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High-Performance Boat Financing Still "Extremely Limited"

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Old 04-05-2011, 11:54 PM
  #31
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Originally Posted by Matt Trulio View Post
Loan process began on Monday the 28th, I contacted Matt at Offshore Financial and explain to him I have 2004 Lavey Craft MCOB with a single 525 i want to purchase. Offshore Financial did my previous Power Quest too. 1st bank says NO performance boats, period. 2nd bank said ok, but @ 7 7/8% and 25% down, now I was really getting discourage when Matt hit the right bank, and the right terms for me. We had to do a lil smooshing on that it was a 'BOW RIDER". It's weird I thought that it would be a long hard boat search, but it wasn't. Sold my boat in two days and had a deposit on another in 4, not bad in today's mess. Good luck
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Old 04-06-2011, 06:36 AM
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I'm about 30k upside down on my boat.But I signed my name on the contract so it will continue to be paid as agreed.My word means more to me than 30k which is probably why I have an 850 credit score.
Bravo to you! I've been paying out $2k a month for five years on a house I don't live in. The ex is refinancing now, and amazingly, got a 4.5% apr. That will free me up some cash each month, but also I get nailed on taxes without any exemptions or child credits.

I can't believe the number of people that walked away from house they bought, still can afford, but want out so they can get something cheaper at today's low prices. Imagine if the stock market worked like that since 1999. An enormous amount of the problem.

A story. I know two people that flipped houses in Florida, and told me I was nuts for not getting in on the gold rush. They left two houses for dead, which later molded up. After a lengthy foreclosure, they are now ranting and raving that they can't get a mortgage to buy some more at today's fire sale prices

I hope I can match your 850 score after this anchor of a house is off of me. I've never failed to repay a dime, and don't intend to start now.
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Old 04-06-2011, 07:18 AM
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Bravo to you! I've been paying out $2k a month for five years on a house I don't live in. The ex is refinancing now, and amazingly, got a 4.5% apr. That will free me up some cash each month, but also I get nailed on taxes without any exemptions or child credits.

I can't believe the number of people that walked away from house they bought, still can afford, but want out so they can get something cheaper at today's low prices. Imagine if the stock market worked like that since 1999. An enormous amount of the problem.

A story. I know two people that flipped houses in Florida, and told me I was nuts for not getting in on the gold rush. They left two houses for dead, which later molded up. After a lengthy foreclosure, they are now ranting and raving that they can't get a mortgage to buy some more at today's fire sale prices

I hope I can match your 850 score after this anchor of a house is off of me. I've never failed to repay a dime, and don't intend to start now.
VT,
I hear ya on the frustration of people WHO can afford to keep paying, but CHOOSE NOT to, and walk away!! I know of a couple in our hood, he's a airline pilot for SW and she's a flight attendant, no kids, obviously make decent money between the 2 of them. Well, they have a house on the same canal as 1 of our rentals, and a condo over on Cocoa Beach. They are upside down on both properties, and stopped paying the mortgages on both about 6 months ago. They are still living in the house..... Now I heard from a neighbor the other day, that they have found a new home that is going to be owner financed, (Idiot) and they are going to STRIP their present homes of everything they can!!!!!!!!!!
That is just wrong, and if I see this guy, I will tell him so! These people just chap my azz doing this....
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Old 04-06-2011, 07:49 AM
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There are deadbeats everywhere and there will continue to be so until we make harsh punishments for their actions. We let it happen.

The people that screw themselves and then think nothing of making it our problem, really chap my azz. And dont get me started on the a-holes that leverage the **** out of their homes and boats and then strip them of all the value (and profit from doing this), then tell the bank to come and get the dead carcass. We have them here among us... IMO time should be spent behind bars for doing this crap.
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Old 04-06-2011, 07:56 AM
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Originally Posted by bert4332 View Post
Loan process began on Monday the 28th, I contacted Matt at Offshore Financial and explain to him I have 2004 Lavey Craft MCOB with a single 525 i want to purchase. Offshore Financial did my previous Power Quest too. 1st bank says NO performance boats, period. 2nd bank said ok, but @ 7 7/8% and 25% down, now I was really getting discourage when Matt hit the right bank, and the right terms for me. We had to do a lil smooshing on that it was a 'BOW RIDER". It's weird I thought that it would be a long hard boat search, but it wasn't. Sold my boat in two days and had a deposit on another in 4, not bad in today's mess. Good luck
I explained to the bank how my 342 is a cruiser. I guess it is compared to a lot of the hardware out there
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Old 04-06-2011, 02:14 PM
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The problem seems to be people who strip their drives and engines out of their boats when the payments get tough. There needs to be a law enacted that allow this type of fraud to be handled as a crime and the people that do this should pay for it dearly. Until they tie the drives and engines to the HIN, apparently nothing stops this theft, which prevents a lot of people who need financing to not have access to it.
No need for a new law, the law already exisits. As part of the loan agreement the borrow is agreeing to make the payments but also agreeing to maintain the collateral as well. So when people sell off the engines and drives, they are STILL responsible for the deficiencies and they will be pursued for it.
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Old 04-06-2011, 02:21 PM
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Originally Posted by Jupiter Sunsation View Post
If the boat goes away and the debtor continues to make the same payment to knock out the 20K everyone wins. Boat is gone, new buyer is thrilled and bank gets paid in full. If the debtor doesn't pay the bank is out the 20K, if the debtor pays in full the bank is paid in full.
Not sure who your bank was but there are several lenders that are making boat loan modifications and doing exactly what you stated above.
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Old 04-06-2011, 02:28 PM
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A million dollar yacht, come on down, a 130 mph cat forget it without bring some vaseline.
Another issue for lenders regarding cats:

Joe Blow buys a 46' Skater with twin 1350's for $700k. Gorgeous boat and Joe Blow has had 4 cats before with tons of experience. Joe Blow then decides he wants to enter the boat in his local boat club's kilo run for fun. Unfortunately something tragic happens while running the kilo and the boat is severely damaged or destroyed. Joe Blow calls his insurance company and his boat that was insured for $700k with the lender listed as additionally insured / lien holder, and finds out that since the boat was entered into a "race" his insurance is NULL & VOID (has happened many times before) since he was entered into a race or timed speed event (read the fine print on all insurance policies).

Now Joe Blow is screwed and so is the lender. The lender now has to rely on Joe Blow to pay them in full since the boat is damaged beyond repair or destroyed.

That problem does not exist when lending on yachts.
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Old 04-06-2011, 03:27 PM
  #39
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Please correct me if I'm wrong,but isn't representing a high performance boat as a bow rider or a cruiser in order to circumvent a lender's guidelines a form of fraud ?
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Old 04-06-2011, 03:56 PM
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he say's it's an open bow . and i would think there are seat's up there , so wouldn't that make it a Bow rider
maybe a fast one but can still be considered a bow rider ,
you no how it work's , same thing goes on for insurance . it's called loop-whole's .
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