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Cap'n Morgan
 Post subject: Re: NADA Update
PostPosted: Fri Jan 15, 2010 11:41 am 
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268 Vista

Joined: Tue May 16, 2006 9:49 am
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Location: West Michigan
Bank rejects new NADA guidelines
Quote:
Bank of the West has sent out a bulletin to its dealers that it will not accept the NADA adjustments on brand-new, non-current boats. However, the bank is making its own adjustments, according to Thom Dammrich, president of the National Marine Manufacturers Association.

"They are making adjustments, they're using their own methodology for those adjustments ... They've been adding 10 percent, which is within the range suggested by NADA, to the base book in their advance for quite some time," Dammrich said, noting a post by a Bank of the West official on the National Marine Bankers Association's LinkedIn group page.


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ultprthead
 Post subject: Re: NADA Update
PostPosted: Fri Jan 15, 2010 1:52 pm 
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Joined: Wed Jul 08, 2009 2:32 pm
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In regards to the above post, 100% accurate and is likely going to be a problem going forward...

We bought our 2008 SL262 new in June of 09. Even though we put 30% down on a bargain basement price, we had two banks deny the financing due to the collateral value. The boat stickered new for 81k, and we bought it for 53k OTD including trailer. Was told they would only allow us to finance 29k....uh oh! Thankfully State Farm Insurance has a bank!
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07H200SS
 Post subject: Re: NADA Update
PostPosted: Sat Jan 16, 2010 8:33 am 
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Location: Appleton, WI
Calling my boat at $17,545 and last August when I bought it, it was around $26,000 and they were selling for around $30K. Lucky I got a deal on mine at $24,500. Just looked up value on my old boat to. 07 H200SS and that was at $24,975 which is still fair I think. I sold mine last summer for $25,200 after having it one year and only paying $22,000 for it so I made out pretty good on that one.

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jvthundercat
 Post subject: Re: NADA Update
PostPosted: Mon Jan 18, 2010 9:53 am 
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The part that will bite most everyone is the Insurance payoffs.
Now with all that is going on with our Govt and the Insurance clowns, who do you think had a hand in them changing the numbers?
I think an adjustment like this is complete BS. NADA just lost major respect in my book.
With banks wanting to lend money and raising it from the book?
Don't you guys see a major problem going on here?
I do...........

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lake_dawg
 Post subject: Re: NADA Update
PostPosted: Mon Jan 18, 2010 11:40 am 
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Shark

Joined: Wed Dec 16, 2009 12:24 pm
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That is why when you get insurance, you can get an agreed value policy if used or a replacement policy if a newer boat (usually less than 3-5 years old).

I have an agreed value policy so NADA or any other book value is irrelevant. If my boat were to become a total loss, I would get the agreed value that I established at time of insurance.

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jvthundercat
 Post subject: Re: NADA Update
PostPosted: Mon Jan 18, 2010 7:01 pm 
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lake_dawg wrote:
That is why when you get insurance, you can get an agreed value policy if used or a replacement policy if a newer boat (usually less than 3-5 years old).

I have an agreed value policy so NADA or any other book value is irrelevant. If my boat were to become a total loss, I would get the agreed value that I established at time of insurance.



That's really a great deal if you have the money for a new boat. Most people are just going to get screwed by the changes. They never paid close enough to book to begin with.

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lake_dawg
 Post subject: Re: NADA Update
PostPosted: Mon Jan 18, 2010 8:20 pm 
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Shark

Joined: Wed Dec 16, 2009 12:24 pm
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jvthundercat wrote:
That's really a great deal if you have the money for a new boat. Most people are just going to get screwed by the changes. They never paid close enough to book to begin with.


Every boat owner just got screwed by the changes as the drops were across the board. If you had an agreed value policy in effect, the drop would not have effected you. You can get agreed value on used boats, not just new. The key is to establish the value it up front.

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298VISTA2000
 Post subject: Re: NADA Update
PostPosted: Mon Jan 18, 2010 9:16 pm 
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Location: Allatoona Lake, Georgia
Cap'n Morgan wrote:
Bank rejects new NADA guidelines
Quote:
Bank of the West has sent out a bulletin to its dealers that it will not accept the NADA adjustments on brand-new, non-current boats. However, the bank is making its own adjustments, according to Thom Dammrich, president of the National Marine Manufacturers Association.

"They are making adjustments, they're using their own methodology for those adjustments ... They've been adding 10 percent, which is within the range suggested by NADA, to the base book in their advance for quite some time," Dammrich said, noting a post by a Bank of the West official on the National Marine Bankers Association's LinkedIn group page.



My boat loan is with Bank of the West. Do you think they will drop my loan pay off to equal their estimated value on my 2000 298 Vista given the new adjustments? Ha!! I even did a 15 year loan and I am probably still upside down by about $10k to $15k according to BOW's estimates. At least I get the second home write-off on my taxes (that is, for now, until obama and the socialist in congress decide that I am too rich to deserve it).

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lake_dawg
 Post subject: Re: NADA Update
PostPosted: Mon Jan 18, 2010 9:43 pm 
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Shark

Joined: Wed Dec 16, 2009 12:24 pm
Posts: 110
298VISTA2000 wrote:
My boat loan is with Bank of the West. Do you think they will drop my loan pay off to equal their estimated value on my 2000 298 Vista given the new adjustments? Ha!! I even did a 15 year loan and I am probably still upside down by about $10k to $15k according to BOW's estimates. At least I get the second home write-off on my taxes (that is, for now, until obama and the socialist in congress decide that I am too rich to deserve it).


My wife works for a small community bank. Collections no less. You would be amazed at the things a smaller bank will let people get away with or forbearances. Dealing with the big banks you don't have a prayer.

Our mortgage is with BoA and I wish we would have gone with my wife's bank. I work in a field that is highly cyclical and layoffs are not uncommon every couple years. If I lost my job at least my wife's bank is lienient to give people time to get back on their feet and tags the payments onto the end of the note. BoA would be 1-2-3 foreclose on your ass.

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