The Sterling Starr

2018/2019 Winter Edition

Fall Boat Show Recap

What an amazing year 2018 has been, and just as great were the fall boat shows! As many years before, we exhibited in the Trawlerfest, Annapolis Sailboat & Powerboat Shows, Newport International Boat Show and the Ft. Lauderdale International Boat Show this Fall; all of which proved to be very successful. We experienced a great turn out at each show; a positive outlook for the Spring 2019 market!

The weather held out for us at every show, which always leads to a more pleasurable time for all. Sterling Acceptance was able to offer on-site loan & documentation guidance from our sales managers and documentation specialists who attended each show.

Every year Sterling Acceptance strives to get our customers the lowest rates , most flexible down-payments, and longest terms. We work hard to provide customized loan packages that suit our customers individual needs, and we hope we were able to do that for you this season!

Look out for us at the upcoming Miami Boat Show &

New England Boat Show in February 2019!!

Take the Time to Winterize

Dave Trostle, VP of Sterling Acceptance and Licensed Yacht Insurance Agent with Global Marine Insurance

When the smell of pumpkin spice lattes leave the air, it’s a good time to start thinking about winterizing your vessel. For those of us not lucky enough to have year round boating seasons, yes the Northeast envy's you, it is extremely important to take the time and prep your boat for the winter months.

An all too common thinking, “why put time and money into a boat that you're not going to use for months”, may be a big mistake. You could find that waiting too long to do so can be extremely costly. Winter can be tough on your boat and some of the damages can include cracked engine blocks, damaged fiberglass, split hoses and sink-age after the first thaw.

Dave Trostle, owner and Vice President of Sterling Acceptance Corporation, offers a few useful tips on boat winterization.

Click HERE for the full article.

For any insurance needs, please contact Dave Trostle, a licensed Yacht Insurance Agent through Global Marine Insurance, at 410.268.1545 or email [email protected] .

Tax Facts You Want to Know

TAX. Not a word many are fond of, but paying tax is a necessity in the world we live in. We thought giving you some extra knowledge on the popular topic may be helpful…

It should be noted that tax payment, also known as excise tax or use tax, depends on where you keep and use your vessel the majority of the time. The tax percentages range from 0% (the oh so lucky ones) to 10% of the purchase amount. Keep in mind that a county tax may be applicable depending on your state and would be an additional expense. 

Once you have calculated the tax money owed to your state, the next step should be to know WHEN this is due. Every state can be different, and an additional penalty (sometimes with interest) can be added to your grand total if not paid on time. This time frame is typically 30-60 days from the date of sale or entry into the state of use, so knowing this time frame prior to buying your vessel is helpful.

Some states are tax free... don't all move at once! Those states as of December 2018 are Delaware, New Hampshire, Oregon, and Rhode Island. A few states are merciful and have tax caps, which can be changed at any time. For example, Maryland has a tax cap of $15,300, so no matter how much you pay for the vessel, you'll never have to pay more than $15,300 in sales tax. Again, not all states have a tax cap.

We realize this is A LOT of information but don't panic, Sterling Acceptance professionals can help you every step of the way, whether your financing or paying cash for your purchase. Contact us anytime via phone or e-mail if you have questions about your state specifically. We will help you to the best of our ability or at-least get you in the right direction!

Katherine Henard

Documentation Specialist

410.268.1545

800.525.0554

410.268.3755 fax

Email Katherine

Sterling Acceptance 2018 Annual Meeting

Owners, Karen and Dave Trostle held the annual Sterling Acceptance employee meeting in August upon the "Sterling Lady". Our nationwide sales team members came to Annapolis, MD for the week to conduct training, meetings, and of course, go boating!

Sterling strives to always give customers our best, and find this meeting allows us the chance to work as a team, collaborate ideas, and synthesize on how we can improve.

You can rely on the Sterling Acceptance team to be up-to-date on the latest loan programs, documentation requirements, titling, and insurance needs.

Keep your valuable asset safe from

theft all year long

Kim Kavin, reporter for Soundings Magazine, recently published an article about Bruce Marx and his FaceBook page, “South FL Marina and Boat Watch Group”. Marx created this group after his chartplotter was stolen off of his boat while visiting a marina in South Florida. In just 7 short months the group has more than 8,000 members and has assisted law enforcement to catch countless thieves. This group, like many others, offer tips and suggestions for the prevention of boat theft.

BoatUS Magazine recommends keeping an inventory of all gear, specifically, name, make, model, serial numbers, and description. Additionally, some insurance companies require digital photographs of all of these items, so it could be useful to take these photos and store them. Other tips include securing your trailer so that it is not easily movable, locking outboard motors with transom bolts and removing all portable valuables from the boat.  

Year round thief is common in the southern and west coast regions of the United States. Where as winter months account for most of the Northern and Mid-Atlantic regions thief. Criminals are known to board winterized vessels in hopes of stealing equipment and gear.

Read more about boat protection in Dave’s winterization tips! 

References:

Soundings Magazine, 2018. https://www.soundingsonline.com/news/facebook-group-rallies-boaters-against-thieves

BoatUS, 2018. https://www.boatus.com/magazine/2016/october/analyzing-boat-thefts.asp

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