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Old 07-31-2017, 12:26 PM
imracin68j imracin68j is offline
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When some of these boat sellers are fishing because they are stuck in a loan

So I'm in the market for a newer boat. I'm stuck between a 2005-2009 X45 or Malibu. Some of these people are so above the high blue book, it's crazy. The banks aren't going to loan money for a boat that are 20k over high blue book. I think when you take on a 20+ year loan for 70k and 10 years want to sell it for 65k, you're in a tough spot. They really can't sell it for less or the'd have no boat and debt. I can't even imagine when you get into the 150,000 boats. Are those boats really going to be worth over 100,000 in 10 years?
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Old 07-31-2017, 12:29 PM
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JohnE JohnE is offline
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They really can't sell for less unless they have cash for the difference.

I've had loans on my boats over the years, but never once was I even close to negative equity.
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Old 07-31-2017, 12:37 PM
MLA MLA is offline
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3 issues with book numbers, whether blue black green or red, is they there are so few units moved to get a good average, they are slow to come in and there are seasonal peaks and valleys.

Will a 15K boat be going for 100K in ten years? Maybe! if the industry continues a 7-8% yearly price increase, the secondary market will also stay strong.
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Old 07-31-2017, 12:40 PM
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Polak Polak is offline
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It doesn't help that NADA is notoriously low on their values and every bank on the planet uses their values when calculating loan to value.

Financing a used high end tow boat is near impossible w/o a huge down payment.

Lots of people get in over their heads quick on new purchases, hence the high risk for the banks equaling high interest rates.
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Old 07-31-2017, 12:51 PM
imracin68j imracin68j is offline
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The dealerships are horrible at getting people into boats they can't afford. I've had friends with 150,000 houses and a 125,000 boat.
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  #6  
Old 07-31-2017, 01:05 PM
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gt23 gt23 is offline
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This is what I learned this weekend. Get behind both boats with what you want to do. A $250 ride cost offered to the owner to pull you ski/board/surf would be well worth the money.


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Old 07-31-2017, 01:07 PM
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gt23 gt23 is offline
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Negotiate of you buy the boat the $250 is part of the payment. If you don't like it it's well worth the $250. Trust me.


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Old 07-31-2017, 01:10 PM
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JohnE JohnE is offline
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Quote:
Originally Posted by imracin68j View Post
The dealerships are horrible at getting people into boats they can't afford. I've had friends with 150,000 houses and a 125,000 boat.
I'd say they are great at it.

But really, if I get a loan and can't truly afford it, I'm not blaming the dealer.
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  #9  
Old 07-31-2017, 07:36 PM
Jhilly8982 Jhilly8982 is offline
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Quote:
Originally Posted by Polak View Post
It doesn't help that NADA is notoriously low on their values and every bank on the planet uses their values when calculating loan to value.

Financing a used high end tow boat is near impossible w/o a huge down payment.

Lots of people get in over their heads quick on new purchases, hence the high risk for the banks equaling high interest rates.
This is done by design. In the auto industry at least, dealers benefit from lower book values as they take in trades-ins based on price but for the most part, sell them based on monthly payments where loan term and interest rate can be adjusted to fit customers need. There's a reason why one of the first questions you are asked when buying a car is "how much do you want to pay per month"
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Old 07-31-2017, 07:45 PM
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Olaff Olaff is offline
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Let's just all switch to Pavatti. They don't have dealers to jack up the prices and push the financing or trade deals. And they build so few of them I'm sure it's always a sellers market on them.
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