I'm having a custom boat built, and the loan company who is financing it wants insurance on it now, not in Feb. when I take possession of it. It's not even in existence at this point. Is this normal?
I'm having a custom boat built, and the loan company who is financing it wants insurance on it now, not in Feb. when I take possession of it. It's not even in existence at this point. Is this normal?
What???? You dont need to show insurance until the loan is complete, meaning they are ready to cut a check for the boat. They plan on funding tomorrow or something?
You could secure an insurance binder and probably not pay until Feb.
WHAT was it from fast eddie the loan shark?:idea:
why would they want to insure a vehicle (car or boat) that isn't funded?
that seems odd? the manuf should have it insured at this point.
Is the boat builder asking you to complete your loan now even though won't take delivery of the boat until Feb? :idea:
seems a bit odd to me...
the boat is being built right?
general speaking... you will sign your loan docs just prior to the boat being complete so that everything is ready when delivery is made on your acceptance, and that is when your insurance begins.
who is the builder? and funding broker? may depend on other things however it does seem a bit odd to me.
leads me to believe that maybe the builder is trying to get the boat bought and paid for before he builds it, (he gets his money and you pay more during the build process) that would require you to insure it now. But that seems wrong to me. :idea:
good luck, keep us posted, I am curious how this comes along...
status please...
I smell a dirty rat
Who is the builder :idea:
Wait let me get some pop corn
Posting Permissions
Reply With Quote