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Fassster
03-24-2011, 12:45 PM
Anyone know why so many are missing engines, electronics, gauges, etc.? I know some are sold turnkey, but I assume when a boat is repoed the owner usually doesn't know it's coming? Do the banks do take-offs of the engines cause they can sell more quickly when separated? Just wonderin.
us1ss
03-24-2011, 01:17 PM
The owner sells everything out of it before the repo man can get it. Or the repo man is a thief and he strips it before the lender gets it back. It is usually one or the other.
RED DRAGON 1
03-24-2011, 01:32 PM
i second that.
i bought a 1996 330 searay last year for 19000 with new motors and risers.i was lucky enough to find the boat for sale on the internet by the owner before the bank got it.owner listed all work done.needed a little tlc.but otherwise a good deal
racerx
03-24-2011, 01:42 PM
The owner claimed missing motors on his insurance and collected money on that,then he lets the repo man come and get it...As agreed with US1
Fish
03-24-2011, 02:52 PM
The owner sells everything out of it before the repo man can get it. Or the repo man is a thief and he strips it before the lender gets it back. It is usually one or the other.


yeuuup, and the lendee usually has some idea he has missed 6-12 months of payments and the bank wants money or boat before they take it.
Action Dave
03-24-2011, 06:08 PM
Just like buying a foreclosed house. The previous owner is going to rip out anything that he/she can keep/sell before they let the bank take it.
FullAuto9
03-24-2011, 06:11 PM
The owner claimed missing motors on his insurance and collected money on that,then he lets the repo man come and get it...As agreed with US1


I used to be a repo man, in florida you have to have a licence to repo property for another person or company. There is very little theft by the repo places because some of the cars/boats/whatever go back to the debtors. It wont go over very well if the people come to pick up their big 4x4 and the tires and rims have been swaped out.

Most people who pull stuff off cars or boats before they get the repo dont realize that when that vehicle is sold at auction, they (the debtor) are still liable for the difference.
So if they owe $100k on a boat and they rip the stereo, gauges, and the engine out, it will probably sell for less than $20k, they still owe the bank $80k