Vessel Documentation

Capt. Lou

Lieutenant Commander
Joined
Oct 5, 2011
Posts
180
Likes
45
Location
Martha's Vineyard
Boat Make
40 H&H "Julia G"
When I bought my boat I got a loan. When they did the change in ownership the endorsement changed from fisheries to recreational. I believe the lending company had this done because the lenders won't lend on commercial boats. How is this changed? I should be coastwise endorsed if I want to run charters. At least if I want to be legit. Do I need to pay loan off? Re document after lean is gone? I searched the CG NVDC web site for an hour and can't find anything.
 

F/V First Team

Admiral
Joined
Jan 10, 2012
Posts
6,146
Likes
2,477
Location
Narnia
Website
www.otisenterprisesmarine.com
Boat Make
Northern Bay 36 - Modified
It will need to be redocumented, but if the bank owns paper on the boat, then you can't redocument it without their consent.

Kind of a BS move to remove commercial fisheries endorsement, that endorsement puts your paperwork on top of the pile for renewals.
 

cb34

Rear Admiral
Joined
Oct 31, 2011
Posts
1,682
Likes
636
Boat docs

Get ready to wait, 5 months and counting for rec.
 

offshore31

Captain
Joined
Oct 18, 2011
Posts
584
Likes
141
Location
NH
cb34's right. When I called last week, they said they were working on papers submitted around 12/27. However she did say that commercial was being given priority.
 

CEShawn

Vice Admiral
Joined
Sep 21, 2011
Posts
3,318
Likes
1,208
Location
Cape Cod, MA
Boat Make
Downeastless
I had about half the value in cash of my boat, but wanted to get a loan to hold onto some money. I had a credit score better than 93% of people. I could not get a boat loan on a downeast boat and then when I said I wanted fisheries and coastwise the answer was no. Funny enough but ended up going with my old school Navy Federal Credit Union who didnt ask any questions and gave me a zero down loan, of course at a bit higher rate. We all know you can't get those attractive BOA rates. The funny part was NFCU didnt even want a survey of the vessel and took about two hours to give my approval.

Of course who else would give a boat loan on a 1996 commercial hull :) Its funny...
 

Curmudgeon

Lieutenant Commander
Joined
Mar 1, 2013
Posts
201
Likes
90
Boat Make
44' Stanley, 40 Webbers Cove, 19 Ocean Pointer
Farm credit union for a commercial boat loan.
 

greg

Captain
Joined
Sep 3, 2011
Posts
986
Likes
198
Location
Point Judith, RI
When I bought my boat I got a loan. When they did the change in ownership the endorsement changed from fisheries to recreational. I believe the lending company had this done because the lenders won't lend on commercial boats. How is this changed? I should be coastwise endorsed if I want to run charters. At least if I want to be legit. Do I need to pay loan off? Re document after lean is gone? I searched the CG NVDC web site for an hour and can't find anything.

I went through this this spring. Like you, my boat was documented rec only. I had to get my lender to sign a form approving the change. r

Once I had the form I submitted it along with the other forms and $126. I had mine amended to coastwise unlimited, fisheries, and rec.

The actual approval was quick. Only a few weeks. I had a long delay because I screwed up and didn't see their email telling me I had an error on the application.

You don't have to wait the 5 months that they are showing for the rec approvals. You are going for a primary coastwise, which puts you into the comm bucket. MAKE SURE they put you into the comm queue and not the rec queue.

The process is straightforwards, but its easy to make a mistake on the app, so make sure to call them and bug them once your app date shows as being processed.

All the forms are on the nvdc website. Feel free to ping me if you have questions. I can at least tell you how I screwed up.
 
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