We’ve all heard the saying time is money. And this is so true in our industry. When you have a customer ready to buy, you want to get them approved, closed and out the door. But let’s face it, not every deal is a slam dunk. In fact, when it comes to recreational loans most deals take time and skill. Whether your dealership has an F&I manager, hires a retail F&I outsource company, or it is a shared duty within your dealership, a good F&I professional knows how to use time wisely, expertly submit complete and correct paperwork, allow for unforeseen delays and sets aside ample time to negotiate with the lenders on behalf of the customer. Continue reading Recreational Financing: Understanding & Expediting the Process
Last week I got an e-mail from a good, long-time, Midwest dealer whom I have known for years. He was very disturbed and rightly so. He wrote, “Mr. Sherwood, I, like most all other marine dealers across the nation, have struggled to get through some very difficult times in our industry. Due to excessive rates from some of the commercial floor plan companies, we have paid all of them off and have been able to set up a line of credit with our local bank. This has worked fine up to now, but our line has been unsecured and to get an extension or increase to get us through the winter, the bank wants some collateral. I certainly understand this and do not have a problem with it. The problem is when our bank does a UCC search on our business there are seven different companies that have filed liens on all inventory or equipment or both. We do not owe any of them! But the liens have not been released.” Continue reading Liens with no debt?? Crazy!