Key Bank Pulls out of Marine and Recreational Lending Altogether
#1
Registered
Thread Starter
Join Date: Mar 2008
Posts: 52
Likes: 0
Received 0 Likes
on
0 Posts
Key Bank Pulls out of Marine and Recreational Lending Altogether
#6
Some quotes this week during the financing of my purchase:
Credit Union: 8.75%-- 5 years.
Monroe Bank and Trust: 8.24% -- 5 years.
Huntington National Bank: 7.24% -- 10 years.
(This is a great rate on a used boat)
I think that because Key is so big they have a lot of the repos. Get with a credit union or a smaller bank and people should be fine.
#7
Registered
I'd be interested in specifics that are different than a standard security agreement.
we are into them for a lot, hope they don't start calling in loans
most consumer loans do not have a "due on demand" clause, may even be illegal in some states, so they can't be "called" unless you default (ie, not making payments, not paying insurance, letting the collateral go to pot, taking it out of state and so on) Pull out your note and read the default sections and also read your security agreement terms of default(sometimes they are combined in one document), that will tell you when the can accelerate the remaining principal due.
If you haven't violated one of those terms, they aren't coming after you, or of the would they couldn't enforce it.