Tommys vs Malibu

[RyanB]

16 minutes ago, COOP said:

Hopefully you dont show up to pick it up and they are locked up.

I dont think there would be any warning for the employees.

I don’t think there is any way that I would leave a boat at Tommys right now. I wouldn’t even leave equipment with them for their annual ski swaps right now. 

[oldjeep]

Another paywall article (view source on page allows you to read it)

https://www.crainsgrandrapids.com/news/retail/customers-out-thousands-of-dollars-as-tommys-boats-lands-in-receivership/

Basically folks with deposits are having a hard time getting them back.  Sounds like all transactions have to go through the bank, which is not a huge surprise.  But returning cash that they don't have might be tough.

[dwc032]

Someone’s going to have to absorb all these Malibus Tommy’s has sooner or later. My local dealer is not even ordering Nautique boats right now, which means they are going to loose them. Heck Mastercraft has went down to only building 6-7 boats a week. So it’s looking pretty bad for boat manufactures right now. 

[boardjnky4]

1 hour ago, oldjeep said:

Another paywall article (view source on page allows you to read it)

https://www.crainsgrandrapids.com/news/retail/customers-out-thousands-of-dollars-as-tommys-boats-lands-in-receivership/

Basically folks with deposits are having a hard time getting them back.  Sounds like all transactions have to go through the bank, which is not a huge surprise.  But returning cash that they don't have might be tough.

Some folks on Facebook reported being in this situation. There was a rep from one of the dealers (Neil) in Texas trying to help some of them out. But yeah, the deposit money might be gone was the overall message I saw there.

[Hemmy]

12 minutes ago, boardjnky4 said:

Some folks on Facebook reported being in this situation. There was a rep from one of the dealers (Neil) in Texas trying to help some of them out. But yeah, the deposit money might be gone was the overall message I saw there.

I am wondering if Malibu can be held responsible for this.  I recently put a deposit down on a pontoon boat.  I was told a 20% deposit was required to reserve my build slot.  I don't know the answer to this, but I kind of understood that as that is what is required from the manufacturer and not the dealer.  I would still think Malibu has the build slots booked already and should have record of those slots being paid for.  Again not totally sure how the flow of the payments go.

[cowwboy]

18 minutes ago, Hemmy said:

I am wondering if Malibu can be held responsible for this.  I recently put a deposit down on a pontoon boat.  I was told a 20% deposit was required to reserve my build slot.  I don't know the answer to this, but I kind of understood that as that is what is required from the manufacturer and not the dealer.  I would still think Malibu has the build slots booked already and should have record of those slots being paid for.  Again not totally sure how the flow of the payments go.

Reading some of the FB posts, it appears Malibu is trying to step up and take care of those in this situations. 

[oldjeep]

7 minutes ago, cowwboy said:

Reading some of the FB posts, it appears Malibu is trying to step up and take care of those in this situations. 

The article above is about a Chapparel     It isn't just the Malibu part of the business that is in receivership, it is the whole company

[cowwboy]

10 minutes ago, oldjeep said:

The article above is about a Chapparel     It isn't just the Malibu part of the business that is in receivership, it is the whole company

And my response was to a quote asking if Malibu would be held responsible for deposits taken. Nothing in the quote I was responding to  or my statement mentioned Chapparel. 
 

[DAI]

If I ever order a new boat again I’ll have to discuss putting the deposit into an escrow vs just writing them a check.

[Slayer]

4 minutes ago, DAI said:

If I ever order a new boat again I’ll have to discuss putting the deposit into an escrow vs just writing them a check.

I haven't put a deposit down on any of the boats I've ordered.  If I did, I would do the same given this situation.

[MikeR397]

2 hours ago, DAI said:

If I ever order a new boat again I’ll have to discuss putting the deposit into an escrow vs just writing them a check.

My deposit was only $500 fwiw. 

[Hemmy]

2 hours ago, Slayer said:

I haven't put a deposit down on any of the boats I've ordered.  If I did, I would do the same given this situation.

