Financing a new boat.
02-08-2012, 10:43 AM
#21
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JD,
I am starting to feel your pain. After two weeks, countless hours, and piles of paper work my CU just informed me the loan VP of finance declined cutting the check because it is a "performance boat". Seems they have a "black list" and manufactures they will not finance, mine fell into that.
The local branch had no idea, in fact I have a few friends that financed (Hustler, Fountain) with them in the past, seems this is a new rule
I was also approved at Key, but chose the CU for rate. I am now going back to Key, I'll let you know how it turns out.
Not freaking easy, very frustrating to say the least.
I am starting to feel your pain. After two weeks, countless hours, and piles of paper work my CU just informed me the loan VP of finance declined cutting the check because it is a "performance boat". Seems they have a "black list" and manufactures they will not finance, mine fell into that.
The local branch had no idea, in fact I have a few friends that financed (Hustler, Fountain) with them in the past, seems this is a new ruleI was also approved at Key, but chose the CU for rate. I am now going back to Key, I'll let you know how it turns out.
Not freaking easy, very frustrating to say the least.
I had to go get a bunch more crap that Key requested yesterday. They even wanted a VIN number on a boat that is not built yet.
02-10-2012, 01:07 PM
#22
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Still waiting on Key Bank....They asked for a bunch of info on my trade in. Waiting really sucks! YES or No.
Plus the boat show is this weekend Nordic has an SS there which is really annoying. Don't even want to go.
Plus the boat show is this weekend Nordic has an SS there which is really annoying. Don't even want to go.
02-15-2012, 07:15 PM
#23
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Key bank just rejected my purchase offer on a boat with 575SCI. They said they are no longer financing twin engine boats with a total HP rating over 1050! So 525s or lower. These "rules" that no one seems to know anything about before hand can sometimes make you look like an ass to a seller when you find out a week after. They don't have a published list, and the drones that answer the 800 line don't have a clue.
Another rule- No boats older than 12 years, if the total amount financed is over 50k they will consider older boats with a survey, but the chances would be slim
I stated earlier that they do not run the 4056T form before hand, I was told this by the rep. Well I guess I lied because I was told they did infact run this form on me, and reduced my total income against my scheduled deductions. Wasn't a big deal for me, but I can see how this could make it hard for a self employed applicant that has re-invested in his business over the last few years.
Good stuff- the search continues.
02-15-2012, 08:57 PM
#25
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02-15-2012, 10:37 PM
#27
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That sucks JD, I hope it all works out for you. If you need an ear to bend and complain, you have my number, I will be home for a couple weeks.
Last edited by Jay Gadsby; 02-15-2012 at 10:39 PM.
