Repo man launchs boat on land

[SS MAYFLOAT]

A friend of mine that was locked out at the local steel mill fell behind in his payments on his Checkmate. Well after 2 years the Repo guys finally located where he had it parked.<br /><br />My friend had cleared some trees out just enough to back the boat into the clearing. During the spring/summer/fall, the foilage kept it well hidden except for this winter. He had chained the left and right side to trees on each side of the trailer. He also had a chain around the outdrive and ski cleats on the back to a tree also. The repo guys didn't see that one. They hooked up to it and slowly took off but didn't get anywhere. With the wheels of the trailer being sunk in the dirt and frozen to the ground they thought all the had to do was give it some more gas. Well a hole shot in 4 wheel drive ripped out the eyelet in the bow out and the repo men drove off with just the trailer. So there now sits the banks boat on the ground! <br /><br />The Bank and him are trying to figure out how to deal with this situation. AK Steel finally has put the locked out workers back to work after a 40 month lockout. So now he is able to get his payments caught up. But he wants the Bank to pay for the damage that the Repo's did to the bow. So hopefully he will be back in the water this year. (If it turns back to a liquid again) -2 degrees this morning! Burrrrrr

 

[SpinnerBait_Nut]

Re: Repo man launchs boat on land

SS Mayfloat, that is a tuff situation to be in.<br />Since the repo man was working as a agent for the bank at the time, the bank would be liable for any damage that was done and then they would have to take it up with the repo man for their part. Could end up in court if the bank is an a-hole about it.<br />Glad to hear he got called back to work.<br />Where did he work at? In middletown?

 

[SS MAYFLOAT]

Re: Repo man launchs boat on land

Spinner Bait, he worked for the Mansfield Mill. If he wasn't locked out he would have been able to retire last October. They won't give him his time of 40 months just 24. So now he has to work 2 more before he can retire. He's not worried about the boat. Had the neighbor bring his front end loader and got it lifted back up and on some blocks. No damage done. One lucky guy. Just needs the trailer back now.

 

[SpinnerBait_Nut]

Re: Repo man launchs boat on land

Thats bad about the retirement but good on the boat part, but I hope he checks it out good to make sure it did not make any stress cracks anywhere when it was jerked off the trailer. <br />I live down here around the Ashland mill and I have heard some bad stuff going on at AK after the change of hands some years back.

 

[SpinnerBait_Nut]

Re: Repo man launchs boat on land

SS MAYFLOAT, talked to one of my buddies that has a wrecker service by my house and he said that one of his competitors went to repo a boat, a 21' Bullett, with a rollback, and got it up on the truck, went down the road and hit a bump, boat trailer came loose and off it went off the back, hit the ground and proceeded to run into a big ol oak tree Demolished it I guess from what he was telling me. Am waiting to hear how this one come out.

 

[SpinnerBait_Nut]

Re: Repo man launchs boat on land

Well, this story just keeps getting better and better.<br />My buddy said that the guy that had his boat taken by the repo man had made payment to a branch of his bank in another city cross the river and they did not get it recorded before the repo man struck.<br />Said he was getting brand new boat now.<br />Will wait and see.

 

[golfer]

Re: Repo man launchs boat on land

Well,<br />Here is how I see this one, being that I am a loan officer. The bank would have definately had insurance on the craft before the repo guy would take the boat. A bank has the right to force place insurance wether there is existing insurance or not. Most note and disclosure forms state this, and even if they don't, they still can. Second, and I hate to say this, buy your buddy should have given the boat to the bank right off the bat. Hiding the boat because you can't pay is criminal to me, if you can't pay, don't make the bank suffer. It is people like him that make it is so hard for people with marginal credit to get loans. As well as the rates, and costs we pay, they are raised to compensate for just such occasions. We just had a repo dilemna involving a customer that hid his car, thinking we could not repo it. When he failed to appear in court for his court order to let us know where it was, he then ended up in jail. It was very rewarding to visit him in jail, in shackles, when he decided to meet and disclose. Sorry, I just get worked up when I see or hear about people taking advantage of the trust a bank gives in the form of a loan. They aren't just ripping off the bank, but we as consumers as well.

 

[SpinnerBait_Nut]

Re: Repo man launchs boat on land

Well golfer, first of all the guy ain't my buddy. I don't even know him, but as I understand it, he was not hiding the boat and had made his payment, just at another branch and they had not got it recorded before they sicked the repo man on him.<br /><br />It was not hid.<br /><br />All I know is that he got a new boat ordered and the banks insurance is paying for it.

 

[golfer]

Re: Repo man launchs boat on land

Spinner bait....If you read the original post, you will see that I was replying to the original post, not your story. The "buddy" I was referring to, chained his boat in between cut out trees, and it took the repo guy 2 years to find it. Thanks.

 

[6MISFITZ]

Re: Repo man launchs boat on land

I like stories where the boater wins. Never mind the paper work; thats what the managers get paid for, over and over again! Puree the details as long as the boater wins - RIGHT?

 

[SpinnerBait_Nut]

Re: Repo man launchs boat on land

My mistake golfer and I stand corrected. <br /><br />Mike I to like to see the little guy win one ever now and again. <br /><br />I just hate it when someone likes to play with people's minds like the banks do. <br /><br />You would think it is their money that you want to borrow, when really, it's our money that's in their bank and that is what they work with. <br /><br />OH well, like I said, it's good to see the small fry get something.

