Jim Coburn is the managing partner of Coburn and Associates, a Michigan-based financial services consulting firm he founded in 2010.
NMLA and Lending
The National Marine Lenders Association is a trade association of boat lending specialists. Members include financial institutions such as commercial banks, private financing firms, savings and loan companies, credit unions and retail service companies. Members extend or originate credit to consumers, retailers/dealers and makers of recreational boats and equipment.
After spending 20-plus years working her way up the corporate ladder at Maryland National Bank, Karen Trostle decided she could start her own marine loan origination company.
Bruce Van Wagoner is managing director and president of the Commercial Distribution Finance marine group at GE Capital, the marine industry’s major wholesale lender. He leads a team of employees focused specifically on the marine industry, funding thousands of dealers in support of the sales of virtually all of the major manufacturers. Van Wagoner says…more
Boat loans are a bit easier, but housing issues (foreclosures, short sales, lack of equity) still dog industry With the 2008 fall from the proverbial economic cliff a full five years behind us, boat dealers and manufacturers might be hopeful that by next season more people will return to buying new boats because some short…more
Loans are available in the $50,000 range, but a credit blemish can torpedo the sale of a larger boat The marine retail lending market has certainly leveled out since the financial meltdown of 2008, when it seemed to change on a daily basis. That’s welcome news to dealers, lenders and manufacturers, who are, by and…more
Its not a return to the days of easy money, but financing is readily available and approvals are up Trends in the marine credit market might not be stellar, but they are encouraging. Credit is available for boat loans, interest rates are at historic lows, loan criteria are easing a little and a few more…more
Two banks may enter floorplan field; dealer poll finds some relaxation of retail financing criteria Some shifts in marine lending may be on the horizon welcome and unwelcome in an industry that has seen little change since the early days of the recession. Some new players might enter floorplan lending on a regional…more
Banks are having to battle more sophisticated scam artists who secure bogus loans and fool dealers An unprecedented spike in boat loan fraud could be prompted by an economic downturn and increasingly savvy criminals, financial experts say. Its pretty scary how sophisticated this is, said Don Parkhurst, senior vice president of SunTrust Bank.Loan fraud is…more