I am looking at a repo boat that the bank is owed $169K. The current market on the boat is around $85K. What do you guys think the bank would accept as an offer to move this thing and close the deal?????

What difference does it make what we think, make them a serious offer and see what happens.

i just figured theres some boat finance guys on here that might give me some insight......

Brother I have been down this road. Some banks will offer up good discounts, but some will let it rott on the books before showing that much of a loss.

If I can suggest some advise, make a offer you would be happy with, in writting to the bank with approved funds, (they get BSers allday throwing #'s) ask them how many days they need for a answer, (probably like 7) put in the offer that it expires in 7 days. Sit back and wait, offer expires, re do it minus 1 or 2K, repeat a couple weeks later as needed, and really don't give a chit if they take it or not.

WILL

thanks Will, i appreciate that info......

Offer 25k, then show bank guy 25k cash under table to do deal. Just kidding!

The reason, I stress putting a time limit, is so it limits them how much they can jerk you around.

Make sure you look at it closely, I have had banks tell me "oh its in greart shape runs fine" I get there and the efing drives are missing.

WILL

ditto WILL, nothing moves slower than a bank hideing a loss. i bet the thing sits forever and then an auction with a reserve too high. i like your idea.

Yea most banks will play games that are beyond stupid.

I have had banks want us to fix a boat to "Sellable Condition" I give them quote, and they give me this chit of we will pay you with proceedes exceeding lein on boat. I tell them $$ up front or go away.

Honestly the best deals I have seen are at Yachtauctions but don't believe their advertised prices, cut that in about half and start from there.

WILL

exactly!!! lol