Posted on 05/20/2008 6:36:57 AM PDT by 2banana
HARRISON TOWNSHIP, Michigan: So many people have so many things they can no longer afford. This is an excellent time to be a repo man.
When a boater defaults on his loan, the bank hires Jeff Henderson to go seize, or repossess, its property. The former U.S. Army detective tracks the boat down in a backyard or a marina or a garage and hauls it back here, where he auctions it off. After nearly 20 years in the repossession business, Henderson has never been busier.
"I used to take the weak ones," he said. "Now I'm taking the whole herd."
Boating was traditionally the pastime of the well-off, but the long housing boom and its gusher of easy credit changed that. People refinanced their homes and used the cash for down payments on a cruiser, miniyacht or sailboat. Between 2000 and 2006, retail sales for the recreational boating industry rose by more than 40 percent, to $39.5 billion, while the average loan size more than tripled to $141,000.
Last year, as real estate faltered, the gears went into reverse. The number of boats sold fell 8 percent. Many boats are fuel hogs, and spiraling gasoline and diesel prices meant a weekend jaunt could cost hundreds or even thousands of dollars. Strapped owners found they could not sell for what they owed and could not refinance either.
(Excerpt) Read more at iht.com ...
What an ironic stereotype summary of one's life of the credit fraud - paper plates in a $145,000 boat. And load it up in the SUV.
From now on, Dahmen said, the consumer economy would have to get by without him. "I have no intention of ever buying anything, ever," he said. "I don't think I could if I wanted to."
Well, at least he learned something. And remember - these are the people who drove the economy for the last 7 years. The money machine is GONE. And so is the economy as people will have to live within their means...
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
The life of a Repo Man is always intense.
I heard that boats depreciate worse than cars. Is that generally true? If it is, then wtf is someone thinking when they take out a HELOC on a unneeded depreciating “asset?â€
Repo man spends his life getting into tense situations.
You mean climate change don't you? :)
Old slogan in the boating world: "Two best times in a boat owners life The day he buys it and the day he sells it."
It is good to own a yacht. It is best to have a friend who owns a yacht.
Yeah, sure.
The classic comment about boating is; "A boat is a hole in the water, into which you pour money." Because of its environment, BOATS REQUIRE CONSTANT MAINTENANCE, and frequently new and inexperienced owners don't do this work. Thus you have unmaintained assets which, of course, then depreciate faster. So the answer is provisionally yes, for those who buy the dream and fail to pay the time, money and elbow grease, so sorry.
And yes, I don't own a boat, because my Dad has owned multiple ones and I learned early that, lacking a child slave of my own, I'm insufficiently interested in the boating experience.
A final word, have you ever past a marina on a sunny beautiful weekend or holiday and seen a majority of the slips empty? Gee, I wonder if that indicates anything?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.