In a stunning move yesterday, Key Bank announced that they will no longer offer boat and RV loans. Key Bank is the single largest marine lender in the United States. This move is a direct result of the current financial crisis.
Key Bank is the largest marine lender to exit the market, but certainly not the first. They continued lending after giants like GE Money pulled the plug.
This will further destabilize an industry that is already against the ropes. With extremely limited lending options left in place, expect new boat sales (and used boat sales, for that matter) to continue to plummet.
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