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: ‘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

Interest in marine loans seen at banking conference

National Marine Bankers Association officials who recently took part in the Consumer Bankers Association’s “CBA Live” annual lending conference in Fort Lauderdale said many who attended were interested in learning more about lending to the marine industry. Attending the conference were NMBA president Karen Trostle of Sterling Acceptance; Jim Foley of Trident Funding; and immediate past…more

Financing service expands dealer reach

Salt Lake City-based MyFinanceGuys.com is now offering dealer-direct retail financing services to marine dealers in all 50 states, the company reported. MyFinanceGuys.com has been offering consumer finance “backroom services” for companies such as MasterCraft and Centurion, and is expanding its reach. “The most challenging thing about today’s market is the severe lack of liquidity,” president…more

Accu-Router signs financing deal

Accu-Router has a new alliance with National Machine Tool Finance of Elk Grove Village, Ill., meaning Accu-Router applicants will have instant access to a network of funding sources tailored to their credit profile. National Machine Tool Finance offers a variety of financing approaches and durations to meet each customer’s needs. Accu-Router designs, builds and services…more

Report shows growing number with poor credit

Figures provided by FICO Inc. show that 25.5 percent of consumers – nearly 43.4 million people – now have a credit score of 599 or below, marking them as poor risks for lenders. “I don’t get paid for loan applications; I get paid for closings,” Ritch Workman, a Melbourne, Fla., mortgage broker, told the Associated…more

NMBA mourns passing of founding president

The National Marine Bankers Association’s founding president Don Wynne Mattocks died May 23 in Durham, N.C., after a six-month battle with leukemia. He was 68. Mattocks co-founded the NMBA in 1979 and remained director emeritus until his death. He helped pave the way for lending for smaller recreational pleasure boats and fostered an alliance between…more

Bank of America stops indirect retail lending through dealers

Bank of America discontinued its indirect retail lending through marine dealers earlier this week, but will continue to offer direct consumer financing on marine products through its online e-lending channel at bankofamerica.com. “We remain committed to the industry and continue to offer wholesale, or floorplan, financing to marine dealers,” Bank of America spokesman Jefferson George…more

Correction on M&T Bank financing story

A Trade Only Today Web brief on Friday, May 7, misstated that M&T Bank was entering marine wholesale finance on a limited basis. “M&T has a couple of marine dealers who receive both retail and wholesale finance through the bank, but those are long-term bank relationships,” said Chet Bridger, vice president of corporate communications at…more

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