I'm interested if anyone has every purchased a bank repo boat or a boat from an auction site. Google searches yield some seemingly unprofessional websites.
Any experiences with bank repossession/auction boat websites or resources would be appreciated.
Thank you!
2017 Nitro
Stay away.................if it looks too good to be true it usually is.
While I agree that you must be very cautious, several years ago a local guy bought a nearly new Champion at a bank repo auction for a pitance.
"The man of system is apt to be very wise in his own conceit; and is often so enamored with the supposed beauty of his own ideal plan of government that he cannot suffer the smallest deviation from any part of it…He seems to imagine that he can arrange the different members of a great society with as much ease as the hand arranges the different pieces upon a chessboard.” Adam Smith, The Theory of Moral Sentiments
If someone can't afford the payment, They can't afford the Maintenace.
Copart is legit. We've bought a few vehicles from them with zero issues. Never a boat but I can't imagine it being any different.
My BIL bought a boat from Boat Angel's thru eBay. No issues with purchase.
Some people who know their vehicle/boat/motorcycle etc. etc. are about to repoed, treat them like a rented mule because they know they won't have to fix them.
Buyer beware.
There's lots of decaffeinated brands that are just as tasty as the real thing.
Hi Mike.
Same thing with foreclosures on houses.Originally Posted by Rider99XX
I worked for a consultant who had a contract with a few banks to inspect foreclosed houses for structural issues.. there’s times when we’d open the door and the roof was in the basement because of how rotted everything got.
Every home that we went to was trashed. Feces on the wall, holes in the floors and walls from intentional damage, toilets ripped off the floor, water lines intentionally left open, etc..
1995 Ranger 481v
1995 Johnson Fast Strike 175hp
Seen a few houses like that myself. Even seen a few apartments trashed when the renter gets evicted. Had to press charges on several evicted people through the years.
There's lots of decaffeinated brands that are just as tasty as the real thing.
Hi Mike.
My son bought a new I/O family style deck boat at auction from a "out of business" dealer. They sold several new Bass rigs, New Tin boats, Large tackle store inventory etc.
I bought one maybe 7-8 years ago.. Area Bank had it listed on Craigs list. Called them and went and looked at it and thought it looked pretty decent short of being in a repo truck yard for several months uncovered.. The price was below book and other than being a little dirty price was right. Told the bank I'd make them an offer if I could test the motor... even just running it on a hose and checking compression. I was worried why it had been repo'd and the possibility of major motor troubles being that reason. Bank tried to figure out a way to help me test it... repo yard said i couldn't run a hose to it and bank wouldn't let me pick it up and take it anywhere to get checked out. I thought about it for a couple of days.. checked book value, deducted 100% of the value of the motor and made them an offer. They said no of course, I said fine and let it go. Surprisingly a week later they called me and changed their mind. I wrote them a check... brought it home and all was great.. still fishing with it today with only maintenance type work on it ever since. I'm sure my results wouldn't be typical, but I'd be cautious.
A local bank had a repo auction several years back and several boats with very vague descriptions on them. I was able to tour the lot during the pre-auction walkthroughs and everything there was junk. Everything stripped and tore up bad.
They had opening bid on a 1989 stratos 20 foot boat trashed to hell with a 150 black max Merc on it at 6500 and that told me all I needed to know about these kinds of deals. I walked away and haven't even considered anything since.
I wonder what caused these things to be repo'd to begin with? Are banks writing loans on 20+ year old boats or do customers use those items as collateral on other debts?
Yes I have bought several, only one ended up being worth it. Copart is an insurance website, boats are totaled for a reason!!!!
I went and looked at a Ranger 391 Comanche that’s was stripped nearly to the bone.! And they had a starting bid that was way over the value of what they had.! And I said no thank you at any price.! I would have charged them to haul it off the lot.! Hard pass until it’s seen and then be very cautious.!
I drove 12 hours to southern Missouri about 15 years ago to buy a repo straight from a bank. A link was posted on here in the name brand section warning against a too cheap, it has to be a scam. I’ll test the waters. I called the number in the link and it was a bank. They had the boat at a dealer getting it serviced. It was mid November and the manager said get it sold before winter. I even negotiated down the too good the true price. I took off within a day or 2 and bought it. Used it for 2 years and sold it to a guy on here from Milwaukee. He used it for a couple years and a guy on here drove from Florida to go get it. He still has the boat today. Selling that boat is one of my more regretful boat decisions ever. 2008 Champions 210 with a 300XS. Do your research, due diligence, and reconnaissance. Some times you really can find some incredible deals.
Be sure and verify that you can get titles and previous owners registration (if required to register or title in your state). That side of it can be a major headache.
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"For I know the plans I have for you, declares the Lord, plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
DITTO !!
I purchased a skeeter fish and ski from copart. Wanted strictly the motor. Hull was full of scratches and some damage that a keel guard would cover. Motor ended up having a bent prop shaft which I straightened and it was fine. Ran motor for a while and then sold it. Kept the boat but never did anything with it.
All sheep are eventually led to slaughter
I bought a repo boat that was less than a year old. They bought it new in July winterized it in October and then promptly stopped making payments. It was repo’d in February and I bought it from the bank in March. I payed 1/2 retail value, used it for 4 1/2 years and sold it for more than I paid for it. Like most folks wrote, due your research, have it checked out because there can be some great deals.
USN Retired
2020 Basscat Caracal
2020 Mercury 225 ProXS 4s
Which is a worse buy, a Pro's used or bank repo boat?
Depends on the Pro!
USN Retired
2020 Basscat Caracal
2020 Mercury 225 ProXS 4s
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