Repossession Myth or Fact

[robyonfrome]

If you have been following the threads on the repossession issues lately, you would have noticed that there seems to be doubt whether this problem exists. If you have been unfortunate enough to have had your boat repossessed by a sellers finance company after you purchased it, please can you let us know.

Sorry to go on about this but I feel we ought to get to the bottom of this.

 

[lovezoo]

There are a few posters on here who will give you facts and first-hand experience, the rest will give you myths, half-truths, exaggerations, stories they heard in the bar, stuff they googled, read in the Express, dreamt, were told by their gran 40 years ago, or simply made up.

Some won't read the original post and will answer the wrong question, others won't read the thread and (incorrectly) repeat what someone else has already said and a few will start off by saying "I'm no lawyer/mechanic/brain surgeon but I would have thought..." before giving their in-expert (ie wrong) opinion.

Of course, I might be exaggerating.

 

[BrendanS]

I've read both threads, and can't see any underlying doubt about the issue at all. You seem to have decided there is a problem, and are trying to shoehorn a problem into your understanding of what happened in one case? If there was a problem, don't you think that in all the years ybw has been available, we would have heard of more than one case, and in that one case the poster was largely to blame?

 

[rubberduck]

I've read both threads, and can't see any underlying doubt about the issue at all. You seem to have decided there is a problem, and are trying to shoehorn a problem into your understanding of what happened in one case? If there was a problem, don't you think that in all the years ybw has been available, we would have heard of more than one case, and in that one case the poster was largely to blame?

Sounds like a balanced view to me. If parting with a large sum of money in any purchase surely you need to be 100% sure about it, & if not then you should walk away. I haven't read the other threads but was the boat in question priced on the low side. People selling things that are not theirs tend to under price as a rule, they get a quicker sale that way before someone (the bank in this case) becomes aware. Buyer beware.

 

[robyonfrome]

Can we please move on from privious posts, If this is a myth an no one reports being stung, we can all buy our next boat without worrying someones going to reclaim it. I can't see a problem. asking this question

 

[penfold]

Can we please move on from privious posts, If this is a myth an no one reports being stung, we can all buy our next boat without worrying someones going to reclaim it. I can't see a problem. asking this question

If you haven't reached a conclusion from the 2 existing threads, then starting a new one will not gain you any further enlightenment. If it's keeping you awake at night, phone or write to the RYA, where the specialist legal eagles are as knowledgeable as anyone and qualified to put a shyster sheen on it. Beyond that there is no guarantee of anything, because the law is not particularly well written in this area. Protect yourself by using the RYA's guidelines for buying/selling and the draft bill of sale, that is about as safe as you can make yourself. It would appear that purchase from a broker offers no extra protection.