 

14 minutes ago, MikeR397 said:

My deposit was only $500 fwiw. 

Maybe deposit varies by dealer but also by how you are paying for the boat?  Not to get derailed, but makes me curious now what average deposits are for new builds.

Edited May 9 by Hemmy

[rennis]

1 minute ago, Hemmy said:

 

Maybe deposit varies by dealer but also by how you are paying for the boat?  Not to get derailed, but makes me curious now what average deposits are for new builds.

My deposit was $5k. 

[oldjeep]

4 minutes ago, rennis said:

My deposit was $5k. 

Meanwhile my daughters "deposit" on a house was 2K  

[Slayer]

16 minutes ago, Hemmy said:

 

Maybe deposit varies by dealer but also by how you are paying for the boat?  Not to get derailed, but makes me curious now what average deposits are for new builds.

My relationship was developed with the understanding that I would be ordering a boat every year or 2 years and the way we were designing them made them marketable in the event our deal fell through.  

[Maas]

https://www.12ft.io/

 

 

Paywall killer

[Stevo]

35 minutes ago, rennis said:

My deposit was $5k. 

 

31 minutes ago, oldjeep said:

Meanwhile my daughters "deposit" on a house was 2K  

Might say something about the cost of the house vs $150k boat.

 

 

[Steve B.]

Just looking now, my local dealer's ads say 20% down. Is that the same as the deposit? Or two different things?

[oldjeep]

Just now, Steve B. said:

Just looking now, my local dealer's ads say 20% down. Is that the same as the deposit? Or two different things?

I'd assume that is the down payment for whatever monthly payment they are quoting.

[IXFE]

55 minutes ago, Hemmy said:

 

Maybe deposit varies by dealer but also by how you are paying for the boat?  Not to get derailed, but makes me curious now what average deposits are for new builds.

Deposits on a custom order are a function of dealer, boat design, and relationship. 

I have NEVER paid a deposit on a new Malibu build, and I’ve built quite a few and with different dealerships. 

Yes, deposit (what your dealer may require when place your order) is different (ie usually lower) than down payment (what your dealer collects when you take delivery of said order). 

[IXFE]

On 5/8/2024 at 1:50 PM, oldjeep said:

The joy of publicly traded companies.  Chasing the next quarterly report

No different than tech companies laying off thousands and then next quarter having to try to hire people back - because they view every decision based on the next report.

This is an incredibly naive view of the world, but I suppose you’re entitled to it. 

[Txstoj]

when can we get back to arguing about pay cash vs financing, options and redesigns we would like to see in 2025 and IXFE next stereo build?   This thread has gotten depressing watching someone’s business fall apart.

[texasred]

On 5/7/2024 at 4:45 PM, eubanks said:

Tommy’s closed in Forth Worth. And Malibu is telling me my north Texas dealer is Texas Malibu…about 3.5 hour away. No thanks. 

I’m in North Texas and tried to work with Texas Malibu. They gave me a ridiculous price on one of their 33 leftover 2023’s. Wouldn’t negotiate at all. They said that’s the price take it or leave it. What a joke.

[Steve B.]

4 hours ago, IXFE said:

Yes, deposit (what your dealer may require when place your order) is different (ie usually lower) than down payment (what your dealer collects when you take delivery of said order). 

Thank you, that's what I was wondering.

quick edit: Don't want to derail, so the knowledge about deposits is good in that it shows how a buyer can develop a good long term relationship between their dealer and the manufacturer. Good for everyone and with luck a better finished product. The optimist in me say's remain hopeful for a remedy that works for all the players involved.

Edited May 10 by Steve B.
getting back on topic

[Sparky450]

After the conversation I had today. 
I would not leave anything at a Tommy’s location right now. From what I can read from posts on here and conversations I have had. Tommy’s is not paying leases, in response owners of the property are locking them out. 
THIS IS TOTAL HEARSAY! 
But there is no way in hedoublehockeysticks I would leave my boat at any Tommy’s dealership right now   YMMV!! Take your chances if you like. I am in the Central Valley.