How to Repossess a Boat

When a boat loan goes sour and the payments get far enough behind, it's time to repossess the boat. Repossession companies take items from those who have defaulted on loans and return the property to the lender. With a boat, there are a few special circumstances that need attention before it's possible to repossess the boat.

Difficulty: Moderately Challenging

Instructions

1. Track down the boat. This can sometimes be done by calling marinas in the area and describing the boat. If you have the name of the boat, this can be a lot easier. The marina should have a record of all the boats that are docked with them. The loan company will have some basic information to go on, though some of the specifics may have been changed by the owner.

2. Look around the person's home if they don't have a boat docked anywhere. The boat may be on a boat trailer in the yard or driveway. If he person lives on the water, the boat may be docked at the home.

3. Make sure you have a clear getaway if you're taking the boat out by water. Small bays can have rocky areas that need to be navigated. Lakes may be crowded with boats on certain days. Choose the day and the route wisely to avoid these obstacles.

4. Have a driver on hand that can drive the boat away. If you are taking the boat by water, it should be someone with a boating license in good standing. If you're hitching it and taking it by land, it should be someone who knows how to hitch a boat and drive a boat trailer.

Tips & Warnings

• If the boat is a houseboat, it will be much harder to repossess the boat. Find out from a lawyer exactly how the repossession should take place. If people are inside the boat, there may be an eviction process needed before you can take the boat.