Repo Boat Purchase CT Bank

Q: Repo boat purchase? CT bank ? Good idea or not? Considering buying a one year old Sea Ray 215 EC that has been reposessed. They will allow it to be surveyed and checked by a mechanic - but no sea trial. What should one look for in a repo?

A: -Does seem odd that they would not let you water test the boat. But, a good servey/mechanic should be able to spot any problems w/ the boat w/out putting it in the water. Compression test, cranking on a hose, and thorough inspection should tell you if there is any kind of engine problem to include crack in the block or water in the oil, or lower unit problem. The hull can be inspected to verify no leaks and good structural condition (any water leaks should appear as stains in the bilge area where the leak is. Even the speedometer can be checked w/ an air compressor. After all this, if everything checks out, there should not be a performance problem except for maybe a bad/wrong prop. I would bid w/ a factor of $1000 for any unseen repairs that may be needed. Oh yea, have the inspector/mechanic check the trailer bearings also. - Great Idea, production boat, with production power, not much risk at all. The survey should take into account the lack or sea trial (not really needed anyway one of the kind will perform pretty much as others) & the mechanical inspection likewise shouldn't need a sea trial to pick up serious defects. Just by cutting the marine dealer out of the loop you'll be saving around 20% & their bids to the same auction will be on that basis. Remember if you walked into a dealer after they've bought it at the same repo auction, they'll tell you all sorts of crap about how & why it was "traded" etc "owner died" etc "best boat they've ever sold" etc so don't think for a second by paying more & going to a dealer you'll be ever ever ever better off;-) Yes that still leaves you swinging for some risk of course, but

that's the advantage of buying from the financiers you can bid a suitably lower wholesale (non dealer) price to cover whatever you & your surveyor/mechanic feel might be a worst case scenario that they can't pick up (not much that's serious really) AND then some, then in the very unlikely event it is the "worst case" you've got that fixed at full commercial rates, bought at the same price the dealers would have paid (min 20% but maybe 50% less) & still pocketed the "then some". Current times, might be lots of good repo buys around & the general state of the boat, clean not scratched, etc etc will tell you if the previous owner was looking after it before they lost it. .