Losing my patience with Correct Craft

[BPSKI]

RE: Re: RE: Losing patience w. WRONG claims

I know you said the dealer has been good to you in this deal, but I have a few questions. On the financing of the boat is it a loan that you secured or did you go through the dealer. Either way they have recieved payment on a boat that they have not yet paid for. If this is the case I don't know a bank in the world that would be to happy about that. How can you finance something that does not exist? The bank should be knocking down your door for the title. They have recieved the cash so you are financing the dealers operations. I don't want to open up a can of worms, but there COULD (not saying fact) be several issues here from a dealer perspective that could point to serious problems on the dealers end. Maybe it is all CC's problem, but I think before we bash them we need to get all the facts.

[AuMDLST]

RE: Re: RE: Losing patience w. WRONG claims

Another dead horse topic getting kicked around by nothing but speculation - the post was up because the guy did not have his boat - problem resolved!
Trying to guess why there is a loan and no boat - who cares except the dealer and the original poster. It's about time people take responsibility for their own actions
and suck it up when it does not work out. The guy does not feel like telling the whole story.

[SNMike]

Re: RE: Re: RE: Losing patience w. WRONG claims

I do not think of this is my dealer's fault. He can't make CC put a boat on a truck. Sure he can press them saying my customer is beginning to get upset and CC will take notice because they do want happy customers.

Bill Yeargin is the president and CEO of CC, and I'm sure he could do more than "ask" a favor be done if push comes to shove for a customers sake.

But I digress, Ron has it covered. Good luck.

[etwman]

I'm not trying to open up a whole other can of worms here but would someone kindly explain something to me? Why in God's green earth is ANYONE financing a play toy in a tanking economy? Maybe I'm old school, but if you can't buy a play toy by writing a check for it you don't buy it, but maybe I'm a minority. People buying out of greed, for things they can't afford, is exactly what put us all in this mess to begin with. If you could truly afford it, you'd write a check for it. The barrower is slave to the lender.

Oh and don't even give me "well a boat is a good investment nonsense". Okay CC is good, and they hold their value more than others. They're a great boat, but no boat is a good investment.

[Nautiquehunter]

Re: RE: Re: RE: Losing patience w. WRONG claims

Another dead horse topic getting kicked around by nothing but speculation - the post was up because the guy did not have his boat - problem resolved!
Trying to guess why there is a loan and no boat - who cares except the dealer and the original poster. It's about time people take responsibility for their own actions
and suck it up when it does not work out. The guy does not feel like telling the whole story.

Suck it up? I would expect to see that kind of comment on the other guys forum?
It looks to me like he just got it worked out no need to suck anything up. :???:

[Nautiquehunter]

I'm not trying to open up a whole other can of worms here but would someone kindly explain something to me? Why in God's green earth is ANYONE financing a play toy in a tanking economy? Maybe I'm old school, but if you can't buy a play toy by writing a check for it you don't buy it, but maybe I'm a minority. People buying out of greed, for things they can't afford, is exactly what put us all in this mess to begin with. If you could truly afford it, you'd write a check for it. The barrower is slave to the lender.

Oh and don't even give me "well a boat is a good investment nonsense". Okay CC is good, and they hold their value more than others. They're a great boat, but no boat is a good investment.

I am sure the play toy dealers are gagging on that comment. You are right boats are a bad investment but taking out a loan is not. Unless the greedy banks and finance
companies change the rules to make it almost impossible to pay off. High risk loans
shouldn't be made at all, not approved fully knowing they will most likely default. But who cares there are commissions to be made and bonuses to receive.
Then you can buy your play toys cash. Make no mistake we are in bad shape but don't even think for one second that the average Joe is the blame. The unqualified corrupt politicians with the greedy CEOs and upper management are the cause. The collages
have produced graduates that builds nothing and is great at doing less and taking more
no matter who it hurts. The people have been screwed and now its their fault?
I am happy for you that life has been so good. Where did you get your money? I work dam hard for mine. It took me 7 years to pay off my first high end boat . Does that make me not worthy? We all have to start someplace don't look down on others that have to work harder to live a better live. As long as the loan is affordable I don't see
any reason play toys shouldnt be financed.

[SuperSquirt]

I believe that etwman doesn't understand that some of us are doing okay right now and some of us are getting richer in this economy. Either way, its none of his business and he needs to quit whining.

[etwman]

Yeah but if you don’t have a loan from the bank, and are debt free, who cares about the bank mess? They shot themselves in the foot, the average Joe went along for the ride, then the whole thing collapsed. In my opinion it takes two to tango. Joe just didn't do his homework. I’m just not a big fan of loans period. I started by business 10 years ago and it has seen steady growth. We did it with a small start up loan and that was it, bought used equipment, made some key decisions, and aren’t leveraged which will be our key to survival in this down time. I live and breathe by principles of Dave Ramsey and others. If anyone wasn’t read The Total Money Makeover you should, it will change your life. Boats feel different when they are paid for, mine costs me $300 a year in insurance and a couple tanks of gas. Its free fun, I don’t care what it’s worth right now, it owes me nothing. The thought of banging my shins on a boat trailer in January that I’m making a payments on to drag the snow blower outside would make me sick. In addition cash is king right now. I could dump that thing at any time and put cash in my pocket. I don’t have to pay off anything, its liquid, and whatever I’d pocket is mine. The same thing can be applied to a boat payment as a car payment. The average consumer spends the better part of their life making a $464/month car payment. I would bet most boat owners are more. If you invested $464/month from age 25-65 in an average mutual fund you would have about $5.4 million dollars by 65 and this is proven. You could buy a whole boat dealership in cash, forget one boat on payments.

