled in the past 10 years, rising fuel prices, and corporate downsizing.

The growing, new breed of owners are white-collar professionals who were victims of relentless downsizing.

Former vice presidents, marketing managers, financial officers are among this new breed found in big cities especially New York. Layoffs throughout the state of New York have about doubled in 2008 and folks who went into debt are only going deeper.

Many New Yorkers like many home owners across the country bought big homes and big toys tapping into their homes equity like an ATM. When the market turned and companies downsized many NY boat owners found themselves out of work and unable land even a similar paying job to keep things afloat.

The new wave of bank repo boats in NY along with other coastal line states are turning a lot of heads due to the significant savings compared to retail. NY boat owners in particular are noted for high-end, luxury type boats and private yachts.

Banks that get left holding the bag on these big ticket assets tend to move quick..sometimes for .30 to .50 on the dollar. Once a boat or any type asset is bank respossessed, the bank now finds themselves with what they call a "non-performing asset" on their books.

Banks sell loans not boats. In the end they will sell as fast as they are legally allowed often leaving the remaining deficient balance for the original owner to deal with.

"Finding bank boat repos NY city style requires a bit of patience and more importantly, the knowledge as to where to find reliable sources that must consistently liquidate repo or seized assets"

The following links will consistently deliver liquidated boat inventory thus giving you a head start towards finding bank repo boats in NY as well as other neighboring states:

I typically don't subscribe to member based auction sites but AuctionPass is the one resource that covers all your bases and keeps you updated. They ask for a one time $40 membership fee.

Auctions International is located in Buffalo, NY, offers a growing auction database of live auctions throught New York state. Members can bid online for surplus merchandise from government and municipal agencies throughout the Northeast. They can be reached toll free: (800) 536-1401.

Maltz Auctions is a large, full service auction company based out of Plainview, NY. The company is one of the larges in the North East.

Auctions are held on behalf of the U.S. Bankruptcy Courts and Financial Institutions throughout the United States, The United States Department of Justice, The U.S. Government Small Business Administration, the I.R.S., Law Firms, privately held auctions and Corporations nationwide. Phone: 516.349.7022

American Auctions, Liquidations, & Appraisals is located in Commack, New York 11725, but also has offices nation wide. Just as their name indicates, AALA is also a large outfit that conducts 1,200 auctions annually. They predominantly liquidate inventory for lending institutions and government agencies throughout NY and across the globe. Phone: 516/631.777.7295