What are boat forclosures? This is when an owner can not afford to make their payments anymore, and as a result the owner loses his boat to the bank. Owing money to the bank for a boat, is like not even owning. This is easy to prove. When you stop making your payments, they take your boat away. If you have to finance it through a lender, then it is really just like you are only renting it until it is paid for. A lot of people don’t understand, that it is much better to buy something with cash, than it is to pay for it with credit. If we ” pay” something with credit because we cannot afford to pay cash for it, we are living a life that is unreal. We do not know what is real or unreal, until we do something, like a boat, or a home, and then we realized finally that it was never ours to begin with, because we never paid for it.
Well some people think that buying boat forclosures is unethical, but the truth is that making an obligation to pay something and then not fulfilling your contract is what is really unethical. Also people that do not make their payments on their vehicles, and then hide them so that the repo person can’t find them, are not only being dishonest, they are also stealing money from the lender.