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.

MRAA offers regulatory compliance guide

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

Marine bankers battle regulatory hurdles

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

Boston bank adds marine financing

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

NMBA annual conference starts Sunday

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

Nautic Global Group agrees to floorplan deal

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

GE Capital issues report on Canadian marine industry

GE Capital’s Commercial Distribution Finance business released its outlook for the Canadian marine, recreational vehicle and motorsports industries. In general, each is performing well, with volume growth and relatively healthy inventory turns despite some regional variations, according to GE Capital. Wholesale shipments through the end of May increased by double digits compared to the same…more

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Boat loans are changing with the times

It’s 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

NMBA survey sees higher lending volume

Overall marine lending volume rose incrementally, according to a survey of National Marine Bankers Association members for the second quarter, which ended June 30. NMBA members also reported an uptick in new boat loans during the quarter, according to the survey. The spring report also marks the first reading in the last 18 months in…more

NMBA schedules annual lending conference

The National Marine Bankers Association’s 2012 lending conference will take place Sept. 9-11 in Newport, R.I. The agenda for the 33rd annual NMBA Marine Lending Conference, which will be held at the Newport Marriott hotel, will feature a number of topics that are timely and relevant to the challenges in today’s lending environment. Some of…more

Report: Showroom inventory moving faster

Inventory is leaving showroom floors twice as fast today as it did a couple of years ago. That’s according to Bruce Van Wagoner, president of GE Capital’s commercial marine lending group, who gave an address on the state of the marine industry via podcast last week with National Marine Manufacturers Association president Thom Dammrich. “That’s…more

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