Fractional Ownership

[stoomy]

Hello all,
I am currently sans boat. I'm considering getting into a fractional ownership deal. I'm hoping some people can share their experience/knowledge on this subject.
Are some companies "better" than others?
Are there hidden costs you don't find out about 'til its too late?

Here is what I take away from Sailtime's web site.
I put up 20% downpayment.
They pay all bills (loan/insurance/slip/mantenance/etc) for a set period of time (3 years if I remember correctly). After this period its all on me.
So far sounds like a win-win.
But I'm sure I"m missing something in the fine print. For example say I set up a 3 year loan or alternatively, they force me to take an interest only loan.

Any other input is much appreciated.

Fair Winds,
~B

[goincruisin]

Though we have not tried fractional sailing (we have our own boat), we have been invited to speak at the introductory seminars with Pinnacle Yachts and spoke with several of the (satisfied) new 'Captains'. It was our understanding that you 'buy in' on an annual basis paying a set fee for the year and that was that. The amount of money and the service provided seemed a very good thing to us. I have not done a comparison of the services offered by different outfits, but it is certainly cheaper than buying a boat, renting a slip, overwintering costs, loan payments etc etc. Just depends on how much you will use your boat.

There is also the option to buy an older used boat, if you are handy. every boat yard has some forgotten beauties just begging for some Love and attention. These can sometimes be had for the taking. coastalboating.net has articles on both of these subjects.

cheers