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  1. #41
    My Boats:
    2008 Donzi 38 ZR
    Join Date
    Jun 2010
    Ft Lauderdale
    After buying a 2008 Donzi 38ZR this week, I can relate to some of the posters here- the agony of trying to secure financing and insurance is definately hurting the marine industry. I have a 740 beacon, make $180k+ per year, had a debt to income ration of 18%, and bought the boat $50k under book value and still struggled finding a bank to approve the loan. Finally they got it approved, then the agony of insurance kicked in! It took calls to 7 different companies/brokers to find someone to insure it, and then they wouldn't offer a 2% deductible which the bank required, only 3%. It went back and forth until finally the bank said it would accept a deductible up to $5000, but their policy still states 2% and if they do an insurance audit I could get a letter stating I need to get different insurance. It was 5 days of agony trying to get everything done, until I was almost ready to give up! Until some of the financing issues loosen up it will be hard to have any recovery in the marine industry- the auto industry went through it, and has now had a small recovery since you can actually get some people on the road.

    Just my .02 cents

  2. #42
    Registered VIP Member Phantom1's Avatar
    My Boats:
    30' Phantom
    Join Date
    Nov 2002
    Lake Murray, SC
    The definition of a market bottom:

    "the point of maximum pessimism"

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