[Harryeod]

I just want to see if anyone else has ever encountered this.

I recently purchased a boat. While I was waiting on the survey I went to my credit union and savings bank and applied for a pre-approved loan. If everything was good with the survey, I was going to buy the boat. On the preapproval, I was qouted a certain interest rate, it was a good rate. Just to back step a little; both banks new what I was buying. When I signed the check and handed it to the owner, he of course cashed it and I now own the boat.

I picked the loan and rate from the credit union because it was better. Since the main branch is located across the country from me, everything is done by fax/email/mail and Notaries. When I actually received the loan paperwork, the interest rate was 2.25 points higher than the preapproval.

The loan officer told me this was because the NADA said that I bought the boat for much more than it is worth. The rub is that my boat is essentially a kit boat. It's hull is a 1965 islander/yachtcraft hull but the rest of the boat was custom built by the first owner. And I must say he had mad skills when it came to boat building.

The survey came out with the price of the boat being the price that I paid. I now have been talking and exchanging faxes with the loan officer for several days. Right now they have a copy of the survey and I am waiting on a response.

I now this is long but please bear with me.

The credit union is a very reputable one, Navy Federal Credit Union, and I have been a member with them since 1982 and I have an excellant credit rating from the big three credit reporting agencies.

Has anyone ever experienced something like this?