Help financing used fountain!
 

Hi everyone, I have a deal worked out on a 2000 32 fountain fever. A great loan lady whos name I will not mention did the loan for my Sonic and many other performance boats in the area. She said its a waiste of her and my time for her to even run the application on a fountain powerboat. She said she could find a way to get any brand done for me except them. Before anyone ask's a bunck of personal questions about me I just want to add that they explained its not me its the callateral i.e. "the fountain", my debt to income is more then fine, income is more then enough and credit score and history is right where it needs to be. So before I go applying for the loan and get my credit ran 20 different times just to hear I am turned down I would just like to ask for HELP!!!??? If anyone knows of a lender that will take on the note I would greatly appreciate the help. Thank you for your help and time.

Did she give a reason why she couldnt lend on a fountain? Ive heard of denying people because of the hull type (ie cat) but never a brand name. Have you contacted any local credit unions? They are probably the easiest to get a loan thru...The other recommendation would be Key Bank

She said that its the brand name fountain, that the bank see's the brand as stricly a performance boat and that other performance brands can kind of fly under the banks radar so to speak. The credit union would be my last resort. I might try key bank. Has it worked for anyone recently? Not 9 years ago btw!

Also the 2 chapter 11's which I think is silly.

82 views and no help? That's what I was afraid of?

Btw key banks web site says no loans in md.

I have mine financed with Wells Fargo which aquired Wacovia Bank. Also, a long shot, but State Farm insures both my 38 Fountain EC and my triple engine Formula 419 Fastec for cheap! They also have a bank. Maybe they would finance the boat to get the insurance. I have also heard they finance cats, so they are not gunshy on the performance boat aspect. Good luck. Working on selling the 419 BTW!!! I love my Fountain!

I used credit union. Zero issue.

Check out this thread. A few in here that will definatly hook you up w a good rate. Chad

http://www.offshoreonly.com/forums/f...out-there.html

Not sure what current status is now but Citizens Bank in MI used to like boat loans.

Credit union. Closing in a few days on my refi on a 16yr old Powerplay. They have pics and know exactly what it is/is made for. No red tape and no hoops to jump through and great rates...

We were told by a few banks that they would not do anything over 7 years old. Ours was only 6 years old, but that was one of the questions we were asked. We went to a credit union and they were great. I only financed a small amount to build credit, but got an awesome rate and they were super easy to work with.

Thanks for the great info and keep them coming, I will keep everyone posted

The credit union seems to be the way to go, the guy who purchased my sonic got frustrated and went to a credit union and got it done.

Ive heard from a few different good sources that banks dont like to write notes on boats manufactured by companies that are not in business anymore... no personal experience

Since you are in MD, try Jackson's in Northeast. Phone number is 410-287-9400. Ask for Stephanie at ext 247 or Woody. I am a boat broker and sold a guy an '87 10 Meter and could not get any of my loan sources to touch it. Jackson's were a Donzi dealer and got it done for me. Tell her John Curry referred you and good luck.

There's your answer...

Jackson marine is worth calling also and I am familair with them

Try key bank but don't use the call in number, they are worthless.

I just did a refin, on my 2000 32 fever less then two weeks ago, and the loan officer said call her, u don't have to be in Indiana.

Susan A Fruits
Relationship Manager
Phone: *317-481-6911
Fax: * * *317-481-6910
5242 Rockville Road
Indianapolis, IN *46224
IN-27-99-2145
[email protected]

That's who did my Fountain

wildman..... thanks im going to call her friday. i have off so i can hunt a little bit.

A credit union shouldn't be your last resort, it should be your first stop! Credit unions always have better rates and less guidelines I just got a loan for my new boat, 12 year @ 5.75% at Michigan state university federal credit union and there biggest concern was why I only needed less than half of what the bluebook was on the boat with 0 down! Fountain being bankrupt shouldn't matter, my friends get loans on profiles, powerquests, and powerplays like there brand new off the showroom. Id tell your bank lady to go sit on her thumb and move my accounts.

You can join msufcu with a one time $30 membership to a Michigan wildlife conservation club too FYI

I also moved my 06' Duramax there for 2.75%, you pick the duration of the loan!

Guys, he lives in MD, I don't think a CU from MI is going to finance him.

Kevin, make a call to a local boat dealer and see who they use for financing. I have a CU in my area that I have been a memember for 15 years, they would not even consider my fountian. I used Key Bank but I believe they must have a branch in your state in order to do so. We have one choice in this area for performance boats.....key. Boat loans do not come easy today, be persistant and don;t give up, My loan took almost a month from application to close. Be prepared to be able to prove everything....twice :) The woman at my bank said boat loans and home equity loans are the hardest to get at this time. She also told me she could have wrote me a loan for a $90k car in 5 mins with no income verification....the boat took forever and they even verify your tax returns with the govt...strange.

