Key Bank Exits Marine Lending

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.

George Lee moves to Beacon Marine Credit

George Lee, a name synonymous with marine lending on the Gulf Coast, has moved to Beacon Marine Credit as their Southeastern U.S. representative. He handles the financing for my customers' boats and he is a great resource for figuring out how to get a boat paid for! His home office is in Jacksonville, Florida and he handles financing for Northern Florida, the Panhandle, Georgia, Alabama, Mississippi, Louisiana, and the Carolinas.

According to the statement released today by Beacon Marine Credit, "George brings over 35 years of marine industry experience to the Beacon Marine Sales team, spending the last nine years of his career offering retail financing solutions to dealers and brokers throughout the Southeastern United States. George can be reached at 904-629-5817 or toll free at 866-612-1184."