Mastercraft offering $25,000 cash back

[raythompson]

I misunderstood when cost was mentioned. I thought it was the interest on the money and not the actual cost of providing the money. In that case the cost to the dealer would be significant. Now what happens to the customer rebate if the dealer no longer exists at the end of the three years?

[talltigeguy]

I learned a fair amount about this program and think it is a gimick.

It works, but you have to do it perfectly. PERFECTLY

There is a 1 week window after 3 years that you have to submit the paperwork. Certified letter, notarized birth certificate. 3 bloodstains from the middle finger of 3 unrelated individuals sharing less than %25 of the same DNA. That sort of thing.

Submit late: no rebate,
non-certified mail: no rebate,
Birth certificate not notarized: no rebate

The list is long as to what has to be done, but something most people should be able to do. MC puts in actually very little money to the deal. The company counts on people forgetting or getting denied. There are a few horror stories of how people got denied on TMCowners.com, and stories of success as well.

The party is an entirely unrelated company to MC. I predict they will not be in business in 3 years. If everyone got their money back, they could not possibly stay in business. They will fold, guaranteed in my mind. For more fascinating reading, here is the company:

www.cashrewardsinc.com

I was offered a very good deal on a new boat plus the 25K cash back in 3 years. I did not even have to own the boat in 3 years. The dealer and MC contribute some, but it is suprisingly little. Something like 25% of the final rebate. In fact, the offer I had stated exactly how much on the invoice was going to cash rewards inc.

[Jason B]

Actuarys (math/statistics proffesionals) figure very close to real numbers of people who will/will not redeem the rebate. Based on that information MC knows that if XX amount of people buy that deal (or lack thereof) and only X people redeem the rebate they only really part with a small percentage of the actual rebates issued after 3 years. On publicly traded companies you can find that total amount of carried debt obligation in their SEC filings. I'm sure an accountant would know exactly where to look to find that info if MC is publicly traded. Twenty-seven percent of gift cards never get redeemed so the money made is SWEET gravy for retailers--in many respects the MC deal is the same.

[jwanck11]

I have done everything perfectly with rebates (yes, I am extremely vigilant) and have still been refused - till I would go beserk of course. Point being is that even if things are done perfectly, companies involved in these activities will still try to pull a fast one on consumers.

This is a good strategy for MC to extend such a program in hard(er) times.

[jwanck11]

Actuarys (math/statistics proffesionals) figure very close to real numbers of people who will/will not redeem the rebate. Based on that information MC knows that if XX amount of people buy that deal (or lack thereof) and only X people redeem the rebate they only really part with a small percentage of the actual rebates issued after 3 years. On publicly traded companies you can find that total amount of carried debt obligation in their SEC filings. I'm sure an accountant would know exactly where to look to find that info if MC is publicly traded. Twenty-seven percent of gift cards never get redeemed so the money made is SWEET gravy for retailers--in many respects the MC deal is the same.

Although there are state cases where depreciating/devaluing GCs is being fought and won. If someone trashes one though it is on them.

[G-MONEY]

This has been an offer for MC for a long time now and as BUG said they have had many issues with people getting their money back.

[talltigeguy]

I have done everything perfectly with rebates (yes, I am extremely vigilant) and have still been refused - till I would go beserk of course. Point being is that even if things are done perfectly, companies involved in these activities will still try to pull a fast one on consumers.

This is a good strategy for MC to extend such a program in hard(er) times.

I think it is a terrible strategy. You can sit in a dealer's showroom talking forever about how the deal works and forget about the item you are selling.

I wonder how many people thought this was the dealmaker when buying a boat...I bet very few. A few of the dealers on TMCowners seem to agree.

[69BUG]

I Love my boat, but IMHO this rebate has been going on for 2/3 years now, and I think it was the worst thing MC has ever done, has pissssssted off more MC owners to the point they will never buy another MC, like some have said you MUST do everything PURFECT …………………… again IMHO MC should have never started it …………………..

It is just a black eye for MC………………………………. from a MC owners point of view good boat, bad rebate

[jwanck11]

If it is a terrible strategy and one that is clearly not working selling boats and making healthy ROI for MC, why would they run it for 2/3 years - and be pushing it by mass emailing?

O well... GL getting your $$$!

[dmgski22ve]

My brother was in the MC dealer at St. George Utah... and they said that they were selling the boats at their cost just to get rid of them... i.e. the X-star for around $50,000... but I'm not sure about the $25,000 cash back thing...

[talltigeguy]

My brother was in the MC dealer at St. George Utah... and they said that they were selling the boats at their cost just to get rid of them... i.e. the X-star for around $50,000... but I'm not sure about the $25,000 cash back thing...

They will tell you that. Then they explain that the selling price is 70K with a 20K cash rewards rebate = 50K. Compared to 2 years ago, 70K would have been a sweet deal then, now 70K is attainable pretty easily.

If he could have gotten the Xstar for 50K straight, he was dumb to have walked out of there. It was likely more.

The days of 100k Xstars are gone for now.

[chpthril]

A couple of interesting updates to this topic on WW

http://www.wakeworld.com/MB/Discus/m...tml?1229106646

[talltigeguy]

A couple of interesting updates to this topic on WW

http://www.wakeworld.com/MB/Discus/m...tml?1229106646

Most notable update is the refusal of Cashrewards to show up at a Better Business Bureau meeting, so the accreditation with BBB has been revoked!

I think it is time for any respectable company to dissociate with them.

[jake]

I guess the bottom line here is MC is in a financial mess. 4500 2008's laying around, 300 07's laying around, and floor plan financing has dried up. They can't sell boats on any financial angle....so now what? Chapter 11 seems the best solution.

I'm impressed with the X55, but about $30K overpriced.

This will be a good oportunity for the smaller mfg's to slim down, get mean and agressive, and kick some MC azz.

[talltigeguy]

I guess the bottom line here is MC is in a financial mess. 4500 2008's laying around, 300 07's laying around, and floor plan financing has dried up. They can't sell boats on any financial angle....so now what? Chapter 11 seems the best solution.

I'm impressed with the X55, but about $30K overpriced.

This will be a good oportunity for the smaller mfg's to slim down, get mean and agressive, and kick some MC azz.

As usual Jake, you are full of crap.

A 3 second google search revealed that MC made 2600 boats in 2006. That was quoted in an MC press release. I hardly doubt that they doubled production so that there are 4500 2008's laying around.

Maybe you should let us in on your sources.