A popular boating membership company with strong Minnesota roots, Your Boat Club, is facing legal action from Wells Fargo, which has filed a lawsuit seeking to repossess hundreds of boats used in the company’s rental and membership program.

According to court filings, Wells Fargo Commercial Distribution Finance claims that Your Boat Club defaulted on a $4.5 million loan originally made in early 2023. The bank says the company failed to make required payments, and as a result, the credit agreement was terminated this past summer.

The bank is now asking a Hennepin County judge to order the return of 269 boats that serve as collateral for the loan. Those boats are currently stationed at various club locations around Minnesota, including Wayzata, Nisswa, Prior Lake, and White Bear Lake, as well as sites in Wisconsin, Illinois, and Florida.

Founded in Minnesota, Your Boat Club offers members seasonal access to a fleet of pontoons, fishing boats, and speedboats without the burden of ownership. Members pay annual fees — often around $5,000 to $5,500 — to reserve and use boats across the company’s expanding network of marinas.

The club has grown quickly over the past decade, with many Minnesota members praising the convenience of “show up and go” boating. The company’s website lists over a dozen launch sites across the state, including Lake Vermilion, lakes in the Brainerd area and Lake Minnetonka.

In a brief statement, Your Boat Club said it was “surprised” by the lawsuit and is working with Wells Fargo to resolve the issue. Company representatives expressed optimism that an agreement will be reached soon to avoid disruption for members.

Despite the pending court action, Your Boat Club has continued normal operations. Many of its marina partners and members have said they hope the company can reach a settlement before next season.

If Wells Fargo succeeds in repossessing the boats, Your Boat Club could lose a large portion of its fleet— potentially affecting summer operations across Minnesota. Members have expressed concern on social media about the possibility of limited availability or delayed openings next spring.

The court will review Wells Fargo’s request for an injunction to repossess the vessels in the coming weeks. If approved, the bank could begin reclaiming boats before winter storage begins.