Reactions to story from The New York Times

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  The Boat Repo Man

  http://calculatedrisk.blogspot.com/2008/05/boat-repo-man.htm...
  65 days ago in Calculated Risk · Authority: 1,235

  I used to take the weak ones. Now Im taking the whole herd. Boat Repo Man Jeff HendersonFrom David Streitfeld at the NY Times: Economic Tide Is Rising for Repo Man Some people lose their house or their boat to abrupt setbacks: illness, job loss, divorce.
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  My heart overflows with sympathy

  http://prometheus6.org/node/20996
  65 days ago in Prometheus 6 | All respect and no restraint · Authority: 200

  Some people lose their house or their boat to abrupt setbacks: illness, job loss, divorce. Mr. Dahmen, who works as a technology manager for a car manufacturer, belongs to a second, probably larger group: he simply spent beyond his means. He is one of
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  NY Times:

  http://dangerousmeta.com/site/ny_times_repo_man/
  65 days ago in dangerousmeta! · Authority: 29

  Good times for repo men ... Later: And bad times for lingerie shops.
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  The cyclical recreational boating industry

  http://www.env-econ.net/2008/05/the-cyclical-re.html
  65 days ago in Environmental Economics · Authority: 242

  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. From 2000 to 2006, retail
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  Credit Cards Signal Continuing Consumer Stress

  http://www.nakedcapitalism.com/2008/05/credit-card-signal-co...
  65 days ago in naked capitalism · Authority: 434

  Perhaps I suffer from knowing a bit too much about the financial services industry in general and credit cards in particular due to my consulting work, but I'm amazed at the eagerness of investors to go bottom fishing there. Granted, card players like
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  Beware The Repo Men

  http://www.wallstreetfighter.com/2008/05/beware-repo-men.htm...
  65 days ago in WallStreetFighter · Authority: 384

  Repossession men are busier than ever, and they might be coming after your boat soon. It used to be just rich guys with stupid pants who bought expensive boats and yachts. However, during those glorious pre-recession days almost anyone was able to take
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  The economic condition not to be named

  http://artificialsimplicity.blogspot.com/2008/05/economic-co...
  36 days ago in Artificial Simplicity · Authority: 7

  The economic condition not to be named Not sure if I'm just being sensitized by the media coverage of the economic downtown spreading into surprising places (this morning it was the NYT's on a boat repo man having a banner year) , but it seems that the unmentionable situation (which we may already be in!) is hitting the disposable income of the upper middle classes. Last night at an athletic brand sales meeting I was told that health club memberships are down 20% against last year. And then I kept seeing "Going Out of Business Sale" signs (though sometimes they just say "closing") in the windows of various boutiques that line the streets of the affluent seaside town where I work. The near rich (or still rich by pre-hedge-fund standards) have a big cushion, but even they seem to be cutting back. One thing is for sure, there will be one less place in this town to buy very expensive baby clothes (luckily two other well-stocked boutiques remain standing), get your hair styled by a real pro or buy woven fabrics for your seaside home. Posted by sk
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  Abandon Ship: While we've seen home abandonment and...

  http://la.curbed.com/archives/2008/06/abandon_ship.php
  48 days ago in Curbed LA : The Los Angeles Neighborhoods and Real Estate Blog · Authority: 643

  While we've seen home abandonment and read about boat repos, here's a new one out of Marina del Rey: Boat abandonment. A bill passed the Assembly that would help boat owners more easily surrender their boats to state agencies, who would either destroy it or auction it, reports The Argonaut. There's apparently a problem of owners allowing their S.S. Whatevers to rot; some of the boats eventually sink, leaking oil and other yuck into the Pacific. The bill would also allow local agencies to apply for existing grants to dispose of surrendered vessels, and increase fines for boat owners with abandonment issues. [The Argonaut]
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  Easy Come, Easy Go

  http://pmyeditors.blogspot.com/2008/06/easy-come-easy-go.htm...
  51 days ago in Power & Motoryacht Editors · Authority: 3

