Subscribe To This Site
"Repo Boats are Forcing Banks in 2010 to 'Take a Hit'..(Buyers taking advantage of 60-75% off book value...even newer boats right now--free links to resources below…)
Unfortunately for lenders, the total number of repos that move to auction, while not made public by banks or credit unions, will most likely continue to shoot upward throughout 2010. More boat loans are going into default …especially those who used their homes as an ATM to the to finance the boat. One thing this economy continues to reveal … As the economy worsens boats are one of the first things that consumers surrender if they’re struggling to make payments on their home mortgage or unable to pull equity out of their home for “help”.
And it’s not just boats... Auction lots are holding repossessed power sport and recreational vehicles (ATV’s, RV’s, Motorcycles, Choppers, Snowmobiles, Jetskis, Travel Trailers, etc.) as well. Even though repo boats are liquidated by banks via. boat auctions, dealerships, used car lots, and even bank or credit union parking lots, they still only expect to get just 75% of the outstanding loan balance, says Cathy Tierney, president of Community First Credit Union. Here’s some very recent stats... Check out these recent Repo Boats Sales Stats:
Below you can check out the top sources online that we use to find boats and other repossessed assets that lenders (SUNTRUST, BANK of AMERICA, CITI BANK, etc.), credit unions, insurance companies, and the Gov’t use for their liquidations: Top Repo Boats Resource Links for 2009Boat Auctions Direct once again maintains an impressively thorough and deep resource specifically geared for repo boats , yachts, pwc's, rv's, atv's, and marine equipment buyers. This site aggregates auction sources (LIVE sources) then organizes each by "State Sources", "Government Sources", "Distressed Owners", "Online Sources" and finally "Salvage Sources".
This source is currently promoting a one-time access fee for a specified time period before they begin offering a monthly recurring membership only site. This is a very impressive resource to use.
This resource is still a good addition however,...a big time saver. Sources are displayed for quick access to auctions within reasonable proximity to your area should you want to actually attend the auction. Auction database is updated from time to time.
NOTICE!We're forwarding recent feedback that the following boat auction sites: The Auction Spot and Auction-Repos.com are in no way reflective of what the owner(s) claim to provide within the membership pages (link to site below).We've taken interest since unfortunately these apparent auction scam websites front themselves as a 'boat auctions' site. So as to be fair to the site owners we reviewed the site and paid the membership fee of $24.99. (Prior to paying visitors are originally offered "FREE REPO LISTINGS" which obviously were not free.) In our opinion the advertising claims are indeed fraudulent based upon information provided. Our email box immediately became littered with 'free' offers (spam) from third parties.The site owner was unable to be contacted since no means of contact or support are available on either site.
HarrisonMarine.com is a very relevant site that also offers repo Michigan boats for sale and may be the midwest's largest repossessed boat sales outlet. Located in Harrison Township, Michigan, Harrison Marine's website allows you to view and bid online for repo boats LongBeachYachtSales.com specializes in the marketing of pre-owned and repossessed boats, rvs, and yachts. I found them to be a very reputable company out of Long Beach and Newport Beach, CA. Awarded the Dealer of the Year from Boat and Motor Dealer magazine, Long Beach Yacht Sales represents many of the major marine lending institutions in the resale of repossessed inventory. BoatRepoNorthwest is based out of Port Haddock, WA BRNW and will soon be (if they haven't already) listing their recovered boats and watercrafts onsite. The repo company recovers than preps the vessel for auction. salmonbaymarina.com offers services to Lending institutions and boating clients by recovering, mooring (storing) and selling boat repos. Located in Seattle, WA. National Liquidators has handled over 10,000 cases since its inception in 1988, from jet skis to yachts to passenger cruise ships and used boats. Their inventories include bank repo boats, foreclosures, government seized vessels and brokerage boats. Their facilities are located in Fort Lauderdale, Florida, Newport Beach, California and Cleveland, Ohio. iboats.com has one of the biggest boat classifed listing services online. By typing the words "repo" or "repossessed" within their sites search engine you'll spot quiet a few boat repos for sale either by dealers or lending institutions. Be careful though as some of the results that you will find will not be repos but rather words that contain the word repo i.e. repowered or some other variation with the word "repo". Nonetheless, you have a huge database from which to sift through. seauction.com is the home of Southeast Auction Company, Inc. This is a good auction source that regularly liquidates a large inventory of repo Boats, RV's, as well as other merchandise. Open to the public auction house sells vessels to the highest bidder regardless the price. Located in Tuscaloosa, AL. CertifiedSales.com is a large outfit specializing in the sales of repossessed yachts, vehicles, aircrafts and equipment. All of the items on this site are selling under what they consider "unusual circumstances" i.e. repossession, insurance payoff, damage, or simply an owner who has a strong desire to sell the unit quickly. Located in Mendon, MA and Warwick, RI. YachtWorld.com specializes in the repossession of vessels and act as a "substitute custodian" on Federal Court Ordered Arrests of vessels by the U.S. Marshal's Service. Located in Seattle, WA. The above links represent some very popular links not to mention my most favorite boat repo sites. If you didn't find anything within a reasonable proximity, BoatAuctionsDirect.com will provide lists of opportunities within each state including government, local, and financial institution auction listing sources.
Update: Check out the latest boat auction sales stats.
Please feel free to suggest any other relevant boat repo sources or information that may be of help to our readers.
|
Frugal buyers have been taking notice of the repo boats trend as banks struggle to remarket and liquidate their "non-performing assets." 
