Down economy means business is up for boat repo-men...

[OnWater]

This is an old local story that just got picked up and distributed globally by the AP...

It's a job like any other and I am on the fence as I am always on the brink of financial destruction so I fear the repo man but at the same time I wouldn't mind finding an ugly duckling at an auction although I reckon that's more of a daydream than a reality (I would imagine dealerships pick up anything once it drops below a certain price...).

AP version (new today)

VIDEO


Here is a link to the original story theme (from Michigan) that has a little deeper coverage:

VIDEO

The thing that is weird about the second clip is that the local broadcaster is actually promoting the repo'd boat auctions on its station website.

 

[Shizzy]

Re: Down economy means business is up for boat repo-men...

$11,000 a month payment!!!!

thats what the economy is going to do. the people I bought my truck topper from lived in a HUGE house on a golf course. the house was empty, there was no truck in the driveway and the house was up for sale......

 

[angus63]

Re: Down economy means business is up for boat repo-men...

I live one town away from Amityville. Those livin' on the edge or well beyond their means are pulling up the stakes and heading out of Dodge at an alarming rate. Gotta squirrel away some nuts for the lean times or pay the piper.....

 

[SS MAYFLOAT]

Re: Down economy means business is up for boat repo-men...

Regardless if it is boats, cars, trucks, and housing, credit has been to easy to obtain in the past 20 years. Add job loss, cost of oil, and a unstable economy and you have the answer. It seems as nobody ever saves for those rainy days anymore.

I was raised and was taught that you should always bank enough money to pay your expenses for at least 6 months for those rainy days. To acquire a new loan would mean that you should bank 6 months of payments before getting that loan. However, we have the mentality of the "Got To Have It Now" and pay for it later,,,,,,,,,,,,and now many are paying for it in different ways such as losing what they have.

 

[tashasdaddy]

Re: Down economy means business is up for boat repo-men...

i have a friend that believes as long as i make my minimum payment i can keep buying. you are 100% correct the I WANT IT NOW, ain't gonna work anymore.

 

[bruceb58]

Re: Down economy means business is up for boat repo-men...

There was someone that posted in the towing forum recently looking for tires for his truck. He ended up buying a newer used truck because his payments were nearly the same. Of course he doesn't tell you that he turned his old one year loan into a new 4 year loan more than likely.

Amazing how people buy stuff only examining what the monthly payment will be. I see people that are barely scraping by purchasing high end flat screen TVs because they see the monthly payment manageable! I was in a large electronic store recently listening to a sales guy talking to a couple. They told the guy they couldn't afford the larger nicer TV but the sales guy came back with the monthly amount on credit. All of a sudden they were way more interested.

On most things, if you can't pay cash....don't buy it. A boat is one of these items. I only pay cash for my boats. I see so many people buying boats yet they don't fully fund their 401K plans. Its just stupid!

 

[Shizzy]

Re: Down economy means business is up for boat repo-men...

i have a friend that believes as long as i make my minimum payment i can keep buying. you are 100% correct the I WANT IT NOW, ain't gonna work anymore.

no doubt. at my last job I would laugh at all the "brown stuff" people would take from the company. I would ask some of them why they didnt quit and the answer was always "house, truck, boat, sled, motorcycle payments...)

nothing like only having rent, utilities, food, gas and insurance to pay. I make less then I did 5 years ago but due to being smart I have 3 times the cash.

 

[kenmyfam]

Re: Down economy means business is up for boat repo-men...

Repo's are a sign of the current economic status. For those of us that still have some decent security it could possibly be a good time to snap up a bargain !!!!

 

[tommays]

Re: Down economy means business is up for boat repo-men...

Well

I have no loans beyond beyond a small morgage and small car payment


Having had a number of close calls and one really bad accident on a defective bicycle most of you do not really understand how close to the edge you are should something fall out of the sky and wack you


I got buy fine the 2 months i was out because i had a long term job that chose to pay me rather than risk me doing CAD work on the side and going elsewere


Just never think your so set you cant end with problems beyond your control

 

[Tyme2fish]

Re: Down economy means business is up for boat repo-men...

I was raised and was taught that you should always bank enough money to pay your expenses for at least 6 months for those rainy days.

SS Mayfloat has it right. I too always subcribed to the theory of having at least 6 months expenses saved to cover some sort of emergency. That didn't mean dipping into the reserve to buy a new doo dad.
I always lived way below my means and that has allowed me to retire at 58 years old.

 

[eaglejim]

Re: Down economy means business is up for boat repo-men...

They can't repo you if you pay cash Love my 31 year old boat and my 14 year old jet ski and yes all vans paid for too,sorry repo man you can't come here

 

[franco802]

Re: Down economy means business is up for boat repo-men...

Its funny with the economy being bad, people are still buying boats like crazy over here. mabe its because of the great deals or something. Got my Sea Pro 206 for 31k out the door and it was originally 41k sticker.

Sales guy was telling me they couldn't keep the center consoles on the showroom floor more than a week, before they would all sell.