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Will a major bank come re-po a boat?

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Will a major bank come re-po a boat?

Old 05-13-2013, 01:41 PM
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Default Will a major bank come re-po a boat?

A buddy and me were talking, he was saying that with the economy like it is, and with so many foreclosures, loan defaults etc etc. a major bank like Bank of America or Wells Fargo would not take the recourse to come physically re-po your boat if you just stopped making the payments on it. That of course it would go against your credit etc etc....but he didnt think that they would actually make the effort to come get it. Would they take the time to track it down? I mean a lot of folks dont just keep their boats in their front yards like a car.

What says the Hull Truth brain trust?
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Old 05-13-2013, 01:44 PM
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they will... it's an easy process. A company gets hired out, and they will find the boat and take it. that is how THEY get paid.
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Old 05-13-2013, 01:44 PM
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I work for a medium size bank and I can tell you with out a doubt we will repo. On a side not we will also bend over backwards to accommodate the person in finical distress , we are not in the business to sell boats so we send them over to our local boat dealer for resale.
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Old 05-13-2013, 01:49 PM
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You better make the payments you missed appfan.
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Old 05-13-2013, 01:50 PM
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I want this to be a TV show, sort of like the car repo shows. Except better...because they're boats.
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Old 05-13-2013, 01:50 PM
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Originally Posted by appfan99 View Post
A buddy and me were talking, he was saying that with the economy like it is, and with so many foreclosures, loan defaults etc etc. a major bank like Bank of America or Wells Fargo would not take the recourse to come physically re-po your boat if you just stopped making the payments on it. That of course it would go against your credit etc etc....but he didnt think that they would actually make the effort to come get it. Would they take the time to track it down? I mean a lot of folks dont just keep their boats in their front yards like a car.

What says the Hull Truth brain trust?
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Old 05-13-2013, 01:51 PM
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They will come get it and depending on the state they will chase the deficiency balance to no end. That means watch all out for all those other liquid assets, bank accounts, etc....
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Old 05-13-2013, 01:53 PM
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You bet they will, just look at the boat pictured below. It was a repo and I am pretty sure the previous owner knew it was about to happen.

It's the best mistake that someone else has ever made.
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Old 05-13-2013, 02:00 PM
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I'll add a wrinkle to this thread. What if the boat is in a foreign country, like say Mexico? First, they have to find it. 2nd, they have to try and take possession, and 3rd, then they have to get it back to the US?

I dunno... just curious if it would really be that easy for them to repo in a situation as said if there was a complete and utter "failure to communicate" on the part of the boat owner.
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Old 05-13-2013, 02:01 PM
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They will. Lots of places sell bank repos : for example

http://www.yachtauctions.com/invento...20of%20America
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Old 05-13-2013, 02:18 PM
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Originally Posted by Dulcecita Lures View Post
I'll add a wrinkle to this thread. What if the boat is in a foreign country, like say Mexico? First, they have to find it. 2nd, they have to try and take possession, and 3rd, then they have to get it back to the US?

I dunno... just curious if it would really be that easy for them to repo in a situation as said if there was a complete and utter "failure to communicate" on the part of the boat owner.
If the Collections Dept manager knows his job, this would be a complete right-off. Then he would file a judgement against the owner.

That is the reason most banks will not make boat loans to people that do not have liquid assets.
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Old 05-13-2013, 02:25 PM
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They'll get it. Foreign country or otherwise.

It's not always easy, but they'll get it. If you really think that a major bank like the ones mentioned in this thread don't have the resources to track down a boat, you're mistaken.
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Old 05-13-2013, 02:55 PM
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sounds like hes thinking they are behind and will take forever at least to come get it like some ppl still live in their house after its been foreclosed on cause they are handling too many already
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Old 05-13-2013, 03:05 PM
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Originally Posted by WalkingTheDocks View Post
They'll get it. Foreign country or otherwise.

It's not always easy, but they'll get it. If you really think that a major bank like the ones mentioned in this thread don't have the resources to track down a boat, you're mistaken.
Oh, I don't doubt it for a minute. I think the "write-off" and judgement answer is probably more in line with what they would actually do (mentioned above). Things disappear in Mexico all the time. And I suppose how successful they would be at getting it back depends on what reciprocal agreements are in place with said foreign country. Mexico now cooperates quite a bit with US law enforcement, but that wasn't always the case.

Perfect example - I used to lease a truck. I needed to get a permission letter from GMAC in order to take it over the border towing my boat. They flat-out refused to give one because if in an accident in Mexico, the vehicle is impounded and they... don't... come... back. Period. Took me weeks of marching up the corporate ladder at GMAC to finally get the permission letter I needed.
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Old 05-13-2013, 07:18 PM
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Ok. I have to go with the smartass answer here... Keep missing those payments. The bank will just call you and tell you that it's ok and by the way... Don't worry, if you continue to keep missing payments, we will just give it to you.
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Old 05-13-2013, 07:28 PM
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Originally Posted by Dulcecita Lures View Post
I'll add a wrinkle to this thread. What if the boat is in a foreign country, like say Mexico? First, they have to find it. 2nd, they have to try and take possession, and 3rd, then they have to get it back to the US?

I dunno... just curious if it would really be that easy for them to repo in a situation as said if there was a complete and utter "failure to communicate" on the part of the boat owner.
A current banker can probably speak to this as to current law . . .

In the past this issue was one of the reasons banks required some boats to be documented. If the boat is documented a Fedreal Marshal can "arrest" a boat on foreign soil, and turn it over to a representative of the bank for transport.

A lot will depend on the cost of the debt, but for substantial money it is worth it for them to hire an off duty Marshall and a Captain to recover a boat.

In the states they will most definitely repo it. And the repo services WILL find it eventually. I know two guys who worked as repo captions picking up boats out of state and running them back to Florida to be sold. The guys at National Liquidators in Lauderdale have a crew that are masters at quietly floating a guys yacht away from the dock while the owner sits in his recliner watching TV spitting distance away.
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Old 05-13-2013, 08:15 PM
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Your friend is an idiot.
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Old 05-13-2013, 08:38 PM
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Originally Posted by cape_fisherman View Post
Your friend is an idiot.
Well put.
American citizens very rarely get away with that kind of behavior.
Illegal and undocumented miscreants from south of the border?
No problem. Just like the lottery.
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Old 05-14-2013, 03:21 AM
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Originally Posted by cape_fisherman View Post
Your friend is an idiot.

Yep. He better catch his payments up

By way have you seen that tv show where they repo airplanes. Lot of high end jets and even company jets in other countries don't stop those guys
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Old 05-14-2013, 05:24 AM
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Originally Posted by mduran View Post
they will... it's an easy process. A company gets hired out, and they will find the boat and take it. that is how THEY get paid.
And 90% of the time your boat ends up at a auto auction but not local. Thats how that works.
Atlanta Auto Auction has about 30 boats on the inside at any time. GA dealers on the other side of town, maybe 5 to 10.
The bass boat I just bought, the guys bought it at a auction, brings it home, cleans it up, and sells it. Stuck it on e bay and thats how I bought it but the boat had been stripped.
What is worse than that, is him being late on the payments. Credit companies and banks, will pass you right on by when they see you have had a repo. You'll be buying from a local dealer, PAY HERE, at 28% interest and driving one of those cars the girls were laughing at in that tv add cause the guys could not get a good car.
He ain't doing anything but setting himself up but to lose big time in the end.
Hes better off to go work with the banks and try and get the payments knocked down or turn it over to them ... Really.
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