coast guard documentation

eightsecmopar · 10-13-2009, 07:55 AM

I'm buying a boat that is currently registered as a coast guard documented boat. Would there be any advantage to reregistering it with the coast guard or would I be better off just registering it with illinois ? I know that there isn't a title just the coast guard documentation when you register with the coast guard. Has anyone gone through this before? Anything I should be doing before I purchase ? Thanks for your help

10-13-2009, 08:19 AM

Quote:

Originally Posted by eightsecmopar

I'm buying a boat that is currently registered as a coast guard documented boat. Would there be any advantage to reregistering it with the coast guard or would I be better off just registering it with illinois ? I know that there isn't a title just the coast guard documentation when you register with the coast guard. Has anyone gone through this before? Anything I should be doing before I purchase ? Thanks for your help

Get a survey!

Depending on your states sales tax and the selling price you might save some money by keeping it CG registered.

Smitty · 10-13-2009, 10:56 AM

My boat is documneted. I recommend that you keep it documented. You can change the name if you want, I did.

Here's the bad news-- The new law in Illinois states that you must pay a "user fee" (just a smoke screen for taxing you) when you buy from a private party. I think the tax rate is 6.5 % of purchase price. It is bull$hit because you end up paying tax on the trailer to if it has one.

Here's the loop hole tho-- The law states that if you use the boat for 60 consecutive days in Illinois waters, you must pay the fee. If you use it elsehwere, but live in Illinois, no fee.

Check the Illinois website for more details.

Smitty

hammer01 · 10-13-2009, 11:46 AM

FYI, the downside to the documentation in any of the midwest states, especially Illinois, without registering in Illinois to get the IL numbers and letters is that they hassle the crap out of you every where you go. The above statement is correct and anyone who trailers or even rack stores would definitely qualify under the 60 day stipulation. If you however leave it on a lift in Indiana for the summer as an example at Hammond, they can fine you for not being registered there. Good luck!!! Sometimes almost better off to pay the state and get your IL numbers so you don't catch the flack. Good part is with the lower values in the market today you can use several different valuation sources to determine what you pay the 6+% based on. Hammer

boatnt · 10-13-2009, 06:30 PM

when I bought my boat it was documented,spoke with the coast guard and they told me the banks now days almost prefer the boat is coast guard documented,in case the bank needs to repo the boat its way easier if it documented.

as far as any other benefits to been coast guard documented, they told me unless I plan on boating on international waters there really isnt any,so I sent them a letter of deletion and had the boat removed from their listing.

when I bought the boat I got 3 bills of sale,one for the boat,one for the trailer and one for the accesorys,such as for the canvas,lines,anchors,etc

In IL the boat I believe gets taxed 6.5% and the trailer is a flat $50.00 fee

eightsecmopar · 10-14-2009, 08:01 AM

Thanks guys for the info. I think I'm just going to register it with Illinois, sounds like the best bet.