Buying a boat with a lease contract. - SailNet Community
 
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post #1 of 5 Old 02-19-2011 Thread Starter
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Buying a boat with a lease contract.

Hello to all!
I am wondering if there is anyone with experience/advice concerning buying a new boat, with a lease contract?

Pro's vs Con's

PS I am still kicking myself for not buying a Cheoy Lee 63 motorsailer in 1985, when I had the chance.

Last edited by Hydroplane; 02-19-2011 at 12:08 PM.
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post #2 of 5 Old 02-19-2011
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You wouldn't be buying a new boat with a lease contract, you'd be leasing it, wouldn't you?

So just what are you trying to do?
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post #3 of 5 Old 02-19-2011 Thread Starter
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Well, from what I understand, I would be buying the boat at a significant discount and a contract for yacht managment for a period of 5 years. The management company will charter the boat out durring that period durring the "high season" and I the owner can have the boat for the rest of the year as well as three weeks in the "high season". You, as the owner or partner get a choice of return from the charters.

Here is some links to the YM companies.

http://www.cosmosyachting.com/cosmos...neral_2011.pdf

Nomicos Yachts Ltd.
Yacht charter Greece, Caribbean, Croatia, spain, Turkey, BVI, Italy, Seychelles, Charter World yacht charter- - luxury motor boat vacations and crewed sailing yachts
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post #4 of 5 Old 02-20-2011
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This type of deal is usually termed not leasing but "purchase and charter." The first manufacturer I know of to offer such a construct was Van Ost at Carribean Sailing Yachts better known as CSY in the 1970's. Later on in the late 1980's after stopping production, CSY continued to facilitate their charter operation using Gulfstar Yachts. Other Caribbean charter organizations include Stevens, CYC, and Moorings each of whom used the purchase and charter model. Moorings still is operating using Beneteau as a manufacturer.

The deal often does not work out well for the owner due to hard use and poor maintenance by the charter operation. The charter group has little incentive to keep up the condition of your yacht. Mainly they care if she can run charters because in 5 years she will be totally under your ownership. The charter group has a depreciating asset with a 5-year term.

The key for you if you enter such a contract is to be watchful of the charter organization and hold them up to their legal responsibilities articulated within the contract. It is your responsibility to make sure she is maintained as promised. Especially important is the 5-year mark when you are released from charter. You should get a forensic survey and make sure they fix any problems noted. The squeeky wheel gets the grease...

In sum it can work, and you can save significantly. There are great charter groups out there too.

Sincerely, RJ
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post #5 of 5 Old 02-20-2011 Thread Starter
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Thanks RJ,
Are there any YM companies operating out of the med. which in your opinion are the better ones?
We are planning a trip to Greece/Turkey for the end of March to look some boats over. At this point it looks like there are plenty of Bavaria Cruisers in the range of 36 to 49, which could be interesting. We are most interested in boats over 40 feet.
I have seen a few boats listed, which are near the end of the contract period, which sparked my interest.
I am also beginning to get the impression that the Bav. Cruiser has not so good of a rating either.
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