loan rates

[racer808]

22 minutes ago, IXFE said:

 

You can believe whatever you want to, like boat interest being tax deductible. 

Already said I was wrong on that, but carry on

[gregtay]

9 minutes ago, NWBU said:

Here you go...

 

Actually I think 2008 production was VERY high.... and then Malibu and others got them all back unsold when dealers went out of business... remember the Malibu factory auctioning off new 2008 boats every week well into 2009...  The 2009 production was pretty much shut down as they had so many unsold 2008's left over.

[bamaboy]

21 minutes ago, IXFE said:

Racer specified "loaded LSV"

I have no direct knowledge of dealer margin, but I'm quite certain it's not 40%

are you saying dealer margin on a new Bu is less than or more than 40%?

[DarkSide]

I personally believe MSRP is about 40% markup, considering 22-25% discount is normal.  That cuts dealer margin to 15% or so.  

[DarkSide]

35 minutes ago, oldjeep said:

Or just carry a lot of life insurance so that the loan is covered along with everything else.

Or do both 😎😎😎.  That's why "IF SHE CHOOSE'S" is in there....

Edited September 21, 2017 by DarkSide

[shawndoggy]

49 minutes ago, DarkSide said:

...with a boat loan that she can default on if she chooses, with ZERO impact to her.  

Why/how would the boat loan have zero impact on her if she defaults?  Even if it's only in your name, AZ is a community property state and CP isn't just community property it's community debt.  So debt acquired during marriage is both spouses' debt unless the bank specifically agreed otherwise when making the loan.  And even then the lender would have a claim against your estate, which is half of the community property.  

[teamerickson]

Winter time came early this year.

[Stevo]

Anyone have a good pork butt recipe? I smoked this bad boy last weekend and it was lights out

[DarkSide]

3 minutes ago, shawndoggy said:

Why/how would the boat loan have zero impact on her if she defaults?  Even if it's only in your name, AZ is a community property state and CP isn't just community property it's community debt.  So debt acquired during marriage is both spouses' debt unless the bank specifically agreed otherwise when making the loan.  And even then the lender would have a claim against your estate, which is half of the community property.  

Correct and the loan is paid from an account, that she is also not attached to, as an added layer of issolation.  This account maintains just enough to make boat payment and insurance...

[shawndoggy]

2 minutes ago, DarkSide said:

Correct and the loan is paid from an account, that she is also not attached to, as an added layer of issolation.  This account maintains just enough to make boat payment and insurance...

Just because you have $0 in your bank account doesn't mean that you (or she) doesn't owe the money any more though?

haha but I'm not a boat loan guy so I just can't understand all of this sophistimacated arbitrage.

[DarkSide]

4 minutes ago, shawndoggy said:

Just because you have $0 in your bank account doesn't mean that you (or she) doesn't owe the money any more though?

haha but I'm not a boat loan guy so I just can't understand all of this sophistimacated arbitrage.

I should clarify, if i borrow 80k on 100k boat.  Get hit by a bus, wife no longer wants boat so she lets it be repo, bank then auctions boat for 70k.  You are correct my estate would owe 10k, but HER credit rating would be unaffected.  In reality is a lot of hassle with limited benefit.   In reality she would likely just take it to the dealer consign and just make paymenys till it sells...

But i feel better knowing her credit rating is maintained, AND she has access to funds to clear the account if she chooses.  To me this is better than not having the funds immediately and having the boat free and clear.  I have done both ways, i prefer loan...just personal preference.  

Do what is right for you.

[shawndoggy]

5 minutes ago, DarkSide said:

I should clarify, if i borrow 80k on 100k boat.  Get hit by a bus, wife no longer wants boat so she lets it be repo, bank then auctions boat for 70k.  You are correct my estate would owe 10k, but HER credit rating would be unaffected.  In reality is a lot of hassle with limited benefit.   In reality she would likely just take it to the dealer consign and just make paymenys till it sells..

This is only true in what I would assume would be the pretty rare instance that (a) the boat is your sole and separate property (and either your wife signed something that said so or you acquired the boat with separate assets, and the payments were paid with separate funds not your wages earned during marriage) and (b) the bank agrees that the loan is your separate debt (not just that it's in your name alone).  

loathe as I am to cite nolo:

debts incurred by you or your spouse during your marriage (regardless of whose name is on it) are generally deemed to be community debts and both spouses are considered equally liable. This means that even if the credit card debt was incurred by your spouse alone, you may be on the hook for it. However, keep in mind that debts incurred by your spouse prior to marriage or after separation or divorce are not community debts.

YMMV and if you are doing this based on the advice of competent estate planning counsel I'm sure there's much more to it.

[robbennett]

I wonder how much more the guys paying cash for their boats make than us loan guys. Or maybe they are just older and have saved their whole life? As long as you don't live beyond your means and buy the $100k boat when you should be spending 30 it shouldn't matter what decision you make as far as financing goes. Some guys that do have the money laying around and can pay cash still get a loan simply because the interest is cheaper than borrowing money elsewhere. 

