Where Do Boat and RV Foreclosures Come from?

Every year, tens of thousands of people across the country will get a loan when they are buying a boat or RV. When you borrow money in order to buy a boat, you actually don’t get the title when you purchase it. Rather than going to you the title goes to the person who lent you the money. Even though you have liability for the boat, if you do not technically own it until the last dollar of debt is paid and then the company that lent you the money will have to mail you the title also. This system is a little bit rigged in favor of the lender. As a matter fact most of the time when you borrow money, it is designed so that as soon as you fall behind on your payments, the company can repossess your boat or RV. They don’t even have to take you to court or ask for your approval in order to take possession of it. All they have to do to show up and to drive it off. Most of the time, being stoned this work themselves, but they hire repo men to go out and get boats and RVs.

Most of the time when somebody is repossessing a car, they typically only get paid one or $200 for it. However when someone is repossessing a boat or RV, that has a much higher value, the repo man will probably get paid between $200 and $400 for each boat and RV that they bring in.

Boat foreclosures and RV foreclosures are present a good opportunity to save money. You can save money by finding people who are about to get foreclosed on and then making them an offer or making a short sale offer to the bank. In addition, sometimes you can get a great deal after they have been repossessed. A lot of times these types of boats and RVs will sell at auctions for 40% to 50% below blue book. If you’re looking to save money and a good deal, this is a great way to do it.