Key Bank Financing, maybe not so good. - SailNet Community
 
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post #1 of 6 Old 04-26-2004 Thread Starter
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Key Bank Financing, maybe not so good.

Does anyone else have experience with financing their boat loan with Key Bank? We had ours financed with them by way of Essex Credit. Then we had an insurance claim (not our fault, another boaters)and they have demanded we pay off the loan! No options, just pay it off. The damage claims office rep actually screamed at me on the phone! Amazing. Aren''t I their customer? My Advice, if you are buying a boat, stay far away from Key Bank for financing. Not very friendly folks. FYI

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post #2 of 6 Old 04-29-2004
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Key Bank Financing, maybe not so good.

On what basis are they demanding that the loan be paid off? Are payments current on the boat?
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post #3 of 6 Old 04-30-2004
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Key Bank Financing, maybe not so good.

Did the insurance company total the boat? If the boat wasn''t totaled I can''t imagine they can demand a balloon payment. You need to check the loan doc. If the boat was totaled usually the payment would go directly to the lender I would think. I can see them demanding repairs be made in order to protect their interests. Something sound bizzar.

I have Key and have had no problems so far. However, I haven''t had a claim yet.KOW Be interested in hearing the conculsion of this.
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post #4 of 6 Old 04-30-2004
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Key Bank Financing, maybe not so good.

I''ve got Keybank, too, and have had no trouble.

We did have a small claim a couple of years ago due to weather damage, but that was an insurance issue, not a financing issue.

For what reason did they demand payment? Strange!
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post #5 of 6 Old 04-30-2004
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Key Bank Financing, maybe not so good.

I''ve got Keybank, too, and have had no trouble.

We did have a small claim a couple of years ago due to weather damage, but that was an insurance issue, not a financing issue.

For what reason did they demand payment? Strange!
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post #6 of 6 Old 05-05-2004
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Key Bank Financing, maybe not so good.

I also have a Key Bank boat loan. Haven''t had any issues come up yet, insurance related or otherwise, so I just make the payments electronically. Otherwise it has been no problem so far, but no real interactions either. The lady I dealt with to set up the loan was helpful and very reasonable.
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