Aside from homes, this year lender repossessions have spiked over 50% relative to cars, boats, rv's, atv's, and motorcycles. A repo auction will typically be held in most cases by a local or regional repossession company if they can make a quick buck and still manage to give the financing company their take. Other times lenders will send the repo to a local auction house or in the case of bank repo boats or yachts a regional boat auction company.

So what can you expect at these auctions?

The mainstream school of thought says only junk or salvage type autos or boats end up at repo auctions. And in most cases that tends to be correct. But there are a minority of boats, autos, suv's, atv's, motorcycles, etc. numbering in the thousands that sell for 50-75% of the loan value...not book value, loan value. So the savings in many cases are significant and worth the effort.

Locating these types of bargains is a matter of being exposed to enough repossessed assets so that eventually you get handed an absolute cream puff.

The old adage, "Time is money" certainly rings true when searching boat repo or car repo auctions. You can really spend alot of time spinning your wheels. I've certainly wasted more time than I care to admit sifting the search engines. In this case instead being a DIY it's just smarter and more efficient to have these sources delivered to you.