I in no way want this to come across as my way is the only way, I’ve worked very hard to get where we are today. Everyone has their opinion and unfortunately the boating world right now is caught in a real pickle. I don’t wish bad on anyone, but you’re right Nautiquehunter, the whole thing is a mess. Where it ends is anyone’s guess.

[etwman]

I believe that etwman doesn't understand that some of us are doing okay right now and some of us are getting richer in this economy. Either way, its none of his business and he needs to quit whining.

I agree totally. Buy another boat from CC, trust me they could use the help.

What am I whining about?

[TRO]

I'm not trying to open up a whole other can of worms here but would someone kindly explain something to me? Why in God's green earth is ANYONE financing a play toy in a tanking economy? Maybe I'm old school, but if you can't buy a play toy by writing a check for it you don't buy it, but maybe I'm a minority. People buying out of greed, for things they can't afford, is exactly what put us all in this mess to begin with. If you could truly afford it, you'd write a check for it. The barrower is slave to the lender.

1. just out of curiosity, but did you pay cash for everything you own? house? car? i hope so, because to an extent those are "play toys" also. one could always go buy a cheaper house (less fancy) or cheaper car if they can't pay for the one they want in cash.

2. so being comfortable financially and paying the monthly payments for a boat until it is paid off in 7-8 years is "not being able to afford it"? seems like that's where your logic goes. you don't think paying interest of keep extra cash available is a trade some people like to make?

3. regardless of if your boat is paid off, if you have no buyer to buy it, it is not cash. i guarantee is today's economy, your boat isn't as "liquid" as you are bragging about it being. (also, paying $70K in cash and selling it for $20K means the cash you pocket is "yours" but i doubt you'd be bragging much about that liquidity.)

[BPSKI]

I agree with cash is king right now and I do not finance toys. However, not all of us are that fortunate. Yes, I could invest $464/mo from now until I am 65 and have $5.4 Million, but I wouldn't have all the sweet memories and good times with friends and family when I could do all that stuff. I don't know many 65 yr old people that are looking to go W2W on their wakeboard. We all have different financial situations what is right for one is not for another. I say good for anyone who can go out and finance a boat right now. Lets get this economy going again. The cash buyer is not helping much right now, the margins are so low they are just keeping production going. It all starts with banks making good loans to qualified buyers.

[gride300]

there's supposed to be about 700,000,000 going out to small businesses this week. hopefully that will be a start. i don't want 5.4milion in the bank when i retire from 464 amonth. how come nobody leases boats? alot of people upgrade every year or two. seems like a decent idea. there's nothing wrong with financing anything as long as you can actually afford it. alot of folks out there are very wealthy, not rich, wealthy, but they are not super liquid at times so.

[etwman]

A primary affordable house isn't a play toy. A vehicle that you need to get to work with isn't a play toy. A boat, four wheeler, snowmobile, jet ski, etc. are play toys. Yes I pay cash for everything I buy, as do many of my friends, but it may not be new.

Your second question. Its my opinion that its one thing to be able to "afford a boat payment" and a totally other to be able to "afford a boat." If you can afford the boat than why would you want a payment? If one owes $50k on a boat and has $50k in cash sitting in an account then the net worth in $0. If one owns a boat for $30k and has $20K in the bank than his net worth is $50k. 92% of Americans buy things they can't afford. Money Magazine two months ago.

Third question. Yeah but if you have to sell it for $30k and you owe $40k than your in a little bit of trouble. I think I'd take the $20k in my pocket over this any day.

Good comment BPSKI

[aarond0083]

Ron Nace contacted me again this morning as well as my dealer to let me know my boat would on a truck Monday morning. My dealer assured me that if the truck doesn't come with my boat on Tuesday as planned he will send someone to go pick it up. This speaks volumes for the level of service that both CC and my dealer provide when there is a problem.

One last bit of on my loan so people will quit questioning my deal or dealer.

My dealer had nothing to do with my loan. I set up everything myself before I even called the dealer to let them know I wanted to trade in my boat on a new one. And no, it is not home equity for those wondering. The loan is secured by the boat. There are some financial institutions out there that will give a secured boat loan and wait up to 6 months for title when they know that the boat has to be built. I covered all of this with my lender so there are no issues.

Now as for the lame "if you can't pay cash for a toy, you can't afford it" comment. If that is what you live by, great. Good for you. Some of us (me) like to own a new boat and don't have 65K in their pockets to pay cash so financing is the only option. Without going into personal details I have a 10 year note at a GREAT rate with a payment I can comfortably afford. You also do not know how much of that boat I financed but I can tell you it was not 100%. I would much rather put X amount of dollars into my boat and enjoy it while I am 25 years old instead of putting that money in a CD to have when I am old. Like someone said above, I doubt I'll be taking tricks to the flats when I am 65.

[gride300]

live while your young. -[phish