"Repo Boats are Forcing Banks in 2009 to 'Take a Hit'..

(Buyers taking advantage of 60-75% off book value...even newer boats right now--free links to resources below…)

Frugal buyers have been taking notice of the repo boats trend as banks struggle to remarket and liquidate their "non-performing assets."

Unfortunately for lenders, the total number of repos that move to auction, while not made public by banks or credit unions, seems only to shoot upward throughout 2009. More boat loans are going into default …especially those who used their homes as an ATM to 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...

We’re seeing auction lots full of repossessed power sport and recreational vehicles (ATV’s, RV’s, Motorcycles, Choppers, Snowmobiles, Jetskis, Travel Trailers, etc.)

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 amount owed, says Cathy Tierney, president of Community First Credit Union.

Here’s some very recent stats...

Check out these recent Repo Boats Sales Stats:

• According to BoatAuctionsDirect.com “…repossessed vessels and recreational vehicles are being let go at alarming prices as much as 40-60% off of book value. In some cases lenders are being forced to simply let go of their "non-performing asset" collateral writing off the loans entirely as a total loss. Bids are unbelievable right now..”


• Community First Credit Union had to let go of a repo boat with a 320-horsepower Mercury engine, for $40,000. The 2003 Sea Ray Sundancer (top image) had less than 50 operating hours.



• Recently a 1990 yacht with a book value of only $12,000 (b.v.= cost – depreciation) with a loan balance of $6,000, plus the $3,000 in expenses to have a liquidator recover and remarket the asset…is just not worth the banks effort. It’s easier to just let them go…



• USauctions.com liquidated a ’97 Chaparral 232 Sunesta deck boat for under $3,000 just recently.CURRENT RETAIL: $14,000



• Recent boat auction sales just revealed this IRS seized ’91 Formula 311 31-footer powered by two Chevy 454 cu.in engines via. currently up for bid. They update their repo sales monthly.


• Another auction source received a Bank Owned Repo Cuddy (‘06 Stingray 240 CS) with only 68 hours in mint condition that SOLD at an absolute, NO-Reserve auction for $22,490..CURRENT RETAIL: $43,000


• National Liquidators has an ‘03 Glastron, 175 SX including trailer up for bid at only $7k and the lender is accepting offers..CURRENT RETAIL: $11,900

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 2009

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.


AuctionsPass.com covers a lot of assets offering a wide array of auctions..everything from Farm equipment, boats, and vehicles to antiques, coins, and furniture. Doesn't have the depth that Boat Auctions Direct offers as you can find almost anything including homes in foreclosure as well.

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.

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.

Update: Check out the latest boat auction sales stats.

This repo boats resource will be revised and updated as new and relevant sources come available. Please feel free to suggest any other relevant boat repo sources or information that may be of help to our readers.