GE Capital said it is not predicting a U.S. unemployment rate of 7 percent this year and does not consider that forecast by others to be upbeat. A story in Trade Only Today on Thursday about a GE Capital presentation at the Miami International Boat Show reported GE Capital economist Rob Podorefsky as predicting a…more
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.
Marine lenders continued to report increased activity in 2012, with 58 percent of respondents to a National Marine Bankers Association survey indicating volume was up year over year for the quarter that ended Dec. 31. That was despite overall credit criteria tightening, 17 percent of respondents indicated, meaning that “those with strong credit profiles are…more
The National Marine Bankers Association elected Peggy Bodenreider, Jim Coburn and Mike Smith to serve three-year terms on the association’s board. The 2013 NMBA officers will be Michael Bryant serving as president Peggy Bodenreider as vice president, Jayme Yates as secretary and Bill Otto as treasurer.
GE Capital’s recently announced contribution to the Grow Boating effort will be dedicated to the Five Star Dealer Certification Program. “We’ve invested a lot in that. We just believe in and do business with a lot of dealers who are in the process of becoming certified,” GE Capital marine group president Bruce Van Wagoner told…more
A report issued by the National Marine Bankers Association shows increased lending through the third quarter of 2012, but it also suggested that credit criteria were growing more stringent. “The survey results reflect the slow road to recovery that I spoke about in my presentation at the International BoatBuilders’ Exhibition and Conference,” NMBA director Jim…more
NEWPORT, R.I. – In coordination with discussions at the National Marine Bankers Association conference about increasing federal regulations on the banking industry, the Marine Retailers Association of the Americas released a Federal Regulatory Compliance Guide. The Dodd-Frank Act contains eight regulations that pertain to marine dealers, but to go in and pick out the small…more
NEWPORT, R.I. – Federal regulations were a big topic Monday during the National Marine Bankers Association conference here. Michael Benoit, a partner at Hudson Cook LLP, told attendees that Title 10, or Dodd-Frank legislation, has made it possible for more government oversight and regulation. The fear of earning unwanted attention from overseers will begin to…more
First Trade Union Bank announced rejoined the yacht-financing market and hired a senior executive to manage its yacht-financing program. The bank named Jim Velez senior vice president/yacht lending and said he will be responsible for expanding its consumer lending portfolio in that business. The bank said Velez, who lives in Fort Lauderdale, has more than…more
The National Marine Bankers Association’s 33rd annual conference opens Sunday in Newport, R.I., with a board of directors meeting and a reception in the evening. The conference, which will run from Sunday through Wednesday at the Newport Marriott Hotel, will feature new speakers and seminars in an effort to teach attendees something new, according to…more
GE Capital’s Commercial Distribution Finance business announced that it will be the strategic floorplan finance provider to Nautic Global Group. The jointly developed program is available immediately to all Rinker, Hurricane, Godfrey Pontoon and Polar Kraft dealers in the United States, according to a statement. The program will provide Nautic dealers with specialized, vendor-subsidized financing…more