July 2016 - Priority One Financial Services

Quarterly Newsletter
Summer 2016
Priority One Financial Services, Inc.
Page 3
Inside this issue:
When to Use a Co-Buyer to Help Secure Recreational Loan Approvals
When to Use a CoBuyer to Help Secure
Rec. Loan Approvals
1
Dealer Spotlight:
Ingman Marine
1
Theft Protection
Product
2
Benefits of Dealership Financing—
Credit Union
Conversions
2
Free F&I Signage
4
Lender News
Merrick has expanded
their horse trailer
program and will now
finance non-living
quarter and living
quarter trailers.
Congratulations
Yvonne!
Yvonne (Shearer)
Lamming, from Priority
One’s business
administration department, married Thomas
Lamming on May 22nd
at a beach wedding.
at the same address as the buyer and
have a vested interest in the purchase.
When dealing with credit challenged
customers, co-buyers may help secure a recreational loan approval.
Who can be a co-buyer and what is
their role? Co-buyers can be a husband and wife, a parent and child,
significant other, siblings or close
friends. Typically recreational lenders look for a co-buyer to be living
It is important for the co-buyer to understand that he or she is making a
large, long-term commitment when
agreeing to become a co-buyer and not
just to help the original applicant become approved for the loan. A cobuyer is just as responsible for the loan
as the original buyer. They are considered a joint owner of the purchase, so
the co-buyer is equally responsible for
the repayment of the loan. The loan
will appear on the co-buyer’s credit bureau as an obligation, and it will figure
into the co-buyer’s individual debts. If
the buyer makes a late payment, or if
the unit is ultimately repossessed, this
(continued on page 3)
Dealer Spotlight: Ingman Marine
As one of Priority One’s first dealer
partners, Ingman Marine has been
family owned and operated for over
35 years. In 1981, the late Richard
Ingman founded Ingman Marine,
which at the time was known as
Gasparilla Marine Sales. Today the
Ingman corporation remains in the
family with Richard’s sons, Gary
(owner) and Al Ingman, son-in-law,
Gary Mize, grandchildren, Jared and
Mike Brimer, and step-grandchild, JR
Pitman, running this multiple location
dealership. Gary’s oldest son, Jordan,
also works off-site as an extended
service contract manager for the dealership in addition to his primary job
as the head football coach at a local
school.
Growing up in Clearwater, Florida with
a second home in Boca Grande, the
From left: Gary Mize, Al Ingman & Gary Ingman
Ingman children spent lots of time
on the water boating and fishing, not
surprising for any native Floridian.
But football was an equally big passion, especially for Gary. After high
school Gary went to East Tennessee
(continued on page 2)
Page 2
Additional
Information on
New Theft
Protection Products
In May we added new
protection products for
your customers that
included theft, tire +
wheel and windshield
protection.
The theft protection
for both marine and
RV is a five-year term
and is non-refundable.
The coverage is
beyond what the
customer would
receive from their
insurance company
and GAP.
You are not responsible for installing the
security labels that
come with the theft
protection. We overnight the security
labels along with
instructions on how
to apply the labels to
your customers.
On a stolen unit, your
customer needs to file
a police report within
10 days of the theft,
and the claim within
45 days of the theft to
Sentinel Theft.
If your customer’s
claim meets Sentinel’s
criteria, the
reimbursement
amount will match
what the unit’s value
was at time of theft.
There is no need for
your customer to
replace the unit, if
stolen, in order to
qualify for the
reimbursement.
Benefits of Dealership Financing—Credit Union Conversions
When you’re
ready to
transition
your customer from your
sales people
to Priority
One’s finance
department,
your customer may say

they plan to
finance through their credit union. If
this happens, let them know it costs
nothing for them to complete a Priority
One credit application and compare
what your dealership offers to what
their credit union has. They may be
pleasantly surprised by the advantages
Priority One offers over credit unions.
Here are some that may apply:

 No loan fees from Priority One.

There is a limit to the amount of
money that can be borrowed from
the credit union. Credit unions extend lines of credit much like banks