  How do you make a good living in these less-than-stellar economic times? An ex-Army detective has a pretty good answer, although not everyone appreciates him for it: He repossesses boats. The New York Times posted this sad tale about the diligent work of Jeff Henderson, who on average repossesses one boat per day in the Great Lakes area. He's been in the business 20 years, and this year his business is at its busiest. Although the article touches generally on the debt problems some boaters are facing, the saddest part concerns a man who could no longer afford his 34-foot Donzi Express. When the repo man finally caught up to him, the boater was neither angry nor pleading. He was apologetic. He was wistful. He actually hugged his boat, and said, “O.K., I’m gonna go cry now.” These kinds of stories are reported often during economic downturns. Sure, the repo man does well at times like these. But is there a silver lining for anyone else? Absolutely. Most of these repossessed cruisers end up with happy new owners—via boat auction.
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  Used Pontoon Boats - Repo Men Busy

  http://used-pontoon-boats.blogspot.com/2008/05/used-pontoon-...
  54 days ago in Used Pontoon Boats · No authority yet

  Sponsored by Seized Boat Auctions Hi gang, Rick Ostler here again from Used Pontoon Boats bring you news and views from the boating industry. An interesting article about boat repossession recently in the New York Times. Boat Repo Men Busy Repossession men are busier than ever, and they might be coming after your boat soon. It used to be just rich guys with stupid pants who bought expensive boats and yachts. However, during those glorious pre-recession days almost anyone was able to take out a loan and buy a boat. Borrowers are defaulting on those loans now and it means lots of business for the world’s repo men. Harrison Marine - Repo's a boat a day on Great Lakes A recent New York Times article, profiles the world of Jeff Henderson, the owner of Harrison Marine, who is hired by the banks to repossess boats from delinquent borrowers. According to the article: Henderson is repossessing nearly a boat a day, most from the Great Lakes area but a few farther afield. He is looking for a man from the Bronx named Rocko, who told the bank his 34-foot cruiser was at a marina that does not exist. He is trying to get a Michigan woman to tell him where to find her husband’s pontoon boat. Boat Loans - the borrower’s property Surprisingly, the terms of a typical boat loan allow the bank to employ someone to enter a borrower’s property and extract the indebted boat without fear of trespassing charges. Henderson doesn’t like doing it, but on a few occasions he has crept around someone’s backyard to remove a boat. Most of the time the boats to be repossessed are kept at a local marina where they are delinquent in dock fees. After Henderson pays those fees, the dock owners are more than happy to send him on his way with the boat. Boat Repo's can be scary He recalls a few time having a gun pulled on him. Once an old woman came out to defend her boat with an old hunting rifle aimed right at Henderson. On another occasion a police officer confronted Henderson with his pistol and asked why he was stealing his boat. That is some scary stuff. Not a line of business most people would want to be involved in, I’m guessing. Henderson has a heart of stone now and after a lifetime of being forced to listen to weepy sob stories about late payments, he doesn’t give the owners a chance to reason with him. This article was interesting because it also offered some good insight into the plight of the consumer and some of the reasons behind the recession and credit crunch. Boat Owners - Spent beyond their means One of the former boat owners that Henderson is repossessing explains that he simply spent beyond his means. He’ll soon declare bankruptcy and also had his apartment foreclosed on. After taking out a $125,000 loan to pay for his boat, he spent 7 years barely making the interest payments. The loan is currently worth twice as much as the boat. At some point you’ve gotta ask yourself, was this all worth it? Being able to say you have some boat in a marina that you never use, while you waste away in bankruptcy proceedings? New York Times: Times Are Tough, Except In The Repo Business, May 20, 2008 Used Pontoon Boats, By Rick Ostler Pontoon Enclosures-North American Waterway Be sure to check out this weeks latest Pontoon Boat Videos Please visit our sponsors, they help make this possible. Thanks............Rick Sponsored by Seized Boat Auctions

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