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Old 07-19-2010, 06:11 PM
Join Date: Jun 2010
Location: Ft Lauderdale
My Boats: 2008 Donzi 38 ZR
Posts: 180

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
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Old 07-19-2010, 11:01 PM
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Join Date: Nov 2002
Location: Lake Murray, SC
My Boats: 30' Phantom
Posts: 5,647

The definition of a market bottom:

"the point of maximum pessimism"
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