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 offers financing tutorial online

The National Marine Bankers Association launched a new Web-based tutorial today to help those in the boating industry find and develop loan sources. The 15-minute, free webinar reviews the basics of uncovering prospective lenders on a local and regional basis and identifies ways to approach and encourage them to extend credit services to consumers and…more

Analysts weigh in on GE lending plan

Analysts say that GE’s tightening of its floorplan lending standards could seriously affect the marine industry, where it is the primary source of commercial credit. GE recently announced substantially higher interest rates, tougher requirements on curtailments, higher up-front “stocking fees,” and extended repurchase commitments for manufacturers, Edward Aaron, analyst with RBC Capital Markets noted in…more

Floorplan loans will be included in TALF

The National Marine Manufacturers Association has succeeded in helping get non-auto floorplan loans included in President Obama’s Term Asset-Backed Securities Lending Facility program. “The decision to include floorplan loans in TALF is a significant victory for marine manufacturers and dealers,” said NMMA president Thom Dammrich, in a statement. “The thousands of calls and e-mails sent…more

MRAA: Petition Congress to ease credit markets

The Marine Retailers Association of America is urging its members to ask their Congressional representatives for help in loosening the credit markets. “We believe the next round of assistance to the financial industry will be debated in Congress in the next several weeks,” the MRAA said in an alert to its members. “This plan will…more

NMMA pushing for floorplan financing relief

The National Marine Manufacturers Association is urging federal officials to include marine floorplan financing loans in a new consumer and business lending initiative called the Term Asset-Backed Securities Lending Facility. TALF is designed to reignite securitization markets by providing financing to investors to support their purchases of certain AAA-rated asset-backed securities. The first round of…more

Yamaha promotions seek to boost sales

Yamaha Marine Group is launching two retail promotions to spur sales during boat show season. The first promotion, “Repower Now,” offers two consumer options. The first is a credit when purchasing eligible outboards. The credit can be used toward Yamaha rigging components and/or dealer installation services available at the authorized dealership that sold the engine.…more

NMBA cancels December workshop

Because of worsening economic conditions, the National Marine Bankers Association is cancelling its annual Marine Lending Workshop and will next hold the event in December 2009 in Fort Lauderdale. The workshop had been scheduled for Dec. 7-9 in Fort Lauderdale. “Given existing market conditions and the economic hardships our industry continues to endure, NMBA decided…more

Standard & Poor’s lowers Brunswick’s long-term ratings

Standard & Poor’s Ratings Services lowered its long-term ratings on Brunswick Corp., including the corporate credit rating and senior unsecured debt rating, to BB- from BB+. In addition, the ratings were placed on CreditWatch with negative implications, indicating the possibility for further downward rating action in the near term. Total debt outstanding as of June…more

Grand Banks offering parts online

Grand Banks Yachts launched an online parts store, offering a variety of Grand Banks and OEM parts at www.GBparts.com. Each part on the Web site includes a photo, description, specifications and pricing information. The site lists parts for newer Grand Banks models, as well as some components for retired boats. Orders are placed directly with…more

KeyBank pulling out of marine lending

KeyBank, one of the largest marine lenders in the country, announced today that it is pulling out of the marine lending business and ending recreational lending altogether. Grant Skeens, president and CEO of Key Recreation Lending, confirmed that the bank is pulling out of the marine and RV retail and commercial lending business, ending its…more

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