Payment Plan

Sykes NA offers payment plans for those customers who cannot or prefer not to pay cash for their boat on delivery. The payment plan is a service and so it's not quite like traditional financing. How it works is that the customer puts a down payment on the boat and then pays a service fee on the amount still owed. The service fee is calculated as a percentage, and that amount varies by the term of the payment plan. The customer then makes equal quarterly payments at the beginning of each quarter for the length of the term.

For example: $15,000 boat with a $5,000 down payment. The customer chooses an 12-month payment plan for the remaining $10,000. The service fee is 7.5%, so the customer pays $750 along with the down payment on the boat. The customer will then pay $2,500 at the beginning of each of the next four quarters starting with the next quarter.

Current Payment Plan Rates and Requirements (December 2008)
		6mo	12mo	18mo	24mo	36mo
Down Payment		35%	30%	25%	25%	25%
Service Fee		3.46%	6.36%	9.20%	11.97%	17.32%

 

Boat Trials: There are two distinct programmes available for trying boats with Sykes NA: a 'free' short-term trial and a rent-to-own programme. Both programmes have changed significantly this year.

Short-term Trial. These trials usually last from a couple days to a couple weeks. The customer makes a 25% fully-refundable bond payment on the boat, which also reserves the boat for the customer until the trial. (Note: the cheque is cashed and is refunded within 2 weeks of the return of the boat or credited to the purchase price.) This programme is usually best for folks within a day's drive of Philadelphia.

Damage Liability. Trials automatically carry a damage/loss liable to $1,000 , which is pulled from the bond. The customer has the option to buy insurance from Sykes NA at 1.2% of the boat's value to cover all damage over $250. Insurance must be bought before picking up the boat.

Rent-to-own (RTO). Customers further afield or who want more time to trial a boat use this programme for terms typically of 3 months. The customer reserves the boat with a fully refundable 25% bond payment. (Note: the cheque is cashed and is refunded within 2 weeks of the return of the boat or credited toward the purchase price.) At the time of pick-up/delivery, the customer also pays a rental fee of 3.5% per month for the term of the rental. If the customer decides to purchase the boat, 100% of the rental fee is applied toward the purchase price. If the customer decides to buy a new Sykes other than the RTO boat, 50% of the RTO is applied toward the purchase price.

Damage Liability. RTOs require proof of insurace for the full value of the boat (the bond being used to cover the deductible), which can be purchased from Sykes NA at 1.2% of the boat's value, with a $250 deductible.

Boat Delivery and Pick-up

We work with customers to minimise transportation costs when ever possible. (The price of the boat includes all shipping from Australia to Phialdelphia, and all import fees.) The Boat Works at Shackamaxon handles most delivery and pick-up arrangements for Sykes NA, but customers can make their own.

Directions and delivery fees for Shackamaxon can be found at www.shackamaxonboatworks.com. Click on the 'Delivery & Pick-up' link that your mouse is over to go to the Shackamaxon website.

 

 

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