Easy Does It Page 2
Certainly, whatever sacrifice a Moor-ings owner makes in terms of personaliz- ation is balanced by the financial benefits of the program. Larroux was recently stopped by the friend of a Moorings owner who’d accompanied his pal on a six-week cruise in the Bahamas. When the pair returned to the real world after their blissful excursion, the owner called his friend to share some news: When going through his mail, he found he had two checks from the Moorings that totaled almost $10,000. “They cruised for six weeks,” Larroux says, “and when [the owner] got home, he was paid.”
Now how’s that for a boating dream come true?
The Moorings (800) 521-1126.
The Proof's In The Numbers
In order to really understand what the program’s all about, you’ve got to look at the numbers. A sample breakdown of the cost of buying a M474 Cat in Tortola or the Abacos goes something like this: The price of the yacht is typically $699,000, but with The Moorings’ $100,000 rebate, it’s only $599,999. The owner makes a down payment, usually around 20 percent ($119,800), then secures financing for the remaining $479,200. (Owners who opt for financing through The Moorings’ get a fixed rate of 6.25 percent for 15 years.) Every month the owner receives $4,700, regardless of whether or not the boat was chartered. Subtract the monthly mortgage payment of $4,109 and said owner has a monthly cash flow of $591. If the program lasts for 60 months and all revenues are applied to the loan, the owner comes out with a balance of only $307,921 and a vessel with a net resale value that the Moorings puts at $345,000 (based on normal market conditions and a ten-percent brokerage commission).
This article originally appeared in the August 2009 issue of Power & Motoryacht magazine.