Proudly Serving the Industry Since 1987!

Our 36+ years in business, exclusive loan programs, competitive rates, and nationwide lending territory makes Sterling your number one choice for financing and closing!

The Sterling team offers over 40+ years of industry knowledge and expertise, so you will be in good hands when working with us. We will walk you through your entire purchase & offer support EVERY step of the way. We also offer in-house USCG documentation, state titling services, and yacht insurance; your true one-stop-shop.

Message from the President

Welcome Spring! It feels so good to be back on the water!

The Spring Boat Show Circuit for Sterling Acceptance was a great success! We just completed the Palm Beach show, Bay Bridge Boat show and the Annapolis Spring sailboat shows which proved to be very encouraging for new and used boat sales. We believe that interest rates will trend downward later this year which will mean greater spending power with lower payments. The Federal Reserve has indicated that we may expect 1-2 rate reductions later this year! That would be very much welcomed!! It may open the door to refinancing your current loan to reduce your monthly outlay. Generally speaking, a ¾ point to 1% lower than your current rate would trigger action to refinance. Let us know if you have any insurance or Coastguard documentation needs; we would love to help. All of us at Sterling Acceptance appreciate your business and are excited to work with you on your next recreational boat loan transaction.

Safe sailing!

Best Always,

North Atlantic Right Whale Vessel

Strike Reduction Rule

Letter's to Congress Requested!

Due to the continued decline in the Right Whale population, the National Oceanic and Atmospheric Administration (NOAA) is proposing to expand its North Atlantic Right Whale Vessel Strike Reduction Rule. Currently, the rule stipulates that vessels 65 feet or longer are required to slow to 10 knots (11.5 mph) when whales are expected to be present in an area. NOAA’s proposed expanded rule would impose the same speed limit of 10 knots on smaller boats 35-65 feet as well as increase the areas for which the rule would apply.

This proposed expansion to the current North Atlantic Right Whale Vessel Strike Reduction Rule, made without any input from the marine industry, would be detrimental to coastal economies, including the charter fishing industry as well as recreational boaters.

No one in the Marine industry denies the importance of protections for the endangered Right Whale, however, many believe with current and emerging technologies there can be a more balanced approach to protect the whales which does not threaten the marine economies on the east coast.

Please join your fellow boaters and contact your members of congress to convince NOAA that this expanded rule would do more to harm the marine industry than to protect the Right Whale. NOAA, instead, needs to work with the marine industry to implement balanced solutions that will protect the whales as well as boaters.

Follow the link below for further information and details on how to get your voice heard:

Protect Recreational Boating and Coastal Economies - Boating United

2024 Outlook Across the States

^ Peggy Bodenreider, California Sales Rep - "Substantial rainfall this past winter has turned Catalina Island and the other Channel Islands into beautiful green gems just off our coast. Southern California boaters' favorite playgrounds, with secluded coves, extensive hiking trails, and wildflowers in bloom, are ready for explorers. Hopefully we'll see an increase in boat sales, as more families are seeking solitude at sea. Best of luck to all the yacht and boat dealers and brokers for a successful spring selling season! And to those whom we have helped with their purchase, enjoy your adventures on the water and the islands this year!"

^ Mary Ann Savage, New England Sales Rep - "Daffy (daffodil) Days are here in the Newport Rhode Island area! The birds and the boat yards are humming with the sounds of spring! New England is ready to break out of the winter blues and dive into warmer days. The New England Boat Show was bursting with new boats and new clients ready to have fun out on the water in the coming months."

< Susan Cunningham, Florida Sales Rep - "Boating season is upon us down here in Florida and beyond. Excited to see what the 2024 spring and summer months bring. It's always a joy to assist my customers on their dream boat purchases!"

Boating Insurance

Dave Trostle, Licensed Yacht Insurance Agent, Global Marine Ins. Agency

Yacht Insurance:

Overview For Spring 2024

In addition to being the Vice President of Sterling Acceptance, Dave Trostle has been a licensed yacht insurance agent since 1996. He is currently an agent for Global Marine out of Traverse City, MI, considered one of the largest yacht insurance agencies in the country. Global Marine represents a large cross-section of domestic carriers as well as Lloyds based carriers.

As we enter Spring of 2024 and the boating season ramps up for those in the mid-Atlantic and northeast, we are starting to see some relief in the yacht insurance market. It has been a challenging 4-5 years for the yacht insurance industry. The biggest impact to premiums has been the increase in the number of named storms and the resultant claims paid out due to widespread damage. Hurricane Ian alone resulted in over a billion dollars in boat and yacht insurance claims. Couple that with the flood of insurance claims for damage resulting from other hurricanes, typhoons and earthquakes around the world that caused the re-insurance market to reach its max limits. As a result, many carriers either exited the business or were forced to pair back their coverage to limit their risk exposure. Also, unfortunately, during covid many of the seasoned professionals in the yacht insurance industry opted to retire leaving a shortage of seasoned professionals who could best assess various risk nuances.

