So, you're stealing the radio from the bank, and
that's okay?
S.


Steve, you don't know much about anything, do you? The bank repo's the
boat if there's a note not paid. In some cases the bank pays us off and
takes the boat for their own sale. But in most cases we buy the boat
for a tiny amount and the bank has no further interest. I then
inventory the boat, remove gear that we can make additional money on
and keep a third of the profits or take it in gear for myself. When the
boat is above a certain value, we don't touch it. The bank sends a rep
and they do their own inventory. The thief who "owned" it before has no
rights as he's screwed the bank and the yard in most cases. It's a
great deal for me. My boat gets a lot of toys, I help support my great
club and I pay no yard fees and am comped on all work.
Quite recently we repo'd a Hunter 36 and that boat's gear sold for
almost as much as the boat itself. A perk for my hard work is that I
can grab an occasional tid bit for myself. Something big like a radar
comes out of my 33%. Repo's are sad, I agree, but this is not the most
common course. In most cases we have owners who simply walk away from
boats. The boat are of minimal value and a serious problem to get rid
of. I'll be selling off a LOT of boats on Craigs list that are of this
variety. The gear I sell on ebay or at a yard sale we hold twice a
season via member mail.

RB
35s5
NY