is it true national marine !
08-19-2004 | 07:59 AM
#101
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Posts: 21,346
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Re: is it true national marine !
This is unbelievable! Talk about a snowballing...
I hope all of you who are in this mess can come out of it free and clear, but it's not sounding good.
Bob, who in the hell would have thought just a few months ago that this would be happening. I'm so sorry...
I hope all of you who are in this mess can come out of it free and clear, but it's not sounding good.
Bob, who in the hell would have thought just a few months ago that this would be happening. I'm so sorry...
08-19-2004 | 08:11 AM
#102
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From: Bonita Springs, Florida
Re: is it true national marine !
A pal from Florida, who a couple months ago, accepted a job with NM in Ohio. During the interview he said they were not quite conducting business in a normal fashion. He was there 2-4 days and quit. He could see the writing on the wall and did not want his name to be attached to that image.
It takes a chit load of $$$$ to fly a jet around the country and pick up people to look at boats. Eveytime I looked a their inventory and added up the $$$$ to support that debt it made "ZER0" sense.
Bouncing boat titles and having manufacturer's supply duplicate MSRP's so they can also go to a second bank is the oldest trick in the boating business.
I personally know 5 companies busted for that just in my neck of the woods!
It takes a chit load of $$$$ to fly a jet around the country and pick up people to look at boats. Eveytime I looked a their inventory and added up the $$$$ to support that debt it made "ZER0" sense.
Bouncing boat titles and having manufacturer's supply duplicate MSRP's so they can also go to a second bank is the oldest trick in the boating business.
I personally know 5 companies busted for that just in my neck of the woods!
08-19-2004 | 08:46 AM
#103
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Posts: 259
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From: WEST MONROE,LA.
Re: Rumor has it that the Fed's shut down Nat'l Marine
Originally Posted by expresscat39
90 days for sure! Any refund checks to a customer would fall into that category, every check from NM even purchasing a boat from an individual and every vendor large or small with maybe the exception of the utility companies.
For you guys up to your eye balls in this situation, you can usually stall and negotiate with the attorneys when they are trying to collect. It also could take a couple years + to catch up with you. Depends on how big of a mess it really is. They will spend most of the time on the big $$$$$. They will threaten with anything they can thnk of that may scare you but at the end of the day they will settle. You cannot get out of it and it will not go away on it's own if it is conisdered preferential treatment. It is "THE LAW"!
In reality, those of you who have "LOANER" boats from them, legally you are in posession of the floor planner's property even if they have SOLD your trade or even have your TRADE/OLD boat on the floor. Once they have your title and send it to the floor planner, it is the floor planner's property.
Regardless if you recently purchased a boat form NM last week or last 6-7 months and have not received a title or MSRP, it is still the FP's property. You will receive nothing back.
If NM had their paperwork in order showing you have a boat, you will recieve a letter from the COURT to return the floor planner's property.
No if's and's or but's. Return it like they request or you will be in contempt of a court order.
For you guys up to your eye balls in this situation, you can usually stall and negotiate with the attorneys when they are trying to collect. It also could take a couple years + to catch up with you. Depends on how big of a mess it really is. They will spend most of the time on the big $$$$$. They will threaten with anything they can thnk of that may scare you but at the end of the day they will settle. You cannot get out of it and it will not go away on it's own if it is conisdered preferential treatment. It is "THE LAW"!
In reality, those of you who have "LOANER" boats from them, legally you are in posession of the floor planner's property even if they have SOLD your trade or even have your TRADE/OLD boat on the floor. Once they have your title and send it to the floor planner, it is the floor planner's property.
Regardless if you recently purchased a boat form NM last week or last 6-7 months and have not received a title or MSRP, it is still the FP's property. You will receive nothing back.
If NM had their paperwork in order showing you have a boat, you will recieve a letter from the COURT to return the floor planner's property.
No if's and's or but's. Return it like they request or you will be in contempt of a court order.
08-19-2004 | 08:58 AM
#104
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Joined: Jan 2002
Posts: 232
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From: toledo oh
Re: is it true national marine !
I had some problems with NM about 3 months ago and ended up not buying a boat from there 
. now im kinda glad that things went the way thay did.
I hope all involved in this mess comes out of it okay
What goes around comes around.
Brad
. now im kinda glad that things went the way thay did. I hope all involved in this mess comes out of it okay
What goes around comes around.
Brad
08-19-2004 | 09:01 AM
#105
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Re: is it true national marine !
Oh yeah... the disappearing trade-in deal.
08-19-2004 | 09:11 AM
#106
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Re: is it true national marine !
I Still Cant Seem To Understand If The Bank That Financed Our Boats For Us Why Wouldnt The Burden Be On Them To Have Clear Title Before Funding New Loan To Nm I Think That There Are Alot Of What Ifs But The Bottom Line There Are A Lot Of Us Who Did What We Said We Would Ie Down Pymt Make The Pymts Get Ins Etc Etc Etc But Why Doesnt The Bank Bear The Resp.of Perfecting The Lien On The Title Who Knows? I Wonder If We Can Get A List Of People Directy Involved To Figure Out Best Plan Of Attack
08-19-2004 | 09:24 AM
#107
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Posts: 7,152
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From: Toms River, NJ
Re: is it true national marine !
some banks will not fund a deal until the receive a perfected title. i run a car dealership and every bank i deal will fund us with what is basically a title guarantee, which states that we are guaranteeing to send them a perfected title...banks should either A fund via draft...or B not fund until title is received
08-19-2004 | 09:26 AM
#108
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Posts: 3,029
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From: Bonita Springs, Florida
Re: Rumor has it that the Fed's shut down Nat'l Marine
Originally Posted by scottsumrall
BUT, MY DEAL WAS A BROKER DEAL. THE MAN THAT GOT MY BOAT JUST RUN THE DEAL THROUGH NM AND NATIONAL TURNED AROUND AND PAID MY LOAN OFF WITH THE FUNDS FROM THE MAN THE GOT MY TOPGUN. THIS WAS NOT A TRADE DEAL.THIS WAS A CASH DEAL. HOW IF THE DEAL WAS A TRADE, YES I COULD SEE THAT THIS ISSUE WOULD BE A PROBLEM.
First of all it sounds like your bank has been satisifed by NM. The following is very key, and this is something that at this time you may not be able to actually find out because it is buried in their books:
IF NM ran it through their floor planner and the funds paid to your bank were from the floor planner and the transaction was completed within 90 days of the court order, your bank may have to pay the $$$$ back to the court.
There are many IF's in this situation. You will have to wait and see how it shakes out. Like I mentioned before, it could be up to a year to 2 years before you even hear anything.
I do not want to ruin your day but this is how it works. I know this because I have several companies stiff me every year. When you are in business they call the CODB, the Cost of Doing Business. Taken off the bottom line and added to the write off column in life.
Last edited by expresscat39; 08-19-2004 at 09:28 AM.
08-19-2004 | 09:41 AM
#109
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Re: is it true national marine !
I Also Own Some Car Dealerships And I Understand How That Part Works.i Think There Is Plenty Of Liability To Go Around Second Natl,sky,home Savings And Lets Not Forget The Boat Documentor If We Are Smart They All Are Insured And There Employees Have To Be Bonded In The State That They Work When And Who Will Step Up And Take Care Of What They Created Will Be The Interesting Part.
08-19-2004 | 09:46 AM
#110
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From: Toms River, NJ
Re: is it true national marine !
absolutely correct...by the way TOGUN38...is this MICHAEL C
