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Key Bank Pulls out of Marine and Recreational Lending Altogether

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Old 09-25-2008, 09:28 PM
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Originally Posted by Skullkrusher View Post
If they are still writing loans for another month it should be obvious that they are not calling existing loans.
Yes. But you make me wonder if the rate and terms just changed.
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Old 09-25-2008, 09:58 PM
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they aren't calling in notes. just not taking any new paper
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Old 09-25-2008, 10:02 PM
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Thanks in part,to Passport Marine
They got hurt bad by National too.
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Old 09-26-2008, 08:52 AM
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Originally Posted by Sea-Dated View Post
That is not encouraging for those of us that have to finance our toys.

does that mean that my loan with them will be forgiven?
That's where I was going next!! Wish it worked that way....more than likely they will be more stringent now!
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Old 09-26-2008, 09:52 AM
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Yes. But you make me wonder if the rate and terms just changed.
New rate sheet came out today. Rates and terms are the same, it just says applications must be received by 10/27 and all loans must be funded by 11/14. Also their "auto approval" program that allowed dealers to approve deals without actually submitting them has been discontinued.
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Old 09-26-2008, 10:07 AM
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New rate sheet came out today. Rates and terms are the same, it just says applications must be received by 10/27 and all loans must be funded by 11/14. Also their "auto approval" program that allowed dealers to approve deals without actually submitting them has been discontinued.
Maybe it is an elaborate scheme to move a bunch of paper (and boats) before the season gets any later and reduce the amount of the repo backlog by forcing people off of the fence?
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Old 09-26-2008, 01:42 PM
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Worked with you !!!

Now maybe it will kick Dreamer in the nuts.
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Old 09-26-2008, 03:35 PM
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Worked with you !!!

Now maybe it will kick Dreamer in the nuts.
I talked to him today. He has something going, but the banks are moving at their own speed.
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Old 09-26-2008, 04:24 PM
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One notch below that is Ted speed.
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Old 09-26-2008, 04:26 PM
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Maybe it is an elaborate scheme to move a bunch of paper (and boats) before the season gets any later and reduce the amount of the repo backlog by forcing people off of the fence?
Unfortunately not. All management, sales and credit personnel have already met with HR and been advised of termination.
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