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Bank rejects new NADA guidelines

Bank of the West has sent out a bulletin to its dealers that it will not accept the NADA adjustments on brand-new, non-current boats.

However, the bank is making its own adjustments, according to Thom Dammrich, president of the National Marine Manufacturers Association.

"They are making adjustments, they're using their own methodology for those adjustments ... They've been adding 10 percent, which is within the range suggested by NADA, to the base book in their advance for quite some time," Dammrich said, noting a post by a Bank of the West official on the National Marine Bankers Association's LinkedIn group page.

The NADA Marine Guide, published by NADA Appraisal Guides, recently announced it was offering a more accurate value on its listings of new non-current boats.

The addition of new language specifically calls out a more accurate value of new non-currents and comes in response to the issue of banks devaluing new non-current boats as a result of consulting used listings in the NADA Marine Guide.

The new language reads: " 'Brand New', Non-Current - The average retail value does not represent 'brand new' non-current year vehicles. Recent market research shows that 'brand new' non-current models can increase the used value of an identical model by 6 percent to 12 percent."

The inclusion of this new language can be found in the January-April edition of the 2010 NADA Marine Guide, which was released in December.


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