They did mine as well. 2001 - 15 year - 5.75%

Yeah I do think a cu in Michigan would loan to him. I no some grads that live in California that still use them.

But your the expert, take it from here boss...

Key bank told me today that im all good only to call me back and inform me that she can't do loans if they are titled in md. As far as the first lady telling me its the brand fountain I can only tell you that she repeatedly and emphatically told me that so im just telling you what she said, and she is also mentioned in several oso forums for het work in the performance boating bussiness.

I missed the part where he was a Migh State grad, do you know the definition of a CU? If so, share your expertise on why a CU would take a new member 800 miles away and write him a high risk marine loan. Key Bank won't even write him in MD and they have banks in over half the states.

I guess it is worth a shot, and if it doesn't fly he can just call all the university CUs around the entire country unitl he finds one that will

Lol, I appreciate the help. If I wont be able to get a loan then believe me when I tell you nobody will.

key bank has grate % rates and that is who i am trying to go throw right now for my donzi zx but they r takeing forever and seem like they r draging there feet..... but if all works out i will be happy. so i kinda feel your pane with the whole lending problems........

Are you sure you are understanding this correct? Are they saying it must be Coast Guard documented instead of titled in your state. There is a difference.

If it is because you have an address only in MD, the state is small, how hard can it be to get an address in a different state? Many people title vehicles on other states, I have heard there may even be tax advantages depending upon where it is titled? :noevil:

If key won't write him more than likely its cause there a bank, banks have ****ty policies, and guidelines that keep deserving hardworking people from things they deserve and in this case, know they can afford. hence the reason I don't mess around with them for anything more than a checking account and a savings in my small town. I belong to 3 credit unions tho by golly!

I don't see how its a high risk loan if he see his credits good and his income to debt ratio is where it should be. And as for calling every credit union around if that's what it took to get a boat I wanted id do it. He should be able to give them senarios of his earnings and bills and get a good idea if they can write him or not without running his credit everytime. If my buddies are getting 100% loan value on 94'-95' model year boats with no hassle I really don't see why he's having issues...

That a bummer, I asked if she would do loans in other states and she said "yes"
I do have a Indiana address and drivers, but I asked about other states for this site.

Btw I am a credit union member ( couple of them) and they couldn't touch the rate key gave me.(4.99%)

Sorry for the bad lead.

The wierd thing for me is I had my sonic loan through m&t bank and made double payments for a year and a half and the fact that the brand changes to fountain and then they turn there head completely. I am going to try a credit union if I have to and i wont give up either, I went through it with the last boat until I got it done. What really sucks is that the people who over stretched themselves with castles and multiple mortgages they couldnt afford has killed the lending bussiness for those of us that stayed responsible borrowers and money savers. Now the banks are scared to death to lend on a pure luxury item. My truck cost more then this boat and they would have sold me 3 of them. The only posotive is that the boat shouldnt go anywhere while im trying to get this done. Oh and key bank has a list of states they will only lend in on there website.

As far as titling the boat in another state that isnt an option either. believe me im trying

Still laughing at the credit union being a last resort, LOL.

Traditionally they have better rates on loans over banks, higher yield on investments over banks, no bull**** underwriters and red tape like banks do etc... Good luck with your search. And btw 4Bus yes there are credit unions that loan out of state.

I belonged to my unions credit union for 7 years and had several bad experiences with them, customer service being the main problem. Got fed up and god the duffis working at the.window I wanted to.close my account he rudely ignored me until he saw the rather large amount of money I was withdrawing. Then his attitude changed and he tried to keep my bussiness but it was to late. This was just an example of many issues I had with the bank/credit union. So you can laugh if you would like but if you went through what I went through in the past then maybe you could understand more. But I am open to it, realistically speaking I may have no choice.

Are you X military by any chance?? I used USAA to finance my Fountain with no problems.

I had a bad experience at one of my credit unions a while back when GM was just out of bankruptcy. Basically some chick at headquarters thought the world was ending yada yada. But now that I'm at msufcu I've never had such ease with loan approvals, and the rates are the beat I've ever had.

Another thing you might wanna try is call shogrens and see what lenders there using for customers nowadays, they could point you to who's loaning on boats and I no they use lenders that will approve out of state people.

God I'm ****in' smart!

288kid.... I called Shogren wensday and got a number from the. The guys name is Dee Hert. His phone has bin going strait to voicemail, I left a message cause im hoping he's on vacation!