Q: What are the costs associated with program?
A: At the very minimum, you will have three primary expenses:
The important thing to know is that, combined, all of these costs combined are cheaper than owning a 30 year old aircraft!
Q: Can I purchase additional hours?
A: If you need additional hours, there are provisions in your ownership agreement to purchase them (subject to aircraft availability).
Q: What would be the procedure if I wanted to exit the program? Would I be responsible to find another buyer? Or would Ascension buy back the aircraft or help me sell it?
A: When your aircraft is 4 years old, it's retired from our program. However, should you move, or desire to leave the program early, either Ascension can help you sell your share, you can sell your share, or you can exercise a Guarantee Buy-Back Provision in your Management Agreement.
Q: What happens after the 4 year period with the plane? Could there be a scenario where I'd owe more money if the plane is worth less than expected?
A: If you purchase your share in full, it's impossible to owe money at the end of the term. However, just like when you finance a car, it is possible to be upside-down in the asset should you have a very long-loan term. Ascension has studied the resale market, and we believe it is very unlikely that you will owe money at the end of the four-year term due to our custom amortization schedule. In fact, we're confident you will be receiving a small check at the end of the term.
Q: What are the hourly costs?
A: Each owner will be charged an hourly rate. The hourly rate is essentially the cost of fuel.
Q: What are the typical requirements for insurance?
A: All pilot owners should have the following:
Q: In which cities do you operate?
A: We are currently serving the Atlanta market, but are aggressively expanding throughout the US.
Q: I was previously involved in a fractional ownership program and I am curious how Ascension Air differs.
A: First, we are one of the few official partners of Cirrus Aircraft for Fractional Ownership. The following are some highlights that make our program different:
Q: I will need help in selling my current aircraft before I can proceed with another purchase. Any suggestions?
A: If you want an immediate out, in many cases we can take your aircraft on trade. If you prefer to sell your aircraft yourself, provide us with the listing, and while you wait for your aircraft to sell, we will cover your monthly aircraft payments in the fractional program.
Q: What are the available fractional ownership sizes?
A: The available fractional sizes are:
Q: Are you a Cirrus-only dealer or distributor?
A: We are neither; we are the official Cirrus Partner in Fractional Ownership.
*Sales, Property, & Use Tax are not included.