Whether you are looking to purchase a new insurance policy or are looking for better coverage within your existing policy, contact Dave today at 410-268-1545 or dave@sterlingacceptance.com.

US Coast Guard

Gone are the days of waiting 4+ months for your Certificate of Documentation to arrive from the National Vessel Documentation Center (NVDC) division of the US Coast Guard. NVDC is currently processing Certificates within 3 weeks’ time!

NVDC has also been in the process of expanding their online ‘E-Storefront’ in order to be more user friendly and efficient with customer requests. Here you will be able to apply for multi-year Certificates, request Abstracts of Title and obtain Certified Certificates of Documentation. If you didn’t know, you are also able to visit pay.gov to obtain some of these items!

Have a recent address change but also have a current Certificate? No problem, all you have to do is follow either step below.

1. E-mail your request as a pdf attachment to: NVDCRENEWALS2@USCG.MIL;

2. Annotate change of address on the CG-1280 Certificate of Documentation renewal notice (at the time of renewal) before returning it via mail; Include your Official Number, both the old and new address, and contact information (your name and telephone number).

To note, NVDC will send out renewal notices to the address on file about 30-45 days before your Certificate of Documentation expires.

Sterling Acceptance Corp is a proud member of the American Vessel Documentation Association that works alongside the NVDC for best efficient practices to obtain that Certificate of Documentation in your name.

Have any documentation questions, please contact our Documentation & Title Specialist, Katherine, today!

National Vessel Documentation Center

Katherine Henard

Documentation & Title Specialist

katherine@sterlingacceptance.com

410-268-1545

Spring Revitalization - Boat Edition

A Boater's Spring Cleaning Checklist

As the days grow longer and the temperatures rise, boat enthusiasts eagerly anticipate the start of the boating season. However, before casting off the doc lines it is crucial to perform thorough spring maintenance to safeguard your vessel. From inspecting mechanical systems to preparing safety equipment, this checklist will help ensure a safe and enjoyable boating season. So roll up your sleeves, and get ready to cruise into another memorial adventure on the water!

Start by giving the exterior of your boat a thorough cleaning, using a gentle boat soap and a soft-bristled brush to scrub away any dirt, grime, and salt residue. Clean and polish metal surfaces such as railings, cleats, and fittings. Don’t forget to check and clean out the scuppers and drainage system.

Inspect the hull for any signs of damage or wear. Look for cracks, blisters, or scratches that may need to be repaired before hitting the water. Inspect the condition of antifouling paint on haul and reapply if needed. Clean and inspect the propeller for damage or debris that may affect performance.

Inspect all seals, gaskets, and caulking around hatches, windows, and other openings to ensure they are intact and watertight and replace any damaged or deteriorated seals to prevent water intrusion and potential leaks.

Don't forget to inspect and test all safety equipment, including life jackets, flares, fire extinguishers, and navigation lights. Replace any expired or damaged items and ensure everything is in good working condition.

Schedule a professional inspection and servicing of the engine, fuel system, and other mechanical systems to ensure they are running smoothly and efficiently. Change the oil, replace filters, and check fluid levels according to the manufacturer's recommendations. Test the battery and charging system, and replace the battery if necessary

Make sure the electronic devices such as GPS, radar, or fish-finders are up to date and functioning properly. Check for software updates and replace any outdated or malfunctioning equipment.

Remove debris, clutter, and unnecessary items from the interior. If your boat has upholstery or fabric surfaces, give them a deep cleaning to remove stains, mildew, and odors. Spring is a good opportunity to review and update boating documents, including registration, insurance, and permits.

Finally, take inventory of your boating supplies and replenish any items that are running low. This may include fuel, oil, cleaning supplies, safety gear, and spare parts for your journey.

We Want to Hear From YOU!

Meet

Jen Richardson

We are excited to announce the latest addition to our team, Jen! Please join us in extending a warm welcome.

As our new Administrative Assistant, she brings a wealth of experience and enthusiasm, making her a great addition to our team. Jen comes to us with over 20 years of experience in the Mortgage industry! In 2019 she took a break from mortgages and worked with a local dealer in the parts and warranty service department for Jeanneau and Fountaine- Pajot Yachts! Jen is active in the Annapolis sailing community and knows her boats! Welcome aboard, Jen! We are thrilled to have you with us.

Upcoming 2024 Boat Show's

Newport International Boat Show

Newport, RI - September 12-15

Booth: LAND A4

United States Powerboat Show

Annapolis, MD - October 3-6

Booth: F24-25

United Sates Sailboat Show

Annapolis, MD - October 10-14

Booth F24-25

Fort Lauderdale International Boat Show

Fort Lauderdale, FL