Easy Come, Easy Go

How do you make a good living in these less-than-stellar economic times? An ex-Army detective has a pretty good answer, although not everyone appreciates him for it: He repossesses boats.

The New York Times posted this sad tale about the diligent work of Jeff Henderson, who on average repossesses one boat per day in the Great Lakes area. He's been in the business 20 years, and this year his business is at its busiest.

Although the article touches generally on the debt problems some boaters are facing, the saddest part concerns a man who could no longer afford his 34-foot Donzi Express. When the repo man finally caught up to him, the boater was neither angry nor pleading. He was apologetic. He was wistful. He actually hugged his boat, and said, “O.K., I’m gonna go cry now.”

These kinds of stories are reported often during economic downturns. Sure, the repo man does well at times like these. But is there a silver lining for anyone else?

Absolutely. Most of these repossessed cruisers end up with happy new owners—via boat auction.