Used Gyros and Banks

[peterb]

Banks do not want to finance used gyro's

It seems the only way to get into the sport is to buy into a partnership.

Question
Are there any gyronauts out there that had a simmilar problem ? and what are the problems a person can expect by being in a partnership ?

[Condor]

My advice to my little brother some time ago was.

"As jy nie speelgoed kontant kan koop nie behoort jy dit nie te hê nie"

I might have been in a fortunate position at the time to be able to afford it. But who am I to say you should not finance the toy.
If you ask any pilot he will tell you he should have started 10 years earlier. Might have been possible if I financed a plane..

I try to fly every weekend. It would therefore not be the perfect situation to share my Gyro with anybody else. Who can fly this weekend, you or me??
I think it is a sure way to mess up u beautiful relationship. Who will have to pay when the gyro is damaged? If I do not have the money now to repair my mishap, I have an obligation against you to fix the plane, so back to the bank for some more personal loans.

Insurance on Gyros is also a problem and I think it might be more difficult with two or more pilots (I am not in insurance)

Just my 2c worth............

[peterb]

Thanks for your input Condor!
The reason I started thinking in that diection I have been offered a partnership from a person that has more than one toy. his gyro is not being used much.
I have never been keen on partnerships myself. I am just in a hurry to get in the Air. I have been saving for a while now and I am saving more than double that of a monthly installment and insurance of the gyro would be. that is why I thought of the financing option I am in a hurry (DIE GOGGA HET MY GEBYT)

[RV4ker (RIP)]

Chat to Eagle (Nick) he has offered in past to assist.

If you have a personal banker get them to get the finance. Should be dead simple. DO NOT SPEAK TO THE VEHICLE FINANCE DEPT. They don't have a clue. If you can not make it work, ty DJ&A or Aviation Finance Corp or Wesbank. They are all looking for business. If your credit is good and you can afford it they will finance it, possibly subject to maintenance by AMO/AME or something like that....

Partnerships
Great way to get into the game. Inaurance is not a problem. It depends on the experience of the pilot rather than the number of pilots. If you have high hrs and no claims you will get a better rate than newbie or guy who has had claims. Simple. I have been involved in a number of parterships. Best advise I ever got was plan the divorce before the marrage. Sounds morbid, but if you have fixed exit strategy then everyone knows where they stand. Maybe first right of refusal or x months notice etc. Just be careful where you are buying into another oukes toy. He MAY still see it as HIS and you get short end of the stick. I would def consider it. maybe get together with the boyjtie and discuss practical aspects. (min hrs, maintenance share, access rights, kitty etc) Bottom line the more the gyro flies the cheaper for everyone. Even if he does not fly a single hr the Gyro will cost him less and he still able to fly it when he wants. If he not flying anyway it sounds like a win win situation.... If just 2 oukes he will end up flying more is my experience... "I'm going nowhere fast this arvie, you wanna come along? he flies there and you fly back. Lekka. Gyro is also not really a Xcountry machine so most flights till be out and back and the Gyro will sleep at home. I fly alot and my aerie still spends over 90% of the time in the hangar... Few oukes can fly Friday afternoon, Sat and Sunday. If you had your own. For the first 4 weeks you will fly 50hrs and thereafter you will fly maybe every weekend and then every 2nd weekend going on maybe 2-3 long trips a year... Work out the opportunity cost of the cash sitting in the Hangar and work out how much more flying you could both do in partnership..... If you find the right guy (like marrage - where it would be gal I suppose) it is a win win situation. If he a box it could become a nightmare......, but still worth the risk IMHO. 50% share, minor inconvinience when you both decide to fly at the exact same time is worth far more than no flying at all....

NIKE.... (Just DO IT...)

Just my 2c....

PS
Before I get jumped on for not practising what I preach. I had a share for a long time, but my aerie sleeps away at least 4-5 days a week, which leads to grumpy partners when they want to pop down to the field for a quick flip. If it sleeps at 1 base most of the time there is nothing that can not be overcome to make it work..... I have draft contracts, speadsheets etc of how all this crap fits together for a blik, but principals are the same...

[peterb]

Hi George, I appreciate your view and input of your experience in this! You probably made up my mind for me.
I am hoping that I can buy into the partnership I was offered and maybe buy my partner out at the end of the day. I am based in Rustenburg and even if I have to drive to pretoria to fly it is still a Bargain. There are a couple of Gyros on the market at the lower end as far as purchase price goes, I can buy one cash, but I will never be happy and might be stuck with it if I want to sell. I have made up my mind on either an MT 03 or Ela 08. If this deal does not go through for whatever reason im sure I will find a suitable partner. ( or Ill speak to Nick)

FLY SAFE