The age and wealth of people on this forum varies greatly and one finance option won't fit everyone's needs and wants. Maybe the guy that financed works half the hours of the guy that paid cash and therefore puts 300 hours a year on his boat and the guy that paid cash is lucky to do 300 in 10 years because he is working all the time. 

I know one thing I wouldn't trade the few thousand in interest I paid on my first boat loan for all the good times and memories made on the boat in the 3 years it took to pay off my long term boat loan. I'm already starting to get worse at wakeboarding and I'm not even 30 yet so I know if I had waited then I probably wouldn't have ever gotten to enjoy the boat as much as I did in the past few years. 

To each his own - If you want the boat and have time to use it you will find a way to buy it. 

[bamaboy]

So do you guys think a lip and a curl is important for a surf wave?  Or just a big powerful wave.  

 

I like a nice lip but I'm not sure it matters much.  

 

@Stevo how come you make all this awesome stuff at home then we meet up and get Walmart burgers.  #disappointed. 

[kerpluxal]

36 minutes ago, bamaboy said:

So do you guys think a lip and a curl is important for a surf wave?  Or just a big powerful wave.  

 

I like a nice lip but I'm not sure it matters much.  

 

@Stevo how come you make all this awesome stuff at home then we meet up and get Walmart burgers.  #disappointed. 

I like lip too.. it is nice for aerials...   Curl is nice.. but some curls are bad when you are in them (overcomes push or worst yet ... drowns your board)

[Stevo]

39 minutes ago, bamaboy said:

 

@Stevo how come you make all this awesome stuff at home then we meet up and get Walmart burgers.  #disappointed. 

First of , they were Costco burgers, 

Second I couldn't carry on my smoker, and I'm not sure it would have fit in @IXFE's Tahoe, we were already maxed on tow capacity.

3rd I'm not even sure you ate a burger, all I saw you eat was birdseed and monster 

Come visit and I'll show you wassup. 

[vanamp]

I think a lot of the "what if" talk about economic down turns and not being able to make boat payments is "sounds right on paper" talk but not based in reality. 

We have all lived through a pretty rough patch in our economy.  If you can't wait it out and can't make payments you can try to work it out with the bank becuase if everyone defaults on their loans the bank will end up with a bunch of boats that no one is buying. If they actually do repo your boat wait till the economy starts to bounce back and buy a repo'ed boat for cheap at 1.5% higher interest rate due to the credit hit (yes you will still get a loan, banks need to write them) 

We all know someone who got foreclosed on during the resession and they didn't die and there kids did not go to orphanages.  In some cases it offered a fresh start to get out of a bad loan that the bank should have never given them.  

Yes, some people were completely devistated by the resession and 450 people die each year falling out of bed too. 

 

[bamaboy]

6 minutes ago, Stevo said:

First of , they were Costco burgers, 

Second I couldn't carry on my smoker, and I'm not sure it would have fit in @IXFE's Tahoe, we were already maxed on tow capacity.

3rd I'm not even sure you ate a burger, all I saw you eat was birdseed and monster 

Come visit and I'll show you wassup. 

Don't forget the candy.  My wife packed me some SERIOUS candy.  

[Stevo]

50 minutes ago, bamaboy said:

So do you guys think a lip and a curl is important for a surf wave?  Or just a big powerful wave.  

I like a nice lip but I'm not sure it matters much.  

Someone say lip ?

wuhpah.

 

[bamaboy]

On a related note, everyone be sure to wish @ibelonginprison happy birthday.  Happy birthday buddy!

 

You don't look a day over 25.  Must be all that sweet tea!

[Chrisjjbrown]

3 hours ago, racer808 said:

Already said I was wrong on that, but carry on

You should most likely retract everything you posted as it was all inaccurate information.......except the new guys daughters getting pounded at college.  

 

That will happen for sure 

Edited September 21, 2017 by Chrisjjbrown

[Chrisjjbrown]

5 minutes ago, Stevo said:

Someone say lip ?

wuhpah.

 

Only listed waves have good lip 

[bamaboy]

4 minutes ago, Chrisjjbrown said:

Only listed waves have good lip 

Oooooohh.  Listed waves.  STEVO....I need a meme.  You know which one

[Chrisjjbrown]

7 hours ago, bamaboy said:

 

Let me throw out my personal scenario for you.  My last boat was 80K out the door with tax, title, reg.  My wife suggested we pay cash.  I told her that was the dumbest thing she ever said.  (not really but I wanted to).

Our credit union rate is 3.24%.  We also get an annual rebate based on credit union performance which generally depends on the economy overall

 

Another fine example of our medical system in this country sending people into poverty trying to pay medical bills...... while the Docs have enough cash to buy Gs every year and invest in bitcoin.   

I bet that guy had to sell his G because he couldn't pay his loan due to outstanding medical debt

 

 

 

[racer808]

I'm deff a lip guy.  Hate it when it's all hole.