 

[golfer]

Re: Repo man launchs boat on land

Stealing money from a bank, by not paying back a loan is the same as stealing from a store, or directly from a neigbor...Try to realize, the loss a bank incurs directly affects all of us in the rates we pay, and the costs we pay. Just the same as a store with high theft has to increase it's prices to offset the losses, we as consumers pay a higher price due to the dirty shoplifting crooks...<br /><br />I happen to be a loan officer at a credit union. The way our credit union is set up, we are all owners, referred to as members. We are not a risk based lender, which means we offer the same rate to a low credit score as a high credit score. Our rates, costs, and deposit returns are all based on a small margin of gain. We are a non-profit institution, so any additional funds are given back to the members in the form of lower rates and costs on loans, and higher interest paid on held deposits. We had a run of three reposessions, including a boat, auto, and mobile home. We lost $35,000 total on the slae of the repo's. The dirt bags filed bankruptcy, so we cannot persue them for the money. Due to this loss, we have increased rates and costs, and decreased the interest we pay on savings, cd's, ira's etc...In addition, pay raises have been frozen for 1 year for all employees, not because we are being punished, simply because we now cannot afford it.<br /><br />I would like to reply to the comment of the little guy winning, the bank playing with minds, and the use of "our" money...<br /><br />The little guy only wins, because he is little. His mind is little, his honesty is little, and his word is non-existent. <br /><br />The banks don't play with minds, they make decisions based on experience of loss. No, we don't want to lend money to people with bad credit, that is the whole point, they don't pay up!<br /><br />The "our" money thing is really curious to me. The people that borrow the least amount of money, hold the most money in a bank. The people that borrow the most money, are the people that don't have any to put in a bank...So when someone borrows money, it is indeed not the banks, but, it is someones money that gets less interest paid to them the more the bank loses on the borrowers that don't pay back.<br /><br />There once was a time when a bank would lend money on a handshake, knowing the person would do everything they could to repay the debt. Times have changed, and now it is all a bank can do to stop itself from getting ripped off by scumbag deadbeats, aka, "the little guy".

 

[speed29668]

Re: Repo man launchs boat on land

I agree Golfer.

 

[SpinnerBait_Nut]

Re: Repo man launchs boat on land

Two comments on this and then I am done.<br /><br />You don't steal money from a bank by not paying back a loan. You borrow money and something happens where you have trouble paying it back.<br /><br />Things happen that can not be helped. That is what happens to some people's loans.<br /><br />They did not go into the bank with the intent of getting loan and not paying it back.<br /><br />Oh I'm sure there are some out there that would, but the biggest part of them have unforeseen problems that causes them to have to have more time or turn their item back into the bank, or maybe refinance.<br /><br />The "little guy" I am talking about won because the bank screwed up , not because of the reasons that have been stated.<br /><br />As far a the handshake deal goes, that is still how I deal with my bank.<br /><br />Thats how folks are here in my part of Kentucky. <br /><br />ok I'm done with this one.

 

[suzukidave]

Re: Repo man launchs boat on land

Golfer, you should also talk to Parker Brothers about their Monopoly game with that "Bank Error in your favour, collect $200" card in community chest. That is the best card you can draw in Monopoly so they're training kids from a young age to believe stealing from banks is not just a good thing, but the best thing. While you're at it, talk to them about those "Get out of jail free" cards too. What the hecks the deal with that?

 

[golfer]

Re: Repo man launchs boat on land

LOL!!! Yes, very good point...I think alot of the problems with credit stem from upbringing. Either parents have set the bad example, or just failed to teach their kids the basics of trust, honor, and your word. I often will do loans for teenagers under the age of 18, provided a parent co-signs on the loan. It is surprising the amount of adults that are starting to get their kids off on the right foot by monitoring, and coaching through credit at a young age. The most recent one, a 16 year old junior in high school is going to Spain for a month. Her dad is making her pay for half, and co-signed on a loan with her on it. He is retired with a 70K/year pension, and no debt. He could easily afford to spoil her, and pay for the trip, but wants to show her the responsibility of having debt. Very refreshing to see these attempts made.

 

[WolfPaddling]

Re: Repo man launchs boat on land

Golfer, I totaly agree that the people with the best credit don't borrow money, that's because they don't need the money. Some people, with bad credit, improve their credit to a point where they can borrow money again,then they take the money and run, sad. I feel bad for the guy for getting laid off, happens to me, but he chained his boat to three differant trees, just not his trailer. Sounds like a plot to save the bigbuck boat to me. He should pay for the damage. lLater

 

[magster65]

Re: Repo man launchs boat on land

I'm with Golfer, the boat should have been returned, not hidden, or sold and the proceeds to pay the loan. I feel bad for the fella' being locked out for all that time, I can't imagine, but keeping the boat was wrong and that person is a thief. (Who's the idiot repo-guy?) On the flip side of this though, banks or any other lenders post huge profits and they are insured so it's no sweat off their backs to lose a loan now and then. Lenders have a fairly steady percentage of loans go to collections, they know this. If what you say is true about your credit unions policy then when a loan is defaulted it makes all the other members pay for the loss. Correct? Another question; what happens to the customer's money if the credit union has a bunch of defaulted loans and goes bankrupt?<br />Don't get me wrong, I think you're absolutely right but I don't have a lot of sympathy for the lenders... more so big banks than credit unions. Every month I and everyone else pays a fee for the privilage of having to use them. What ever happened to getting a decent interest paid on your account balance?

 

[neumanns]

Re: Repo man launchs boat on land

DITTO... whats the going rate on moneymarkets last i checked it was less than 1.25% on 10k.<br /><br />not exactly astounding returns is it.<br /><br />years ago needed a loan and bank told me needed cash collateral; now theres a loan policy.<br />actually pay 2-2.5% to borrow my own money whats up with this.<br /><br />Thank golly them days are gone!