The winch works with no weight, however, will not pull up the anchor. The anchor is well within the weight range. I think maybe the gear is stripped

The 40 signifies the same power output, pick the one that's best for your individual needs regardless of the title as both have the same amount of power!

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They would attach winch cable and drag it onto the transporter or they could lift it with a hi ab.
These guys are great at their job.

If U-Haul trailer don't have winch and if the trailer is relatively cheap to rent I would suggest going to Walmart and and buy a winch cheap manual ones 40 two $80 for the winch they're a pain in the but and as long as cable is strong enough to pull the cars weight or trucks weight you can get it up on the trailer and they're always good to have for future use Electric winches 120 to $300 depending on where you buy it Google shop or Craigslist has good prices every now and then especially Craigslist

Byron: On site, Captain_Crunch said: "

Little band applys big band there is a toggle block at anchor point (rear of houseing) my guess is it is siezed that was our problem."
Or, Try watching this YouTube video: https://www.youtube.com/watch?v=iZFGmWYmYnA

No there is not,

I would try to get it repaired Under warranty.
And later use it in double line...
The weight of your boat is 1, the force needed to pull your boat on the trailer is another thing...

nylon gear inside regulator is gone or cable anchor is broken in either case you will have to replace. sugest dorman aftermarket.

First, put a volt meter across the winch's power terminals to verify that the voltage is not dropping several volts when comanded to run, indicating a bad cable connection somewhere. Anchor winch's pull alot of current from a battery.
For a test, use car jumper cables from a good battery to the winch to see if it runs better.

There is a great chance the clutch has frozen due to corrosion.It need to be pulled apart at the clutch.Its not a big job and quiet easy.The plates freeze together and need to be "cracked" apart.I hope this helps

Ok. You should be able to put your weight on the base to create some slack in the strap. Then push the release buckle and alternate your weight to pull the strap and loosen. Then you'll have enough room to manipulate the improperly installed latch.