105mph_38_2003

So if someone has a 851 FICO do they need to go through all the other bs? Just curious to see what you two can make happen.

DaveP

If someone has a FICO of 851, has a monthly Debt to Income ratio under 45% and decent liquidiity... all I need is the application - for loans up to $250k. NO INCOME VERIFICATION loan - No tax returns needed. Jodi - do you offer a No Income Verification up to $250k>

All boats are eligible for this kind of loan including hi performance.

email me at [email protected]

DaveP

That is correct. Some lenders charge the fees seperately and some lenders bump the rate to cover the fees.

All Marine Lenders get paid a RESERVE. (Jodi and I included get paid this way) The higher the rate the greater the commission.

My philosophy is to make a little money on a BOATLOAD of loans My office is currently in 2nd place within our company for sales volume. 1st place is our Florida office where they boat 12 months out of the year - rat bastads!

105mph_38_2003

You have mail Dave

Semper Fi

That's pretty much what I thought

DaveP

Thanks to everyone for their confidence in me and my team here at Essex!

We know and understand hi-performace as well as customer service.

Katapult

Now this is some fun reading !!!!!!!

moneygirl

Hi!
Yep, and Dave is correct also. Because we are a subsidiary of the largest retail boating company in America, we have a massive volume of loans that go to our lenders everyday. From the retail end AND from the loan servicing end. Because of the incredible volume, our lenders extend us rates that are generally below what other service companies are able to offer. It's all about volume.
Another point to consider is experience.
thank you for asking. Please let me know if this doesn't make sense.
jodi

Semper Fi

Sounds like DaveP and Moneygirl are good contenders next time I need a boat loan.

DaveP

Jodi, based on your accusation of me being slanderous toward you, I would remind you that I have not been slanderous. I have just been correcting you on the facts. So let's review:

1) I can usually (and if OSO members are any indication) - beat my competitors by .5%.
Not quite. Your rates are very competitive but so are the other major players in the finance arena.

2) Don't let them charge you more for high performance.
Very few banks charge extra for hi-performance on the rate. What the banks do want is for the owners to have more equity in these purchases.

3) My lenders like high performance and won't charge you for it!
Lenders either do or don't finance hi-performance. There are no lenders that LIKE hi-performance.

4) All my banks pay me the same, no matter
All finance people get paid on the reserve. The higher the rate the more the reserve. Not all banks pay you the same.

5) We have lenders that no other finance companies have!!
Yes - and so does everyone else

6) Also, when shopping for a loan, make sure you ask what the closing costs and fees are. We have none.
We already covered the fact that the fees are built into the loan like mortgage companies

7) Most lenders do share similar programs, but we DO have exclusive lenders AND special pricing.
Yes - and so does everyone else

8) We will each pull at least 2 bureas, so you are then up to 4
Jodi - you worked for Essex. You know that we only pull 1 - 95% of the time

9) Because of the incredible volume, our lenders extend us rates that are generally below what other service companies are able to offer.
I know what your rates are and they are very similiar to what we and 90% of what the other finance service companies offer.

10) I have not said anything dishonest or untruthful.
See the above 1 - 9 statements

Jodi - I am sure you are a very nice person and several people who were your customers at Essex that I have spoken to have told me so. But please don't call confirming the facts as slanderous.

I have been a member of this board since 1999 and and have been a paying sponsor of this board for the last 2 years. I do like to bust chops though just like everyone else here.

So now for some busting chops!..............