Bass boat central bank repos

Boat repossessions are reported to be on the rise nationwide. Boat repossessions come both from private owners who have defaulted on loans, and from dealers that have gone out of business.

Repossessions from private owners follow the same course as any other repossession, with a buyer who becomes unable to continue making loan payments and defaults on a loan. After default and a cure option, giving the owner the opportunity to redeem the note by paying the full balance, or possibly simply to reinstate the note by paying the shortfall plus costs, the finance company will resort to repossession, reclaiming the boat for later sale.

With a dealer that has gone out of business, there could be a number of boats in the dealer's inventory, all securing dealer financing for the inventory from a bank or some other lender. When the dealer goes out of business, the dealer will also stop making note payments and the finance company will quickly step in to seize p