Bombardier Aerospace, a world-leading manufacturer of regional and business aircraft, today announced a revolutionary new financing program for Bombardier Flexjet fractional jet ownership called Jet Rich Quick.
“Our new financing program is one more example of our leadership in developing innovative ways to make fractional jet ownership accessible to more individuals and companies,” said Bombardier Flexjet President Michael McQuay.
The Jet Rich Quick program is a unique yet simple financing lease that provides a new low-cost way to join the Bombardier Flexjet program. Shares are available in the Bombardier Learjet* 45, Learjet 60 or Bombardier Challenger* 604 business jets. The program requires no cash down payment other than the cost of one month’s flying. Instead, owners pay a fixed low monthly payment over a two-to-four-year term.
The monthly payment ranges from approximately $4,600 U.S. for 1/16th share of a Learjet 45 over a four-year term, to $12,000 U.S. for a 1/16th share of a Challenger 604 over a two-year term.
The program is structured as a unique financing lease and offers all the advantages of ownership including potential tax depreciation benefits. Payments are based on the purchase price of the share, plus program fees that cover finance charges and expected depreciation, divided by the number of months of the term selected. In addition to the monthly payments, Bombardier Flexjet owners pay the standard monthly management fee, variable rate per occupied hour and fuel component adjustment.
Owners also benefit from other new Bombardier Flexjet program enhancements including Versatility Plus, which allows owners to purchase additional hours or realize value from unused hours, and AnyTime Options, which offers additional guaranteed access to larger or smaller aircraft and guaranteed access to more than one jet on the same day.
Established in 1995 and based in Dallas, Texas, Bombardier Flexjet offers a turnkey program allowing individuals or companies to purchase a share in a Bombardier business jet at a fraction of the full ownership cost. Flexjet owners select the most appropriate aircraft type for their needs, determine the number of hours per year they fly, and purchase shares of the Bombardier business jets starting at a share size of 1/16th (equal to 50 hours flying per year). Flexjet guarantees 24-hour access to its fleet with as little as six hours notice and can fly into 10 times the number of airports available to commercial flights, for maximum travel flexibility. Owners pay predictable monthly management and usage fees, while Bombardier Flexjet manages aircraft maintenance, flight crews, hangars, fuel and insurance on their behalf. Flexjet is the only fractional provider that fields the complete family of Bombardier business jets, including the Learjet 40, Learjet 45, Learjet 60, Challenger 300 and Challenger 604.
A world-leading manufacturer of innovative transportation solutions, from regional aircraft and business jets to rail transportation equipment, Bombardier Inc. is a global corporation headquartered in Canada. Its revenues for the fiscal year ended Jan. 31, 2003 were $21.2 billion Cdn and its shares are traded on the Toronto, Brussels and Frankfurt stock exchanges (BBD, BOM and BBDd.F). News and information are available at www.bombardier.com.
N.B. Fiscal year 2002-03 revenues have been restated following the sale of the recreational products business.
* Trademarks of Bombardier Inc. or its subsidiaries.