When you get to level of repossessing yachts and aircraft things change, the lender must have a tremendous amount of faith in your company as well as the longevity factor. After all they don’t want you to close down while in possession of several million dollars of their assets. Far different from the car repossession industry where some lenders only care about getting a better price forgetting to think about liability and all the other whacked out crap that goes along with hiring some thug repo agent. God knows, I have had my share of those idiots and man everytime I say not never again, sure enough you need someone to do a job in another state and there always seems to be a double personality that comes out after the repossession. In business there is always an obstacle and in the repo business, dealing with double personalities and extortionists is just one of them.
After a yacht repossession, first thing to do is to secure the unit in a safe place, usually another marina in the vicinity that works with you, however you want to make sure that marina is fully secure because many times a debtor will find the boat again and steal it back, make sure its secure. Rather then taking the car to the auction, the yacht will then be sold by you for a small percentage of the sale. it works the same way as an auction works and you can really steal a yacht if you are in the market for one. Sometimes the banks just want out and will take low offers if there is no action on the boat considering there was already at least 3 bids on the yacht.
Types of yachts available
We worked with everything from old Cigarette boats to Fishing boats, to large Hatteras yachts and even cruise ships. It doesn’t matter who it is as long as they do not pay, the vessel will be going up for repossession and ultimately sold at auction. usually done by online auction on the repossession’s company website. You must get approved and submit bids usually by fax however some companies now offer an online process. Once approved, you have to have cash or financing in place and a way to transport the boat.
Getting a yacht on the cheap at auction
During the hay day in the early 2000’s some of the deals were amazing, there were so many yachts available, it’s funny how the experts come online and write articles saying how repossessions are good because the economy is bad is so ridiculous. Truth is in the great economy the car, yacht and aircraft repossessions flourish as it did then. We were selling at least two to three yachts a day in those days. These days in this poor anti capitalism economy, rising health care, small businesses closing one after another yacht auctions are far fewer than what they were but still the best deals to be had and same goes for aircraft.
We may soon start having some online asset auctions and we will be sure to link them to this page.