I got a flyer today from Formula outlining the new Escape program. As you may recall, there was a thread a couple of months ago regarding their 'suspension' of the program.

It looks like the new program is not as advantageous as the old program . . .

Old: 30 months at 0.00%, then 5.49% for balance of 20 years.

New: 24 months at 0.00%, then 7.99% for balance of 20 years.

Try not to all stampede into your local Formula dealer at once.

what's the "i'll pay cash" discount?

^^^^^^^

Sale price minus the "dealer participation" costs...

FINANCE a boat for 22 YEARS??? That is just SO beyond my understanding, words fail me.

You and me both!

I have heard some folks say " you will always have a car payment" but not "You will always have a boat payment". Heck you could literally have the payment and no boat. Are the terms written "upside down"? Would seem fitting.

I can understand a boat loan, but not a boat mortgage...

That should be called the "can't escape from the loan" program.

For some the program works and others it doesn't. You also have to look at what you can get for an interest rate at the time of purchase vs. the escape program rates.

Run the numbers with a rate from Key Bank vs the escape and you will be surprised. It does allow people to build equity faster, thus Formula is hoping that you want to buy a new model after 2 yrs, etc...

Yes, the new program isn't as good as the old one, but will take a Formula over many many other boat manufacturers products !!!

The local Chaparral Dealer used to sell Formulas. Recently, I was there looking at a used boat, and I asked the salesman about the switch in brands.

He told me that most of their Formula customers were paying cash and the Escape program did not really come into play. Formula kept pressuring them to push the program. Thus a parting of the ways.

I think the best bet is to look at a used Formula, even if you finance it. The purchase price is way down at that point and the TCO (total cost of ownership) is far less than any new boat loan program can offer. A Formula boat at a few years old is every bit as good as a new one.

Does it require a significant down payment or can you finance 100%? If it's the latter, I'm amazed they got a bank on board with the program.

tpenfield, you got such a gorgeous boat, and umm... uh....

I just had to make you a new sig pic...







ok, made another one (different photo editors)

The colors in that pic are better.

Thanks for your photo handy work FR. My Adobe PhotoDeluxe has been on the blink lately, so I have not been able to make a new signature photo. How did you know that was the one(s) that I was going to use?

Just a good guess, I guess! I just went to your webpage and grabbed that pic and started messing with it--the first one I did on my laptop on the boat, the only software I have on it is "photo toolkit", freeware. It was okay, but I have Corel Photo-something at work with way more options, and that pic turned out a bit better...anyway, glad you like it!