HOW TO BUY A REPO
With so many questions on how to buy a repossessed boat, we decided to post a blog. We did this so that we can offer some advice as well as hear to your comments or questions. Buying a repo from Sunrise Marine is a fairly quick an easy process, so let’s look at it from a step by step process:1.) Know what you can afford – Once you’ve found your boat at Sunrise Marine, you have the opportunity to name your own price; however, the bank must approve all bids in order to sell the boat. Bid on the boat you really want, this is your chance to get the boat you’ve been dreaming about. Your boat was previously owned by a dealer that bought it new. That dealer went out of business leaving the bank to foot the bill. The bank isn’t looking to make a profit; they simply want to break even at best (they will lose money on repo boats in many cases). So from that perspective, get an idea of how much you are willing to bid and what you think the bank will accept as a “break-even” for them. Obviously they will not take bids that are $0.10 to the dollar, but they may take your bid if you can offer the bank close to what they are looking for. All repos sell at different bids based on the brand, the model, the engine/options, and the year.2.) Ask for advice – Sunrise Marine has 6 full-time reps to answer all of your bidding questions. They are here Mon.-Sat. from 8:30-5:30pm (central time). Our sales reps will work with you to come up with an accurate bid that gives you the most bang for the buck. We will provide you with a list price to help formulate your bid accurately. We want you to get a great deal and we want you to tell everyone what a great deal you got! That’s why we are here to help you, so make your bid count and talk with us!3.) Submit your bid – Once you’ve come up with the amount you feel the bank will approve, you’ll submit it to Sunrise Marine using our bid form. Print out a bid form from our site (http://www.boatandrvliquidators.com/bidprocess.php) and fax it to 850-244-1014. The $50 charge for your first bid on a single boat can be processed over the phone or in person. We will process your bid once we’ve collected payment. We will submit the bid with the bank and the bank will contact us within 3-4 business days if they either accept or counter-offer the bid. Many times, they will counter-offer. In this occurrence, you will submit another bid if you wish to accept or counter their counter (you will not be charged the processing fee of $50 again).4.) Enjoy the savings! – If you’ve successfully offered what the bank is looking for, the boat is yours! Now enjoy the fact you just bought a boat for thousands of dealer price and tell all of your friends!