BANK REPOS - FORMULA BOATS


R

Rita Greenan

New member
Hi Formula Boat Owners! Just wanted to let you know of some opportunities that have hit the market. Unfortunately, everyone has been hit by the current economic crisis, people and businesses alike. GE which was a "floor plan company" for a boat dealership which is now defunct...has asked for our help in selling some Formula Boats which they repossessed. The bank owns these, we do not, so unfortunately no trades are being accepted. Here is a list of what boats that have been repoed:
2007 Formula 292 Fastech
2007 Formula 292 Fastech
2007 Formula 31PC
2007 Formula 34PC
2007 Formula 34PC
2007 Formula 40PC
2002 Formula 370SS
2004 Formula 40PC
For more information as far as options, and pricing please call or email us. Thank you.
 
Rita, good afternoon. That is a pretty nice list of boats available, just unfortunate circumstances. Are these boats on your premises? Is there a place to get further information or does it all have to go through you?
 
Sounds like you just described Full Tilt...

Correct me if I'm wrong, but I believe the majority of the boats are new old stock (NOS) never titled, and not repo'd. Correct?
 
Hi. Yes you can contact us for the boat info (800) 338-3917, I am not in sales but I can get someone to help you....Hugh Pollock is one of our sales persons and he just joined the forum. His name on the forum is HP Offshore. The 2007 boats are new but because of them being repo'd by the bank that had them floorplanned, they are in the process of being titled in GE name so they will have titles and not MSO. The olders boats (the 2004 & 2002) are trades that the other dealership took so they are used. ALSO, I just found out that the 2002 370SS we do not actually have possession of so it may or may not be available (apparently it's being held "hostage" by the landlord of where the dealershp was, but if you are interested...let us know and we will let you know when & if it becomes available. Please feel free to contact me if you have any questions. Thank you!
 
Rita Greenan said:
Hi. Yes you can contact us for the boat info (800) 338-3917, I am not in sales but I can get someone to help you....Hugh Pollock is one of our sales persons and he just joined the forum. His name on the forum is HP Offshore. The 2007 boats are new but because of them being repo'd by the bank that had them floorplanned, they are in the process of being titled in GE name so they will have titles and not MSO. The olders boats (the 2004 & 2002) are trades that the other dealership took so they are used. ALSO, I just found out that the 2002 370SS we do not actually have possession of so it may or may not be available (apparently it's being held "hostage" by the landlord of where the dealershp was, but if you are interested...let us know and we will let you know when & if it becomes available. Please feel free to contact me if you have any questions. Thank you!
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Rita is correct..the '02 370SS is not technically available at this time. The boat exists, but can't be sold or moved at this time. We will definitely post here, when and if the situation changes. Thanks to all for your patience. Re: the other repos...I do have original build-sheets for some of these boats, so if you'll contact Rita or myself, we'll be happy to supply any available info!
Hugh
 
Summerwind,

I tried to buy that 31 PC from Full Tilt, it is LOADED, including 8.1 Volvos Ocean Series. They would not consider my 27PC as a trade. You may remember I posted about it about 6-8 months ago. I wonder what is going for now since I remember the cash price of it 6+ months ago.
 
Bob, I do remember and I do like the Volvo 8.1 set-up, I think it was 30% off retail correct?
 
Hello all,
The 31 and the blue-hulled 34 are under contract at this time, which leaves the black-hulled 34 available. The floor plan bank is being very cooperative at present. Unfortunately, the bank is not interested in either trades or financing them. I'm happy to answer any direct questions...
Thanks,
Hugh
 
It is simply amazing to me that Full Tilt could not sell them at rock bottom prices, yet you guys have sold a 31 and a 34 already and you had them listed higher than what Full Tilt was selling them for........... ??? ???
 
YES, I AGREE. I WAS INTERESTED IN THE 40PC WITH IPS, AND THEY WOULD NOT BUDGE ON THE PRICE.
 
RDOBROSKI said:
It is simply amazing to me that Full Tilt could not sell them at rock bottom prices, yet you guys have sold a 31 and a 34 already and you had them listed higher than what Full Tilt was selling them for........... ??? ???
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Not surprising at all...the bank is selling for less than anyone has ever advertised(or tried to sell) the boats for; simple as that. Anyone is welcome to call and ask for further clarification as to the terms that the bank is looking for.
Hugh/AGYG
410-827-0200
 
Hugh,

Don't get me wrong, I am glad you guys are selling them.  My point is this.  Full Tilt had the 31pc on their website listed for $149,995 and that was the true price, I inquired.  Yet you guys have the same 31pc listed on your website for $175,289 AND YOU SOLD IT.  So, no you don't have it listed lower than anyone else did, which, IMHO, speaks volume about your dealership vs the one that went out of business.  (Of course I do not know the final sale price, and that may be the key!!) Anyway, congrats on the sales and I am very happy those boats are finally finding new homes.
 
RDOBROSKI said:
Hugh,

Don't get me wrong, I am glad you guys are selling them. My point is this. Full Tilt had the 31pc on their website listed for $149,995 and that was the true price, I inquired. Yet you guys have the same 31pc listed on your website for $175,289 AND YOU SOLD IT. So, no you don't have it listed lower than anyone else did, which, IMHO, speaks volume about your dealership vs the one that went out of business. (Of course I do not know the final sale price, and that may be the key!!) Anyway, congrats on the sales and I am very happy those boats are finally finding new homes.
Click to expand...

ALSO: These boats are now titled used 2007s So, to RDOBROSKI point it truly does speak volume about your dealership.
 
Rita,

Do you have any information on the 02 370SS that was mentioned in the original e-mail? It used to be in Woodbridge, VA, but has moved recently. I would like to pursue it, but I have no way of finding out what happened to it, and what its current status is.

Thanks.
 
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