Job diary: I repo private yachts when owners default on their loans
Companies, agencies, institutions, etc
Netflix
the Culture of Reinvention”Get
Cage
the Hull ID
VIN
Banks
the Discovery Channel show Airplane Repo
Coast Guard
People
Bob Weeks
Ken Cage
Danny Thompson
24'-30
Groups
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Physical locations
Chesapeake Bay Area
Places
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Locations
Libro.fm
Philadelphia
Florida
US
Maryland
Events
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Summary
The standard yacht broker commission is 10% but the rate decreases as the value of the yacht goes up, and we negotiate on a case-by-case basis with our clients.Since Bob and I bought an existing repo company based in Florida in 2005, we've repossessed 2,000 boats and sold off more than half of them, ranging from a $1,000 1975 Trojan 32' to a $20 million Benetti 160'+. Banks can also simultaneously open the repo contract up to multiple repo companies, making our job even more challenging because then it becomes a race to see who can find the asset and repo it first. We were repossessing a $3 million custom-built yacht when another repo crew showed up and began towing the boat with us on it.
As said here by Jenny Powers