boat reposession

[gonfishing]

sad subject i know but do boats get repoed and where /how do they get auctioned/sold ?? reason i ask just got nifty little wheels for daughter at a knock down! wonder if i could do same for MY boat

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[stamfordian]

http://www.yachtsalvage.com/Listings/59Fairline94.htm,try this it,s worldwide but intresting

<hr width=100% size=1><A target="_blank" HREF=http://www.arweb.co.uk/argallery/stamfordian>http://www.arweb.co.uk/argallery/stamfordian</A>

 

[gonfishing]

as you said an interesting site, shame about the fairline must have fallen asleep at the helm? or is this the American way of boat repo? I can't keep it so no one will???

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[Forbsie]

May have some boats coming available before sale of yard I'm in. Certainly 17/18 footer going for £200, if you're interested.

Hope you notice that even at this time in the morning, I can still spel.

<hr width=100% size=1><A target="_blank" HREF=http://www.arweb.co.uk/argallery/forbsie?&page=1>My Project</A>

 

[Deleted User YDKXO]

They sure do. I once bought a repo Princess 435 from the old NWS finance house and a jolly fine boat it turned out to be. I later learned that NWS had loaned 95% of the new value to the previous owner but he had used the boat as collateral for a loan from Lloyds Bank as well. After the repossession he also tried to bribe the yard where NWS had stored the boat to relaunch it for him. Nice bloke!
The only thing I would say about repo boats is for a potential buyer to ensure that the selling finance company confirms in writing that the boat is being sold free of all liens

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[dickh]

Try <A target="_blank" HREF=http://www.ukrepo.com>http://www.ukrep.com</A> - they have cars & boats
Tried altering the link as I had typed it wrong - it looks wrong (should be www.ukrepo.com)but does work!!
<hr width=100% size=1>dickh
I'd rather be sailing... /forums/images/icons/smile.gif<P ID="edit"><FONT SIZE=-1>Edited by dickh on 06/03/2003 10:33 (server time).</FONT></P>

 

[hlb]

It dont work.

<hr width=100% size=1> <font color=blue> Haydn

 

[dickh]

Try now <A target="_blank" HREF=http://www.ukrepo.com>http://www.ukrepo.com</A>

<hr width=100% size=1>dickh
I'd rather be sailing... /forums/images/icons/smile.gif

 

[jfm]

repo.com bang up to date

Their used car list was up to date as of 10 October 2002. Hmmm.

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[MedDreamer]

My first boat was a repo and the purchase was really simple as I financed it using the bank that repossesed it so no problems with title. Got a good deal but not much better than normal discount.

Actually though, we didn't keep it long because SWMBO felt it had "ghosts" and said she never felt it belonged to her. Got 100% back on trade in and it got us boating so no regrets.



<hr width=100% size=1>Martyn

 

[Observer]

"Selling free of liens.."

It's always a good idea to require the seller of anything (used goods in particular) you purchase to warrant that it has and will transfer good title. However, "free of liens" is not, by itself, sufficient. Liens are a specific type of legal interest that can attach to goods. For example, if you send your car/boat to be repaired, a lien can be attached/claimed by the repairer.

The all embracing "term of art" which one should seek to incorporate in a contract for sale and purchase of second hand goods or a bill of sale is that the seller sells "with full title guarantee". This term incorporates, by statute, implied covenants which cover liens, charges, security interests and other "encumbrances".

Note also that if you are purchasing from a seller who is acting in the course of a business, you have staututory protection under the Sale of Goods Act which includes an implied term that the seller has and is entitled to transfer title to the goods - and the seller cannot exclude that term regardless of any purported attempt to do so (Unfair Contract Terms Act).

However it is possible, even where the seller is a finance company, that title may be transferred subject to a security interest of which the seller is unaware. Therefore it is probably a good idea to ask for "full title guarantee" (but seller may be reluctant to grant this).

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