Out side of boat prices lately there is very little economic stimulus going on and it seems Washington is running out of ways to get the economy back on track. Banks are creating ways to manage the wave of repo boats a they were unprepared to handle. Boat prices like home values have indicated signs of recovery but boat buyers will still be able to find sizable bargains at boat auction houses.
Nowadays it's not just boat owners who are struggling. Power sport and RV owners are also defaulting not to mention ATV, cycle, RV, Snowmobile, and PWC owners. These toys don't have the room in the budget they once had. Now lenders have to concede and accept less for their collateral otherwise their stuck with it. As a result repossessed recreational vehicles and vessels are being sold at jaw dropping prices...in some instances 65% of what they would cost new.
Bank repo boats, pwc's, rv's atv's, etc. aren't selling for what they used to but they're still being sold for prices that you can brag to your neighbor about. Lenders only a few years back were like a deer in headlights when the economy threw out an anchor and all the boats and small water craft that were financed in 2006 suddenly became non-performing 'dead weight' on the banks books.
Banks aren't in the boat selling business, and they can't stand seeing a non performing asset depreciate month after month. The bottom line is banks are in the loan business. They will take a loss if the boat sits too long. The longer it sits, the longer the condition suffers, the lower the offer should be.
As a result boat buyers looking at boat auction opportunities can easily realize 15 to 20% savings on newer or used boats before they even start negotiating. According to Boat Auctions Direct overseas international buyers are profiting in multiple ways via. the weak dollar as well as the glut of repo boats for sale across the U.S. These buyers' big concern is getting their new repossessed boat transported home safely and without much expense. National Liquidators out of Florida transports many of their repossessed inventory overseas to Europe, Caribbean, and Canada.
Nowadays it's not just boat owners who are struggling. Power sport and RV owners are also defaulting not to mention ATV, cycle, RV, Snowmobile, and PWC owners. These toys don't have the room in the budget they once had. Now lenders have to concede and accept less for their collateral otherwise their stuck with it. As a result repossessed recreational vehicles and vessels are being sold at jaw dropping prices...in some instances 65% of what they would cost new.
Bank repo boats, pwc's, rv's atv's, etc. aren't selling for what they used to but they're still being sold for prices that you can brag to your neighbor about. Lenders only a few years back were like a deer in headlights when the economy threw out an anchor and all the boats and small water craft that were financed in 2006 suddenly became non-performing 'dead weight' on the banks books.
Banks aren't in the boat selling business, and they can't stand seeing a non performing asset depreciate month after month. The bottom line is banks are in the loan business. They will take a loss if the boat sits too long. The longer it sits, the longer the condition suffers, the lower the offer should be.
As a result boat buyers looking at boat auction opportunities can easily realize 15 to 20% savings on newer or used boats before they even start negotiating. According to Boat Auctions Direct overseas international buyers are profiting in multiple ways via. the weak dollar as well as the glut of repo boats for sale across the U.S. These buyers' big concern is getting their new repossessed boat transported home safely and without much expense. National Liquidators out of Florida transports many of their repossessed inventory overseas to Europe, Caribbean, and Canada.
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Check new and used boats at auction and save as much as -65% on boat repos. Check bank seized vessels at boat auctions. Check out how to get in on the auction today.
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