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OK PIP, exactly what "experiences" did you have to make you say such things? You said you were going to share them, but I see nothing shared. We would rather have heard examples of how they were "dishonest, deceitful and outright untrustworthy." What happened to you?
 

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Dressed down its good advice. Think through what you are doing before jumping in; read the contract closely and perhaps get legal advice.
When I used to work in a financial fraud unit, 30 years ago, we spent a lot of time on fractional camping site scams. Amazingly, they are still as prevalent as they were back then.

The fractional boat thing has a remarkably similar sound to it.
 

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I've been involved in litigation involving fractional ownership of high end vacation properties. Usually, when you buy a fractional share, you also sign a management agreement wherein all the fractional owners pay substantial management fees to a management company (usually some spin-off from the original property seller), designed to generate continued cash flow for the seller/manager, or the right to foreclose on the ownership interest if fees are not paid. Often it's very hard to understand exactly what those management fees will be due to complex wording and formulas, but that's typically where the disputes arise between fractional ownership sellers/managers and buyers.
 

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Hey PIP....
You really should elaborate
 

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Yeah, sorry, but I can't take a complaint very seriously when all it says is "they are bad, bad, bad." No details. No specifics. No why, or how, or what, or anything else.

I have made my own decision that fractional ownership is not for me, but I have seen nothing so far (and that includes nothing in this thread) to indicate that they are any sort of scam, or inherently dishonest in any way. If you read the contracts, and understand what it is that you are getting into, then it is only your own fault if you are unhappy with the results. And if you DON'T read the contracts, and DON'T understand what it is that you are getting into, then the old saying about a fool and his money well and truly applies.
 

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I have heard mostly positive things about fractional ownership via Sail-time and some other local groups, but you don't even give a name of who you were involved in. Seems the complaint is not worth the time it took to type the complaint without more details. I have never had an interest in a group like this, but I figure a cheap old clunky boat that is mine anytime I want is better. But others are attracted by the shiny new stuff. There are some really good groups but they are not for everyone.
 

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We wish to share some experiences (bad unfortunately) we have had with the Fractional Yachting options that have come onto the market over the past several years. You would have seen them offering access to new yachts at affordable prices. Everything is 'nice' during the 'fishing' stages of negotiations on whether to join or not. But once they have you on the line (caught) their real colours show. Dishonest, deceitful and outright untrustworthy are just a few adjectives to describe these people.

Don't be fooled - these fractional yachting systems are not there to assist you get into boating. They are there to fleece you of money and allow others to enjoy their sailing time free at your expense. However they are dressed up - they are "pyramid' schemes or "time share on water" that only service the owners and franchisees of the businesses involved.

Our recommendation is to look very very closely at your proposed contract and invest the time to make them reflect acceptable solutions to the worst imaginable scenarios. If the other side hesitates at this RUN AWAY - VERY FAST. Get a lawyer to review and negotiate for you as it may be easier this way.
Hmmm that is too bad. I spent two years boat share in Annapolis. I had a great time to sail the Jeanneau SO 37 . The company that runs the show is very good. I walked out happy after 2 years. Prior to signing on the dotted line, I called to their previous clients, all gave me the thumbs up. If I have to do it again, I would. They are great people to work with.

Yacht Leasing and Fractional Charter Boat Rental of Sea Ray Powerboats and Jeanneau Sailboats in Chicago, Annapolis, Miami
 

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I think that it was posted by a broker trying to discredit the competition;)
 

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It seems everything about PIP is pretty vague.

I don't which company is involved but I have a very good friend in Sydney who time-shares a Bavaria 40 odd footer and he is very pleased with the boat, the plan, the cost, the availability - in fact there is nothing he doesn't like about it.

But like others have said - it's not for everybody and if you want a piece of it make sure you know what you're getting into.
 

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A little checking, I don't think so. Here is the OP's first post

http://www.sailnet.com/forums/general-discussion-sailing-related/102717-sailtime-charter.html

The OP is from Australia. May be it is different there.
Yes, and it sounds like he wanted to put his one year old boat into a share program. Not sure why. I have never understood the logic of the whole let the charter service pay the boat off kind of logic. If it really worked out like that everyone would do it. And he seemed supprised that it was set up to make the company money, well no kidding...

that only service the owners and franchisees of the businesses involved.
well if they did do that first they would not stay in business long!
 

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Yes, and it sounds like he wanted to put his one year old boat into a share program. Not sure why. I have never understood the logic of the whole let the charter service pay the boat off kind of logic. If it really worked out like that everyone would do it. And he seemed supprised that it was set up to make the company money, well no kidding...



well if they did do that first they would not stay in business long!
I just think "time-share" and I think about the hundred or so people I know who got involved in one of those to their regret.
 
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