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DisStOriLbAutSors
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Bell Industries
Tel: 1-800-388-2355 St. Paul, MN
651-450-9020 Milwaukee, WI
Fax: 651-450-0844 Grand Rapids, MI
In his blog titled, “Where Have All the Checkbooks Gone?” Norm
Schultz talks about how banks and other lenders have become
much more stringent in the criteria they use to determine to whom
they will loan money.
Coast Distribution
Tel: 1-800-495-5858
Fax: 1-800-778-1150
Visalia, CA Elkhart, IN
Portland, OR Eau Claire, WI
Gilbert, AZ Johnstown, NY
Salt Lake city, UT Lancaster, PA
Denver, CO Atlanta, GA
Fort Worth, TX Tampa, FL
San Antonio, TX Seattle, WA
“Banks and other lenders have become overly tightfisted,” he wrote. “They point to the state of
the economy and fallout from the housing bust as justification
for their current actions. They also note an increase in non-per-forming boat loans and repos. With all that, one might think the
banks are victims. Truth is, they are … but it’s primarily of their own greed!”
The blog continues, but that gives you an idea of the tack Schultz took. The following
is a sample of the comments received on the “Dealer Outlook” blog site in response to
the opinion:
Your thoughts?
Weigh in with your own
opinion by e-mailing
editorial@tradeonlytoday.com
Donovan Marine
Tel: 1-800-347-4464
Fax: 1-800-747-5783
Harahan, LA Miami, FL
Harvey, LA Charleston, SC
Pensacola, FL Houston, TX
Jacksonville, FL Nashville, TN
St. Petersburg, FL Memphis, TN
Ft. Lauderdale, FL Norwich, CT
Buford, GA
COMMENTS
Dave Boso wrote:
“Congress had a bunch to do with the housing thing …
[It] required banks to make loans to groups of people that
had neither the means nor the [wherewithal] to repay those
loans when the rates increased.”
*
means to the average Joe that tries to get a boat loan.
It’s almost as if only half the article was published. I
know of Bill Otto, and he is very knowledgeable and a
well respected person in marine lending, but you
should have consulted with other marine lenders in
order to get several different perspectives, and concentrated more on what this “tightfisted” lending environment means for dealers and customers.
Fox Marine Company
Tel: 1-800-826-2873 Buena Park, CA
Fax: 714-690-1511
Lorenz & Jones
Marine Distributors Inc.
Tel: 1-515-964-4205 Ankeny, IA
Fax: 1-515-964-0678
Lynn Vick Products Inc.
Tel: 1-800-875-8868 Anaheim, CA
Fax: 714-630-3966
Ed McKnew wrote:
“Like Bush said, Wall Street got drunk. The collapse of
the mortgage-backed security market caused big-time
investor pain both here and in Europe.”
* *
Southern Marine Supply
Tel: 1-888-562-5008 Little Rock, AR
501-562-5008 Bessemer, AL
Fax: 1-888-562-5014 Charlotte, NC
* *
Gene O Riley wrote:
“You are exactly right and the biggest example of the
perpetual interest loan is the national debt. The reason the
banks don’t have mom and pops savings to loan is because they don’t pay a decent interest rate. The Fed or
central bank doesn’t want them to loan your savings but
borrow from them at prime rate; but the banks won’t pay
you the same rate or even close. The Fed or central bank
wants control of it all.”
*
Dan wrote:
“Norman, with all due respect, your article would be
more at home on a real estate mortgage broker Web
site. There is very little mention about how the current
banking mess relates to the marine industry and what it
Lenny wrote:
“Not only did the banks get drunk, so did the home
builders, brokers, the boatbuilders, dealers and secondary market. Everyone benefited from the banks making those loans in selling their products and stuffing the
money in their pockets or in adding overhead. Anyone
with a brain in their head had to realize it was only a
matter of time before the lending market crashed. When
you are allowing people to make loans with 350 credit
scores or to 65 percent of their household gross income
on variable rate instruments the probability of problems
is 100 percent. Now we are back to reality with a glut of
homes, boats and other toys on the market that people
could never really afford in the first place … the pricing
adjustments and reality of who your customer really is
(ie: the people who really can afford the payments) have
only just begun to set in. All those who took the money
and spent like they were drunk will find their way out of
business. Those who realized the end of the train would
come and smartly saved and invested the money will
live on and thrive in a new, redefined market.”
Canada
Coast Distribution
Tel: 1-800-495-5858 Orillia, Ontario
Fax: 1-800-778-1150 St. Bruno, Quebec
Calgary, Alberta
Langley, BC
Kimpex Inc.
Tel: 1-800-268-4960 Drummondville, QC
French: 1-800-268-5475 Calgary, Alberta
Fax: 1-800-561-7285
Paynes Marine Group
Tel: 1-800-663-7483 Victoria, BC
250-382-7722 Burnaby, BC
Fax: 250-382-4043 Campbell River, BC
Burlington, Ontario
For Norm Schultz’s full blog and the comments, visit www.tradeonlytoday.com.
Clarification
A final PWC rule on Gateway National Recreation Area in New York/New Jersey is due this fall.
Officials are hopeful the final rule will lead to the reopening of the park to personal watercraft.
This was unclear in an article in the September issue.
Mexico, Central + South America
Derma Marine
Tel: 52-833-213-3224 Tampico, Mexico
Fax: 52-833-213-0631
Motoborda S.A.
Tel: 57-4285-7574 Medellin, Columbia
Fax: 57-4-2559400
Nautica Union, S.A.
Tel: 54-11-475-1202 Buenos Aires,
Fax: 54-11-475-1202/132 Argentina
Regatta Alvarenga, S.A.
Tel: 55-11-3030-3419 Sao Paulo, Brazil
Fax: 55-11-3814-7015
Suplidores, S.A.
Tel: 507-236-0852 Panama City,
Fax: 507-236-6140 Panama
