Most companies that have loans on boats will hire private businesses or individuals to go out and repo the boat that is passed do. One company that repos boats is Marine Lenders Service.
You can buy repo boats by contacting your local finance companies or in the Autotrade magazine. You may find them on Ebay as well.
There are many of repo boats available at any time. There is not a specific time that is better than others to buy a repo boat.
www.yachtauctions.com is a great resource for repo boats. You may also want to try www.repoboatsdirect.com
of course he can, if he's tough enough.It's short for "Repossess". Loan companies that are not getting their loan payment from the person that borrowed the money hire or pay a fee to "Repo" companies that repossess such vehicles, ie. also boats, RV's, motorcycles, tractors trucks etc.
One day late. I live and own 2 repo companies in Washington. Sorry, but that is the law.
Some companies are paid by creditors, such as banks, to repossess property in the event of a default on payment. Laws governing repossession tend to vary by state.
www.yachtauctions.com offers a weekly online bidding system. www.repoboatsdirect.com has an inventory that includes new, used and repo boats with fixed prices and financing available.
I was surprised at how many websites there were for buying repo boats. Try yachtauctions.com, repoboatsdirect.com, or boatboss.com. And, as always, you can always find local sellers on craigslist.org, especially if you live in a metro area.
Getting a boat that has been repossessed is a good idea if you are looking to save some money. You can try EBay, or http://www.boatboss.com/?search=Bank+Repo&all_locations=yes&catid=-999&view=ads to find repo boats for sale.
Depending on the person who gave you the loan, there is a real chance that they may attempt to repossess your boat from you. It would be best to try to see if a payment plan can be worked out with your creditor.
There are many places you can look online for repossessed boats. You probably want to limit your search by your area, but an example is www.yachtauctions.com.
Getting a boat that has been repossossed is a great way to save money. Ebay.com has auctions of a lot of repossossed boats available.