Documenting saved me about $6,000 in sales tax as a result of Missouri's in lieu of tax provision.
Makes the boat easier to track and recover. (important stuff to a bank )
As for little banks not requiring USCG doc and lose with filing liens on titles we in the banking business call them HERE TODAY GONE TOMORROW banks
Sloppy lien perfection leads to HUGE LOSSES with banks
I don't think they are rated a small bank. NASDAQ_
Incompetent help-yes. Maybe if they're gone tomorrow, I'll have a paid in full boat the next day
Correct me if I'm wrong, but by Documenting it treats the loan similar a Mortgage and prevents the owner of the vessel from making substandard modifications. There are other obvious reasons for international waterways, etc.
I was wondering about this as well, my boat is documented and it will be a year old in the spring do I have to do anything more on the documentation. (the dealer did it the 1st time)????
Should only have to document once as long as you own it. They'll send a form asking if you still own it, but only need to notify them once you sell it.
National Vessel Documentation Center of the US Coast Guard
They are actually VERY easy to deal with. The only advantage to paying someone to do it for you, is they can act as an Agent of the Coast Guard and issue you a temporary certificate of documentation (applied for); kind like a 30 day tag when you buy a car from a dealer. You can't do this yourself. If you are not in a rush, its very easy to work directly with the folks at the NVDC. If you are nice, and sweet talk them, you can have it done in a week as I did. I payed a NICE chunk of change to have mine done when I bought the boat, but I was CHANGING the ownership of a documented boat, and they agent (my loan people) issued me the temporary certificate.
Well, I moved, and never got my Documentation renewal in the mail, and it inadvertently expired. I was taking an ocean trip in less than two weeks, and realized this. They had me straighted out in less than 7 days, and I did not have to pay expedited fees; all this over the Christmas season as well.
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