Step 1: Browse Available Inventory & Submit an Inquiry
- Explore Inventory: Review the list of available sailboats, motorboats, and luxury yachts offered directly by the foundation’s inventory.
- Express Interest: Contact the program representative via email or online form. If a specific type of boat is not currently listed, you can submit your specifications to be notified when matching inventory becomes available.
Step 2: Vessel Inspection & Term Negotiation
- Inspection & Survey: Conduct inspections and evaluate the vessel’s condition.
- Finalizing Terms: While listed prices represent suggested values, the final agreed-upon price and terms may be adjusted based on the results of inspections and marine survey reviews.
Step 3: Execute the Agreement & Pay Initial Fees
- Sign Agreement: Enter into a Lease with an Option to Purchase contract (typically structured for up to 36 months).
- Upfront Costs: Pay the required initial deposit and inception fee to initiate the lease.
Step 4: Lease Period Responsibilities
- Interest-Free Monthly Payments: Make equal, interest-free monthly payments directly to the foundation without needing third-party bank financing.
- Insurance & Maintenance: The lessee assumes responsibility for ongoing operation, marine insurance, and routine maintenance.
- Vessel Modifications: Customizations and improvements are allowed; however, any major modifications exceeding $10,000 require prior approval from the program.
Step 5: Final Option – Purchase Ownership or Return
At the conclusion of the lease period, you have two options:
- Exercise Purchase Option: Pay the remaining agreed-upon purchase option amount to take full legal ownership. (In most cases, sales tax is calculated only on the final purchase option amount).
- Return the Vessel: Choose to return the vessel to the foundation at the end of the term.