Midwest Marine Repo Center Loan Concern

Concerned you may not be able to
 make your boat payment? 

In today's changing economic climate, you are not alone!  The most important thing you can do is get us involved as soon as you recognize a problem.  We can help save the equity you have and eliminate or reduce your losses.

What happens when a boat owner defaults on a loan?

The bank takes these steps towards their defaulted asset: 

1. A legal team proves default and sends out a notice (ultimately this is at your expense).
2. A repossession company is hired to pick up the asset, a.k.a your boat (this will be paid by you later). 
3. The boat is placed in a no reserve auction.  The boat can sell for a fraction of what worth!
4. The auction company takes a 10% commission from the proceeds (the fee is paid by you too). 
5. The bank deducts their fees and calculates what they have received against the payoff with interest and all late fees to determine deficiency.  (This is the amount they will seek from you.)
6. Can't pay?  The bank will seek garnishments and judgments to recover their loss.
   
   Can any of this be avoided? 
   Yes!  But only if you contact us before you have defaulted.  We could save you a very large sum of money by listing your boat for sale at the Midwest Marine Repo Center prior to repossession.  We can typically work with the lender to avoid the bank's default process.  The lender feels much more comfortable when their asset is at a secured facility and aware that the owner is doing everything to sell the boat and pay off the loan. 
   
   When we are successful in selling your boat, a one time fee is taken from the proceeds, however this is based on the retail selling price, not a low auction offer.  Many times we are able to sell the boat above the payoff and at this point you will receive the balance directly from us!  We work with many marine lenders coast to coast and can typically help both you and the lender move through this process together.