When There Is No Middleman Part 1: Buying Bank Repo Bass Boats

When a Dallas, Texas, couple, looking to buy bank repo bass boats, bought one from a bank in Long Island, NY, it was shipped directly to them rather than to a local dealer.

This method of boat buying, apt to become more common in the future, puts some responsibilities on the buyer which are ordinarily assumed by the dealer.

This transaction resembles the purchase of a custom-built boat in that it can be divided into two primary phases: construction and delivery.

Like the custom boat client, the factory-direct buyer will likely have a contractual relationship with the boat manufacturer for the first phase, and with a hauling or delivery firm for the second (unless, of course, he shows up at the factory to take delivery in person.)

Before assuming these responsibilities of buying bank repo bass boats, think through the following points:

• Before the boat is shipped the buyer should have a clear understanding of written terms that state the responsibility that the builder and the buyer each assume.

The builder may assist the buyer in arranging for shipment, but the contract is apt to be between the carrier and the buyer.

This means that the legal responsibilities for the shipment are shared by them, and not the builder.

• Boats bought directly from a builder (not invoiced through a dealer) typically have a price that reflects a saving of the dealer's commission, maybe as much as 15%.

Moreover, the buyer may also be able to save some of what he otherwise would pay a dealer up front for shipping and commissioning.

In turn, the buyer should probably accept the responsibility for small claims including token warranty claims which would routinely be handled by a dealer as part of the commis­sioning of a boat he sells.

A buyer should understand the terms set by a builder in fulfilling a warranty claim.

If the builder insists upon the return of purportedly defective equipment it seems unfair for a buyer to ignore those terms and then com­plain about the failure of a builder to satisfy the claim.

Whereas return might not be required were a dealer in­volved (the dealer could be billed and given credit later when the defective equipment is returned), it is unlikely (and perhaps unreasonable) for a builder to send a replacement merely at the request of a buyer or a boatyard.

This inconvenience is a price the buyer may have to pay when he buys a boat independently of a dealer.

• Bank repo bass boats buyers should also realize that they can exhaust the good intentions of a builder. Boats may be costly items.

However, in the price paid for them there may not be enough "fat" built in to cover carte blanche work or gear ostensibly covered by warranty. We find that most boat builders work hard to satisfy their customers' claims even when not legally obligated to do so. We strongly feel buyers in turn should not take advantage of that good will.

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