I've been shopping around lately and someone told me that I should look into buying a repossessed boat and/or truck. Has anyone ever done such a thing? How does this process work? Pros and cons? Just looking for some experience. Thanks!

Never bought a repo.  The thing that would concern me right off the bat is that if someone didn't have the cash to make the payments, how diligent were they about taking care of the boat or vehicle? 

 

I'm sure there are plenty of good deals to be had by getting a repo.  Just be sure to have the boat or vehicle given a thorough once over by a competent tech.  If they've been around for a while, they should have seen a repo or two, and know how to tell if a vehicle/boat has been used, or abused.

That's about all I do buy. Some outstanding deals to be had at auction that way. I've never bought one directly from a bank or finance company, they always seem a little harder to deal with and more expensive. However, I am also able to buy at dealer only auctions (I'm not a dealer though, my brother is) and I am a far better than average shade tree mechanic, so I can afford to take a greater risk.

However, if you have someone that knows their crap that can check it out, I've seen some very good deals at banks. Just don't pay their first or maybe even their second asking price.

Repro normally is owned by a bank or lending company. You would be buying it from them, many time they are beat to ***** as the previous owner knew it was going to get reproed. Other times they are in good shape just think of it as buying a used car from a private party. Be sure and look it over real well & it's a good idea to have it checked over by a mechanic.

 

Way back when when I was younger the guy I worked for & I used to repro cars/trucks. We reproed a 1970 Chevy pickup that my dad ended up buying from the bank. It had low miles on it and was a good truck. He was never sorry he bought it. We did check it over head to toe before he bought it.

I have bought a couple repos and have never had a problem. My ski boat and jet ski are both repos. You have to have a bank letter before you can buy at a lot of auctions so it's harder to finance one unless you have an open line of credit.

A family friend used to work at a bank. I was really into cars at the time. He called me and asked if I was interested in a 2004 Z06. I didn't even see the car, but figured id most likely gut it anyway and make it a track car. When he delivered it, it had a few minor body issues like scratches and door dings. The drivers seat had a small rip and the shifter boot was all tore up. Nothing I couldn't fix. I put a few dollars into it, did some engine work and a dyno tune, drove it for 2 years and sold it for a nice profit. That was my only experience.

I've been shopping around lately and someone told me that I should look into buying a repossessed boat and/or truck. Has anyone ever done such a thing? How does this process work? Pros and cons? Just looking for some experience. Thanks!

Credit Unions!!

My wife is a CPA and has a client that is in the repo business, so I guess you can say that we are the early birds who get the worm.  She drives a repo'd Cadillac STE and I drive a repo'd Escalade.  No complaints from us!

Not really a helpful story but thought I'd share. I bought a 9 month old Skeeter back in 1989. It came from a guy who liquidated repo boats for a savings and loan that traveled with the big boat shows doing on the spot financing. It was at the time that the big savings and loan crisis was going on. I went to look at the Skeeter and the guy told me he was instructed by the s&l to sell his inventory for any reasonable cash offer. The boat was like new and had a 19k loan balance. I bought it for 10k cash, I told my buddy and he bought a 6 month old Champion for 11k the same day. The next day the bank closed its doors.

There are definitely deals to be had in repos or police auctions. I use to buy tons of stuff from police auctions when I was a kid.

we are going to buy a truck for towing what truck will you suggest us for towing? 24-hour Roadside Assistance.

Depends on how heavy a load you're going to be towing.

 

I've got a 2001 Chevy Silverado that I purchased used for $6k, it's a 4x4 with the towing package and is rated to haul 11,000lbs behind it.

 

So what do I tow with it? A canoe that rigged out is about 150lbs on a 200lb trailer.

I bought my first boat at a company that was in the boat repo business. They had a lot full of boats. I negotiated and paid the bank that owned the boat. The boat was a little over a year old and I was able to take it out on the water before buying. I was very happy with the purchase.

Former repo man here. Repossessed vehicles can be a double-edged sword. If you are interested in buying one, contact the credit unions in your area and ask if they have any repossessed vehicles for sale. Most of them will try to sell them to their membership or the public before they send them to an auction. Auctions are usually where the neglected vehicles find themselves since they are a harder sell to the general public, and the financial institution needs to recover something. Repossessed vehicles in possession of the lender are priced at the residual balance. The institution by law can't profit from the sale of the vehicle, they can only recover the balance of the loan and fulfill the contract. There is still room to negotiate as the debtor is still on the hook for any unpaid balance, repo fee, and storage fees.

My brother in law bought a repo’d Norris Craft (east TN “go fast” bass boat). He had it for years with no problems at all. I check our local credit unions repo lot weekly for an aluminum bass boat.