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.

NMBA seeks presentation proposals

The National Marine Bankers Association issued a call for professional presentations at its 32nd annual conference, which is set for Nov. 6-8 at the Westin La Cantera Resort in San Antonio. “We are reaching out to the industry for presenters and speakers who have services, products or ideas that can help the marine industry through…more

GE Capital unveils trailer financing program

GE Capital’s Commercial Distribution Finance business announced two initiatives to demonstrate its commitment to the trailer industry. It launched a financing program for dealers of all types of trailers that will extend suppliers’ standard financing terms by 60 days; this includes dealers in the cargo, race car, horse, marine, dump and flatbed markets, among others.…more

GE Capital extends Formula Boat floorplan deal

GE Capital’s Commercial Distribution Finance business announced a renewed agreement with Porter Inc. to provide floorplan financing options for dealers purchasing its Formula Boat brands. “As one of the premier boatbuilders in the world, we are pleased to offer GE’s financing program to our family of Formula dealers. We have been working with GE Capital…more

Merrick Bank joins credit network

Wolters Kluwer Financial Services announced that Merrick Bank joined its AppOne platform. AppOne automates the indirect lending, credit approval and compliance processes for lenders and the marine, auto and RV dealers they work with. Merrick, a national leader in providing boat, RV and motorcycle loans for customers with past credit problems, works closely with dealers…more

NMBA makes donation to BoatU.S. Foundation

The National Marine Bankers Association recently donated $5,000 to the BoatU.S. Foundation. “We feel the BoatU.S. Foundation is a very worthy organization. They spend money responsibly to promote stewardship of America’s waterways and make boating safe and enjoyable,” said Mike Smith, representing the association’s board. Smith praised the foundation for its Children’s Life Jacket Loaner…more

NMBA sees loan market stabilizing

Participants at the recent National Marine Bankers Association conference expressed confidence that stability is working its way back into the boat loan sector. About 100 people took part in the 31st annual event, which ran Nov. 7-9 in San Diego. “The number of marine funding institutions, including major national banks, has settled in around a…more

SGB Finance adds North America to marine market

SGB Finance North America announced its plans to enter the retail and floorplan marine finance market in the United States. SGB Finance North America is the wholly owned subsidiary company of SGB Finance S.A. France, a finance company with more than 10 years of experience in boat financing. SGB Finance S.A. France, through its exclusive…more

NMBA: ‘Sweet spot’ for boat prices, interest rates

Lenders are beginning to see a firming of prices in retail boat sales, possibly indicating a turn in the market, the National Marine Bankers Association said. “We believe this is another recovery point in the cycle of availability of credit from lenders and interest in borrowing to buy a boat by consumers,” said Karen Trostle,…more

Man convicted in boat-loan fraud

A Michigan man faces up to 30 years in prison for helping run a boat-buying scheme that involved applying for hundreds of thousands of dollars in bank loans for boats that didn’t exist. William King, 46, was convicted Friday by a federal jury in Detroit on charges of bank fraud and bank fraud conspiracy, the…more

Teleflex: Refinancing transactions completed

Teleflex Inc. announced today that it has prepaid all of its outstanding senior notes issued in 2007, which had an aggregate outstanding principal amount of $196.6 million and would have matured in 2012 and 2014. The prepayment of the 2007 notes was completed as part of the company’s previously announced debt refinancing, pursuant to which…more

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