Being successful entrepreneurs, the
business grew and now Ingman Marine exists in several Florida locations
found in Port Charlotte (the headquarters), Placida, Sarasota and with a
fourth location in North Fort Myers
under construction. Combined, the
locations employ 52 team members
and include new and used boat sales,
service, fiberglass repair, custom
welding, canvas making and a parts
department. Ingman Marine carries
new boat brands: Bennington, Cobia,
Grady-White, Hewes, Hurricane, Maverick, Pathfinder, Sea Born, Sea Hunt,
Sylvan, Skeeter, Stingray and Sundance and is a Five Star Yamaha
dealer.
Credit unions have the “right to offset” which means that your customer has to pledge all their assets with
the credit union as security for the
loan, not just this collateral. On the
other hand, if your customer finances through Priority One, the only
security they would need is the
boat/RV itself.
Loans made through credit unions
can be called due if your customer
leaves their current employer.
Convenience. Many credit unions
(continued on page 4)
Dealer Spotlight: Ingman Marine
State to play football and then
coached college-level football after
graduation. Missing his father, who
was also his best friend, Gary went to
work for his dad and within a few
years, the other siblings followed to
help with the boat business as well.
do. If your customers finance their
boat/RV through their credit union,
they may not have the funds available in the event of an emergency
or if an investment opportunity
comes up. By financing the boat/RV
through Priority One, your customers keep their credit union line of
credit available when they really
need it.
(continued from page 1)
Ingman Marine’s commitment to the
marine industry and local community is
second to none. Ingman Marine is involved in local youth sports including
junior flatmasters fishing tournaments,
soccer, baseball, cheerleading, and of
course football. They are also involved
in community services like Habitat for
Humanities, Charlotte County Homeless
Coalition, Coastal Conservation Association and Tarpon Coast Grady-White Boat
Club.
Ingman headquarters: Port Charlotte, Florida
Page 3
submit. enter. win.
Dealer Appreciation Contest 2016
4th Annual
Contest runs
Jan. 2—Dec. 31, 2016
Employee Spotlight:
Melissa Knuth
New Dealer Liaison
The more applications you submit, the more chances you have to win!
Congratulations to our 2nd Quarter Winners of 2016!
April Winner
Rick’s RV Sales
Karaoke Machine &
LED Light Display
May Winner
The Navigation Company
Hot Dog Steamer
June Winner
Roadhouse Camper & RV
Coolest Cooler
No one knows Priority
One's business better
than Melissa. Since
2004 she has seen
and done it all!
Co-Buyers
will also reflect on the co-buyer’s
credit bureau. Both the buyer and
the co-buyer are named on the loan
contract and on the title.
Forewarning: a co-buyer is not the
same as a co-signer. Most lenders
use these terms differently. Typically,
lenders define a “co-buyer” as a
person who has equal ownership
(deposit, monthly payments, tax
and insurance) of the unit and equal
liability (subject to collection on payment defaults). The definition of a
“co-signer” is someone who signs the
loan with the primary buyer and is
obligated to make the payment if the
primary buyer does not. A co-signer
usually has no ownership in the unit.
A co-buyer is an important tool in an
F&I manager’s toolbox and can help
secure a recreational loan approval in
the following ways:

When the total annual income of
one buyer is not enough to meet
the requirements of the loan.

If there is a high debt-to-income
ratio, using an employed spouse
as a co-buyer can effectively
speed up the approval process.

When trying to improve guidelines
for revolving debt.

When trying to qualify the original
applicant for a better credit score.

When the original applicant has
good credit history, but is some-
(continued from page 1)
what light in terms of comparable
installment history.
A co-buyer typically cannot help secure
recreational loan approvals when:

The buyer has derogatory credit.
Lenders qualify each applicant’s
credit individually. If one applicant
does not qualify, the entire application is declined. Lenders view cobuyers as adding strength but not
solely supporting a loan.

A spouse who has no additional
income sources. Actually, this
particular buyer can even hurt the
loan approval process.

Additional debt is brought to the
equation, which is not entirely
offset by their added income.
Priority One business managers will
add the co-buyer’s information (if
helpful) when they first submit the
application to your lenders to save
time and maintain acceptable funding
ratios with your lenders. They set
proper expectations with your customers as to how a co-buyer can or can’t
help secure a recreational loan approval right from the beginning and do not
wait until the loan has been declined to
bring the subject up. When to add a
co-buyer and setting the proper customer expectations is critical in today’s
sales and lending environment and
gives your dealership the best chance
at securing an approval and delivering
a unit to the customer.
Melissa began in the
loan funding department and was promoted to dealer relations
executive. From there
she transferred to
business administrative supervisor and is
currently our new
dealer liaison where
she helps new dealers
transition smoothly to
Priority One’s
program.
Melissa is a Texas
native but lived in
Chicago for six years
before landing in
Florida. She enjoys
shopping, cooking and
spending time with
family.
Interesting Tidbits:
Describe your first car.
It was a 280Z, black
and silver, leather with
T-tops.
If you had to move to
a state or country
besides Florida,
where would you
move and why?
San Francisco, CA
because it rocks!
What is your
happiest childhood
memory?
Everything I did with my
mom and grandmother
because they are the
best.
742 Second Avenue South
Saint Petersburg, Florida 33701
Phone: 800-747-6223
Fax: 800-341-6223
Email: [email protected]
Free Dry-Erase Hang
Tags for Your Dealership
Promote your F&I
services. Contact your
dealer account executive.
Benefits of Dealership Financing—C.U. Conversions
are closed on weekends and credit union
loan committees don’t meet every day.

(cont. from p. 2)
Credit unions are much more likely to prevent collateral from being taken out of state.
Priority One Upcoming Shows—Hope to see you there!
NATDA Show
Nashville, Sept. 8-10
Tampa Bay Boat Show
Tampa, Sept. 23-25
MDCE
Orlando, Dec. 5-8
FLRVTA State Conf.
Duck Key, Sept. 8-11
RVDA
Las Vegas, Nov. 7-11
St. Pete Power & Sail Show
Tampa, Dec. 16
Progressive Boat Show
Tampa, Sept. 9-11
LCT NLA East Show
Atlantic City, Nov. 13-15
Denver Boat Show
Denver, Jan. 6-8, 2017
Forest River Open House
Elkhart, Sept. 19-22
RVIA
Louisville, Nov. 29-30