Boat sales surged through 2020 as both state and international border restrictions hampered the travel plans of many Australians. PWCs were some of the most popular watercraft sold, with reports that stock of some makes and models were sold out with several months-long waiting lists. Unfortunately for some 240 buyers that purchased between 30 November 2020 and 30 April 2021, their PWC is being recalled. Specifically models in the Yamaha Wave Runner VX and GP 2021 series.
A recall notice was published on the ACCC website on 23 May 2021, announcing the recall which is understood to have been made on a voluntary basis by Yamaha themselves. So what is the problem? What should owners do now? If you have a loan for your Wave Runner, how does the recall affect you? We address some of the questions that owners are no doubt asking.
Current Wave Runner Recall
The recall posted by the ACCC relates to 240 Wave Runners, purchased between 30 November 2020 and 30 April 2021, which have been identified by their hull identification numbers. If you don’t have your HIN handy, you’ll find it at the back of your Wave Runner hull. Compare that to the list on the ACCC website https://www.productsafety.gov.au/recalls if you haven’t already been contacted by Yamaha.
According to the post, the issue relates to a poorly installed sensor within the shut-off switch assembly. This may cause a leak, allowing water into the switch housing that could cause the PWC to stop or malfunction. This sensor is apparently linked to the kill switch, hence the major problem.
The hazard is stated as this may cause a malfunction with the shut-off switch and even if the lanyard is in place, the engine may suddenly stop or it may fail to stop when the lanyard is disconnected. Clearly, this would cause loss of control and may result in serious injury or worse.
The notice states that affected owners would be contacted by the company. However, owners of the noted models could be proactive or cautious and contact their Yamaha dealer or the company to discuss the process for inspecting their particular Wave Runner and organising the repair. As the goods would be under warranty both from the manufacturer and under consumer laws, the repairs should not incur a cost to the owner.
The ACCC recall notice states that parts to repair the affected craft would be available from June 2021. While not stated in the recall notice, it appears it would be unwise to use the craft until the fault is repaired. Owners will need to be patient and wait until the parts arrive and their repair can be carried out before they hit the water again.
Impact on Jet Ski Loans
So if you have a Waver Runner or any other PWC make or model and it is currently under finance, what is the impact on your loan? Essentially, there is no impact on your jet ski loan by a product recall. Whether or not the PWC is operational, borrowers are still required to meet their repayment commitments.
In the event of a product recall, it is the responsibility of the manufacturer to sort the cost of repairs and any compensation arrangements, if applicable, with their customers.
When taking out a jet ski loan, borrowers are required to take out the appropriate marine insurance policy on the craft. This policy would cover a range of scenarios primarily being theft or damage. The payout on the policy should allow for the lender to recoup any monies owed on the loan via the borrower claiming on the policy. A product recall of the type currently issued would not usually be an issue included in a typical insurance policy for recreational craft. Based on the information provided by the ACCC, the affected PWCs will be repaired by the manufacturer and then operational again.
If the PWC is owned by and used in a business, insurance policies may be individually tailored and may, if requested by the business, include compensation or allowance for any downtime caused by such issues as recalls.
Sourcing PWC Finance
If you are interested in buying a PWC, we provide the best rates for jetski loans for all makes and models – the Yamaha Wave Runner, Kawasaki Jet Ski and the range from Sea Doo. The most popular loan for this type of watercraft is our low interest rate Secured Boat Loan. This is a versatile loan format that has our cheap interest rate, fixed for the full loan term, fixed repayments and a fixed loan term.
To get a rough estimate on repayment, head to our Boat Loan Calculator. Just enter the amount of the PWC you’re considering, the number of years you would like to repay the loan and the calculator does the rest. You’ll see the repayment estimates for each of the lenders.
To apply for lending, just call us to apply over the phone or simply apply online.
Contact 1300 000 003 for a jet ski lending quote.
DISCLAIMER: THE INFORMATION AND SPECIFIC DETAILS CONTAINED IN THE CONTENT OF THIS ARTICLE HAVE BEEN PREPARED AND ARE PRESENTED PURELY AS GENERAL INFORMATION AND NOT INTENDED AS THE ONLY SOURCE OF FINANCIAL ADVICE FOR BOAT BUYERS AND LOAN BORROWERS. FOR THOSE THAT CONSIDER THEY REQUIRE SPECIFIC ADVICE, THEY SHOULD CONSULT WITH A FINANCIAL ADVISOR. LIABILITY IS NOT ACCEPTED IN REGARD TO ERRORS AND MISPRESENTED DATA AND DETAILS HEREIN.