lender requiring invoice?

[kjp17]

i am trying to buy a new boat. The third party lender (seadream) is requiring that the dealer provide a manufacturer invoice. The dealer says that its crazy they ask for that, that boat dealers never show invoices. They refuse to give it to them. The difference to me is 4.99% on my interest rate. Is it common to ask for invoice? Seadream says it is, dealer says its not. Please help with this, i want to make a decision tomorrow.

 

[emoney]

Re: lender requiring invoice?

Something's definitely wrong if the dealer refuses to provide the invoice. It's very common practice for a Lender to verify the boat is what the dealer says it is. Otherwise, you'd have folks "ad-libbing" what they're financing in order to balance equity. If he refuses still tomorrow, keep shopping.

 

[wifisher]

Re: lender requiring invoice?

There are plenty of dealers that want to sell you the same boat. If the dealer refuses to work with the finance company, just go find a dealer that is a little more cooperative.

 

[kjp17]

Re: lender requiring invoice?

thanks for your response. This has been a real pain in the ***.

 

[lockedcj]

Re: lender requiring invoice?

The lender doesn't want to loan 30K on a boat that is really only worth 20K. If you default, they'd never recoup the money. Some lenders use NADA to figure the loan amount, I guess seadream is different.

I agree with the above advice. If the seller doesn't want to cooperate with the lender, maybe it's because he's got the price jacked up well above retail. Either way, I'd be going to another dealer.

 

[joed]

Re: lender requiring invoice?

I am confused as to what invoice they are asking for. The dealer should give you an ivoice/bill of sale for the sale. He should not have to give you HIS invoice from the factory.

 

[shrew]

Re: lender requiring invoice?

Ask the dealer assist you in obtaining financing with the exact same terms as what you currently have from another lender. One that will work within the dealer's limitations. Car dealers handle the financing all the time. This should not be a big deal. If he can't assist or can't obtain financing with the same terms and still won't work with your lender, then wish him the best with the line of people waiting behind you to buy the boat and walk out.

THIS shouldn't be your problem.

 

[ajgraz]

Re: lender requiring invoice?

Sounds fishy. Is this dealer long-established/well-known? Do they even really own the boat I wonder? Do you want the headaches that are obviously going to come from dealing with this dealer in case there are issues with the boat/motor/trailer?

Shrew is being facetious I assume about the "line of people" remark, but your threatening to walk is also a very good opportunity to get some more bucks knocked off the price to make up for the unbelieveable hassle the dealer's putting you through.

 

[shrew]

Re: lender requiring invoice?

Shrew is being facetious I assume about the "line of people" remark, but your threatening to walk..............QUOTE]

You are Correct!

 

[mphy98]

Re: lender requiring invoice?

As a lender I require all dealers to send me a copy of the invoice before funding. This is to prevent fraud. As stated before, a dealer not wanting to do this is doing something shady. Find another dealer.