Reply With Quotereads as bad news for the boat biz. Seems as if I recall peeps borrowing huge sums...glad you did it then 'cause those days are over the horizon.
CC
Key Bank pulling out of marine lending
Thursday, 25 September 2008 11:57
Key Bank, one of the largest marine lenders in the country, announced today that it is pulling out of the marine lending business and ending recreational lending altogether.
Grant Skeens, president and CEO of Key Recreation Lending, confirmed that the bank is pulling out of the marine and RV retail and commercial lending business, ending its 50 years in recreational lending. The announcement was made to employees at 10:30 (EDT) today.
The last day marine retail applications will be taken is Oct. 27, and the last day for funding applications will be Nov. 14, Skeens told Trade Only Today this morning. The bank will work to transition its dealers to other sources of floorplan funding over the next 90 to 120 days, he said.
Skeens said the decision was "very difficult."
"Certainly if you look at the prospects for the [marine] industry over the next 12 to 18 months, they aren't very rosy," Skeens said. "I would tell you margins in retail continue to be thin for lenders."
Key Bank is one of several lenders to recently pull out of marine lending. This summer, Citizens Bank and Wachovia pulled out of marine finance altogether, and GE Money quit retail marine lending.
reads as bad news for the boat biz. Seems as if I recall peeps borrowing huge sums...glad you did it then 'cause those days are over the horizon.
CC
Sadly it seems many lenders are scaling back.
yes credit is going to be tough now and in the future.
1. RVs of all types by hurt due to the new credit requirements and less banks that want to be involved in Risky loans such as RVs. Too many people purchased these things with Home Equity Loans.
yes credit is going to be tough now and in the future.
1. RVs of all types by hurt due to the new credit requirements and less banks that want to be involved in Risky loans such as RVs. Too many people purchased these things with Home Equity Loans.
But at least those folks who overborrowed can still live in their trailers and RVs after they lose their homes.... :sqeyes:
Lack of access to credit is going to be a tough deal for a while to come. Lots of used product on the market, making new product gets even harder to sell.....
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Monday, September 29, 2008
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Your DSNews.com Update for 09/29/2008
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BREAKING NEWS: The new bailout legislation fell flat on the House floor this afternoon, lacking 13 votes for passage. Next steps are unclear at this point, but if a new vote comes, it is not expected before Thursday. Stay with DSNews.com for the latest in this developing story.
Today's News Headlines:
Wachovia Sells Banking Operations to Citigroup / 09.29.2008
Freddie, Fannie Subpoenaed by Federal Grand Jury, Facing SEC Inquiry / 09.29.2008
Bipartisan Agreement Reached on Bailout Legislation / 09.29.2008
Friday's News Headlines:
JPMorgan Chase Acquires WaMu / 09.26.2008
New Program Finds Errors in Over 80 Percent of ARM Loans / 09.26.2008
Freddie Announces Organizational Changes / 09.26.2008
Federal Study: More Banks Modify Problem Home Loans in Q2 / 09.26.2008
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Credit Unions are the way to go now.
They love these kind of loans as long as the state purchased in issues a title & registration.
You can join any Credit Union under the new rules.
Their rates vary from CU to CU so shop around.
Los Angeles Fire Dept CU Boat Loans:
* Depending on Credit Score:
Up to 72 months: 5.74% to 9.74% APR*
73 to 120 months: 5.99% to 9.99% APR*
121 to 180 months: 6.24% to 10.24% APR*
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