Dream Yacht suspending Guaranteed Charter Income payments

[jmh2002]

Yeah sure, all these types of deals have a certain amount of factors and pricing built in by the companies that offer them. It's not a free boat, someone needs to pay somehow/somewhere and given that the company is in business to make a profit it sure won't be them - so generally that leaves the buyer and the charters (ignoring some possibilities such as manufacturer discounts, tax advantages, etc).

But for people still interested in this type of deal it's more about comparing one type of 'guaranteed income' scheme (and it's associated built in factors and pricing) to another.

My point was really that all other things being equal a scheme that uses an escrow / trust account should be more attractive than one that doesn't.

And it's good to see something like this being offered with these schemes. That should actually be standard if these schemes are really 'so good, and so guaranteed'.

I wasn't really talking about whether or not these schemes are good deals in the first place.

[CaptainRivet]

More attractive then escrow is a charter company that doesn't run down your yacht to a hardly floating wreck like nearly every dream yacht offered at the mo. And have to even finance the escrow leaves you with higher costs then without and would bet my hole savings that DYC has force major and other clause in to avoid paying.
How desperate and dumb do you have to be to even think about DYC keeping to/respecting any contract when they just voided thousands by extending them a year longer.
You are the one who is paying for all and everything.
What this company done over years with their customers its ridiculous that they didn't hrve to file bankruptcy an that there are still customers who are willing to invest...

[Cadence]

Not to be crass, I would not consider rental of a "yacht". I have experienced to many bad experiences with homes being abused. At least with that you have the real-estate which apricates that hole in the water doesn't.

[bstreep]

Originally Posted by CaptainRivet

More attractive then escrow is a charter company that doesn't run down your yacht to a hardly floating wreck like nearly every dream yacht offered at the mo.

That's why I tell folks to look at ALL of the offerings. I really like what BVI Yacht Charters does: You pay all of the expenses, including maintenance, and they split the charter fees (as I recall it's 80/20 - 80 for you). This insures that the boats are well maintained, as it's in their best interest. And yours as well. One of the very best charter boats we've had (of 16 charters) - no THE best charter boat we've had was a 5+ year old boat of theirs. It was in better condition than 2 boats we've had that were only months old - including our last charter which was with DYC. I'd be pi$$ed if I owned that boat.

[DanTwoBoat]

Dear fellow sailors,

This thread conveys sentiments that do not agree with my experience as an owner in Dream managed boats. Let me contribute my perspective.

My experience with Dream over the last seven years and multiple boats in the fleet is that there are many people at Dream working very hard, are very honest and fair. There are bumps in the road like everything in life especially when you are building a boating business with over a 1,000 boats probably worth a billion dollars that spans 50 locations around the world. You have to satisfy a diverse customer base, maintain boats in a harsh environment, and make a profit so that you can continue to exist. Overall, Dream has accomplished everything well for me over the years. Yes, there are challenges everyday; hurricanes, boat breakdowns, and now a pandemic.

The request to delay payments for six months is most likely in the spirit to keep going the quest to live another year to do the job. Obviously conserving cash is needed when revenue severely drops. It’s not that they said they will not pay or that you can’t use your boat in the meantime. Get out, enjoy sailing, and appreciate what Dream is doing to keep things alive for everyone by moving boats among bases, paying employees, negotiating with marina owners, maintaining boats at bases where no one is even allowed into the country...

Let’s applaud Dream and give them credit for the job they are working so hard at while we are hobbled by the pandemic.

From my past experience, when the boats were damaged Irma, while there was immediate anxiety, the final result was extremely fair and equitable. You can count on Dream to soothe over the anxieties of boat ownership over and over again!

[Augi]

Originally Posted by DanTwoBoat

Dear fellow sailors,

This thread conveys sentiments that do not agree with my experience as an owner in Dream managed boats. Let me contribute my perspective.

My experience with Dream over the last seven years and multiple boats in the fleet is that there are many people at Dream working very hard, are very honest and fair. There are bumps in the road like everything in life especially when you are building a boating business with over a 1,000 boats probably worth a billion dollars that spans 50 locations around the world. You have to satisfy a diverse customer base, maintain boats in a harsh environment, and make a profit so that you can continue to exist. Overall, Dream has accomplished everything well for me over the years. Yes, there are challenges everyday; hurricanes, boat breakdowns, and now a pandemic.

The request to delay payments for six months is most likely in the spirit to keep going the quest to live another year to do the job. Obviously conserving cash is needed when revenue severely drops. It’s not that they said they will not pay or that you can’t use your boat in the meantime. Get out, enjoy sailing, and appreciate what Dream is doing to keep things alive for everyone by moving boats among bases, paying employees, negotiating with marina owners, maintaining boats at bases where no one is even allowed into the country...

Let’s applaud Dream and give them credit for the job they are working so hard at while we are hobbled by the pandemic.

From my past experience, when the boats were damaged Irma, while there was immediate anxiety, the final result was extremely fair and equitable. You can count on Dream to soothe over the anxieties of boat ownership over and over again!

Other than owning a boat via a deal with Dream do you have any other connection with Dream Yachts? Other than owning boat via Dream Yachts are you impartial?

[Cadence]

Originally Posted by DanTwoBoat

Dear fellow sailors,

This thread conveys sentiments that do not agree with my experience as an owner in Dream managed boats. Let me contribute my perspective.

