Cue the music.... theme song from 'Sanford & Son'.



--
"Swab Rob" wrote ...
So, you're stealing the radio from the bank, and
that's okay?
S.


Steve, you don't know much about anything, do you? The bank
repo's the
boat if there's a note not paid. In some cases the bank pays us
off and
takes the boat for their own sale. But in most cases we buy the
boat
for a tiny amount and the bank has no further interest. I then
inventory the boat, remove gear that we can make additional
money on
and keep a third of the profits or take it in gear for myself.
When the
boat is above a certain value, we don't touch it. The bank
sends a rep
and they do their own inventory. The thief who "owned" it
before has no
rights as he's screwed the bank and the yard in most cases.
It's a
great deal for me. My boat gets a lot of toys, I help support
my great
club and I pay no yard fees and am comped on all work.
Quite recently we repo'd a Hunter 36 and that boat's gear sold
for
almost as much as the boat itself. A perk for my hard work is
that I
can grab an occasional tid bit for myself. Something big like a
radar
comes out of my 33%. Repo's are sad, I agree, but this is not
the most
common course. In most cases we have owners who simply walk
away from
boats. The boat are of minimal value and a serious problem to
get rid
of. I'll be selling off a LOT of boats on Craigs list that are
of this
variety. The gear I sell on ebay or at a yard sale we hold
twice a
season via member mail.

RB
35s5
NY