[Question] Help with proving boat value?
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Help with proving boat value?

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    Default Help with proving boat value?

    I am trying to PROVE the value of a 2003 Alumagator 21' tunnel (eagle 21 tunnel jet). It has an all Dart 540 and Lightning headers. I have the loan ampunt aproved but cannot find exactly the right way to prove the value to the bank. Gator boats has sent the bank an invoice of its current value but they will not except it so far. Is there another book value other than NADA. Any one hear of Otis?? Any ideas that might help me get this boat?? Thanks.
    Last edited by jungledave; 12-15-2011 at 05:21 PM.

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    Quote Originally Posted by jungledave View Post
    I am trying to PROVE the value of a 2003 Alumagator 21' tunnel (eagle 21 tunnel jet). It has an all Dart 540 and Lightning headers. I have the loan ampunt aproved but cannot find exactly the right way to prove the value to the bank. Gator boats has sent the bank an invoice of its current value but they will not except it so far. Is there another book value other than NADA. Any one hear of Otis?? Any ideas that might help me get this boat?? Thanks.
    Give thought to hiring a legitimate and "performance savy" Marine surveyor or Appraiser to write up a thorough appraisal adding in the upgrades and improvements (cost around $250) I've had a couple of these done prior , lenders and insurers will typically consider these when determining value NADA and KBB are way off IMO I have some contacts in my other business that may be helpfull call or PM if I can help Tom

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    Other than breaking the boat down into relative values (bare hull = $xx on open market, similar engine = $xx, etc) I dont really know. There arent too many boats here in the states to compare values. I would think that Eagle or any other manufacturer could provide 'replacement cost' for the hull.

    Post some pics of the boat! We need more tin boats in the states. Its a shame they are so $$$$$$$$$$$ and the canadians dont share their toys across the border.

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    Quote Originally Posted by jungledave View Post
    I am trying to PROVE the value of a 2003 Alumagator 21' tunnel (eagle 21 tunnel jet). It has an all Dart 540 and Lightning headers. I have the loan ampunt aproved but cannot find exactly the right way to prove the value to the bank. Gator boats has sent the bank an invoice of its current value but they will not except it so far. Is there another book value other than NADA. Any one hear of Otis?? Any ideas that might help me get this boat?? Thanks.
    you have to find a few for sale & provide the info to the bank . they probably don't want to be had by the dealer.

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    Quote Originally Posted by turbo wog View Post
    you have to find a few for sale & provide the info to the bank . they probably don't want to be had by the dealer.
    Finding them for sale doesn't prove anything to the bank. You'll need to find proof of what they sold for. That is how a comparable works. But, Tom is correct. If you want to prove worth you need to have a Marine survey done on the boat. Not only will this help with your bank, but when you go to insure it, it gives the insurance company a usable amount to insure the boat for. Also make sure you can get coverage on the boat before you commit to buying it on a loan. The bank will require that you maintain insurance on it and that can be a whole new level of frustration for you. Most companies won't touch a performance boat and the ones that do, usually require the survey to show actual value.

    Good luck with your purchase.
    So many projects, so little time

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    Quote Originally Posted by slim pickens View Post
    Other than breaking the boat down into relative values (bare hull = $xx on open market, similar engine = $xx, etc) I dont really know. There arent too many boats here in the states to compare values. I would think that Eagle or any other manufacturer could provide 'replacement cost' for the hull.

    Post some pics of the boat! We need more tin boats in the states. Its a shame they are so $$$$$$$$$$$ and the canadians dont share their toys across the border.
    If I can get it I will post pics. Don't want to post and feel all imbarrased until then. I have to drive a looong way to get it, and it isn't cheap!

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    Quote Originally Posted by jetboatperformance View Post
    Give thought to hiring a legitimate and "performance savy" Marine surveyor or Appraiser to write up a thorough appraisal adding in the upgrades and improvements (cost around $250) I've had a couple of these done prior , lenders and insurers will typically consider these when determining value NADA and KBB are way off IMO I have some contacts in my other business that may be helpfull call or PM if I can help Tom
    Talk to ya later Tom.

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    Senior Member jetboatperformance's Avatar
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    Quote Originally Posted by jungledave View Post
    Talk to ya later Tom.
    Call me when you can FWIW My Eliminator 20 "booked" NADA at $7500 , "Surveyed" at $12500.00 the guy was thorough and very honest

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    I was just trolling this site and came across your thread and I thought I could offer some help. Since Alumagator, or Gators, is a small company most banks outside of central MO won't have a clue what a boat like that is worth. You might try getting ahold of one of the banks in my area to see if they can help your bank come up with a value. I can help you with this if you need it.

    My banker had no problem giving me the money, Gator boats hold their value very well.

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    Ain't Right Racin piston in the wind's Avatar
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    If u are buying it just get a personal loan and use something else for collateral to secure the loan.

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    Quote Originally Posted by gator20-60 View Post
    I was just trolling this site and came across your thread and I thought I could offer some help. Since Alumagator, or Gators, is a small company most banks outside of central MO won't have a clue what a boat like that is worth. You might try getting ahold of one of the banks in my area to see if they can help your bank come up with a value. I can help you with this if you need it.

    My banker had no problem giving me the money, Gator boats hold their value very well.
    I'll keep that in mind. I think I have it figured out. I finally got a hold of ABOS and came up with the right value so the bank can 'see something on the internet'. The problem now is that I think the owner lets the boat sit out in the sun for half the summer and the interior is faded. I just can't understand why someone would do that with a boat . I think he is going to have to adjust the price down a little more.

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    Quote Originally Posted by piston in the wind View Post
    If u are buying it just get a personal loan and use something else for collateral to secure the loan.
    I can do that but the interest is higher. I am thinking that if you have to jump through too many hoops than the deal isn't right though.

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    Is this boat red and blue?

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    Quote Originally Posted by gator20-60 View Post
    Is this boat red and blue?
    No, is there a red and blue one down there for sale?? Its mostly blue and around St louis. I actually did get my financing OKd and will be in St Louis sat to get it. If there is another one down there I would like to see it.

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