My experience with Dream over the last seven years and multiple boats in the fleet is that there are many people at Dream working very hard, are very honest and fair. There are bumps in the road like everything in life especially when you are building a boating business with over a 1,000 boats probably worth a billion dollars that spans 50 locations around the world. You have to satisfy a diverse customer base, maintain boats in a harsh environment, and make a profit so that you can continue to exist. Overall, Dream has accomplished everything well for me over the years. Yes, there are challenges everyday; hurricanes, boat breakdowns, and now a pandemic.

The request to delay payments for six months is most likely in the spirit to keep going the quest to live another year to do the job. Obviously conserving cash is needed when revenue severely drops. It’s not that they said they will not pay or that you can’t use your boat in the meantime. Get out, enjoy sailing, and appreciate what Dream is doing to keep things alive for everyone by moving boats among bases, paying employees, negotiating with marina owners, maintaining boats at bases where no one is even allowed into the country...

Let’s applaud Dream and give them credit for the job they are working so hard at while we are hobbled by the pandemic.

From my past experience, when the boats were damaged Irma, while there was immediate anxiety, the final result was extremely fair and equitable. You can count on Dream to soothe over the anxieties of boat ownership over and over again!

Dan,
Someone is bound to attempt to kill the messenger. A positive remark is not popular by probably people with no vested interest.

[Augi]

Originally Posted by Cadence

Dan,
Someone is bound to attempt to kill the messenger. A positive remark is not popular by probably people with no vested interest.

I am not trying to kill the messenger.

It is helpful for all to know the seat that an OP sits. The post being referred to could easily be from some one that has a vested interest in DYC other than owning a boat in one of DYC's programs.

Obviously, an OP can lie about where he or she sits. But question about where an OP is coming from is appropriate.

I have no doubt that some or many have had a positive experience with DYC as owners or charters.

[bstreep]

Originally Posted by DanTwoBoat

Dear fellow sailors,

This thread conveys sentiments that do not agree with my experience as an owner in Dream managed boats. Let me contribute my perspective.

You can count on Dream to soothe over the anxieties of boat ownership over and over again!

This response is from a guy that's been "lurking" since 2014. Zero information about him, no profile. 270 folks have looked him up, but found nothing. He has no "friends". His first and only post in around 7 years.
Interesting coincidence that his first name is also the first name of the North American Director for Dream Yachts.

Just sayin!

[Jolly Roger]

Originally Posted by redneckrob

Suing them is probably a waste of time and money, absolutely. But this isn't a binary choice of sue them or sign the modified contract. The one thing of value here is the owners boats. It seems crazy to leave a $500k to $1.5M asset in the hands of a company you know is in severe financial distress. Are they really going to be maintaining your boat for he next 6 months? Is there even going to be someone still working at the charter base to make sure you don't have a leaky hatch that's filling up your bilge and feeding a mold infestation? When they go under, are you sure their creditors aren't going to claim your boat as an asset of the company and you end up spending big legal bucks not to win anything but just to get your asset back? And how long will that take, and how much care will they be putting into maintaining your boat as the case they know they'll eventually lose winds it's way through court?
Obviously you can't go get the boat this very minute, but you will most probably be able to in the next 6 months or sooner. Heck, if you spent a little time getting to know the folks at the charter base you probably know a half dozen newly laid off boat maintenance experts, any one of which would be happy to retrieve your boat and keep a close eye on it until you can get it. Just signing a new contract and leaving your boat with one of these companies seems like insanity at this point!

I haven’t time to read all twelve pages of this thread, and I’ve stopped at this one by redneckrob, because it sounds exactly what I might do, by reading just this far.
Get the boat out of there pronto! Somehow! The OP isn’t going to get any income from it for the next six months anyway – and probably never.
What if he found someone local who would charter it for a week, then drive it to somewhere untouchable?
Maybe in a later post he’s already taken that route. Good luck to him anyway.

[Augi]

I like the ownership is 99% of the law approach.

[Sand crab]

Aren't most of these still owned by the bank? The bank might have a problem with you taking their boat.

[Cadence]

Originally Posted by bstreep

This response is from a guy that's been "lurking" since 2014. Zero information about him, no profile. 270 folks have looked him up, but found nothing. He has no "friends". His first and only post in around 7 years.
Interesting coincidence that his first name is also the first name of the North American Director for Dream Yachts.

Just sayin!

Yep kill the the messenger admittedly knowing nothing about him. I have no dog in the fight nor would I just because I don't like complicated things involving my money. However given the results the pandemic has caused to many industries which are not as involved with boarder crossing to the extent that DY is , I would assess their move as an effort the remain solvency. I don't mean to throw any stores at you and this is just my opinion for whatever it is or isn't worth. I have managed for what was a
Fortune 50 co. at that time and have owned my own business which probably influences my view.

Lets hope this COVID goes away and all businesses can get back to normal.

[Augi]

Originally Posted by Sand crab

Aren't most of these still owned by the bank? The bank might have a problem with you taking their boat.

Take "ownership" and go from there. You can always return the boat.

[Sand crab]

Originally Posted by Augi

Take "ownership" and go from there. You can always return the boat.

But didn't I read somewhere back in this thread that your name isn't even on the title? Basically you have no vested legal interest in your boat. It's way different than the loan on your car or your house.