Flying car buyers have new financing options available

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In a groundbreaking development for the burgeoning flying car industry, Samson Sky has unveiled innovative financing options for its highly anticipated Switchblade Flying Sports Car. This marks a significant milestone in the evolution of personal aerial transportation, bridging the gap between traditional automotive and aviation financing.

Oregon Coast Bank: Pioneering Flying Car Finance

Oregon Coast Bank has emerged as the trailblazer in this new financial frontier, becoming the first U.S. lender to offer support for prospective Switchblade owners. Sam Bousfield, CEO of Samson Sky, hailed this development as a “very welcome benefit” for future customers. He emphasized the uniqueness of this arrangement, stating,

“This is the first known instance of a US banking institution providing a finance option for a flying car.”

Switchblade: From Prototype to Production

The journey of the Switchblade has been marked by rapid progress:

  • 2022: Authority granted to begin flight testing
  • November 2023: Successful maiden flight
  • Current status: Undergoing Production Engineering

The company is now poised to meet the demands of its impressive order book, which includes over 2,500 vehicle reservations and 110 pre-sold units. Martha Hall Bousfield, Reservations Manager, noted a surge in interest, with reservations increasing by more than two per day recently.

Financing Details and Customer Benefits

Prospective buyers can explore financing options on the Oregon Coast Bank website, with applications expected to open at least six months before deliveries commence. Notably, these financing packages may encompass flight training and licensure costs through Samson, alleviating the burden on buyers to secure separate funding for these crucial aspects.

Switchblade’s Competitive Edge

In an increasingly crowded market of flying car contenders, the Switchblade distinguishes itself through:

  1. High performance in both driving and flying modes
  2. Full protection of flying surfaces while driving, enhancing insurability
  3. Versatility in transitioning between ground and air travel

The Switchblade boasts impressive specifications:

  • Conversion time: Under 3 minutes
  • Range: 450+ miles on a single tank of unleaded gasoline
  • Design: Hybrid electric for increased speed and travel enjoyment

The Road (and Sky) Ahead

As Samson Sky prepares for the Switchblade’s launch, CEO Sam Bousfield expressed enthusiasm about the partnership with Oregon Coast Bank, viewing it as validation of the Switchblade’s importance in the transportation landscape.

For those eager to be among the first to own this revolutionary vehicle, Samson is currently accepting reservations. A $500 deposit secures an earlier delivery slot, bringing the dream of personal flying transportation one step closer to reality.

More info about the program

Eligibility

To qualify for the Samson Switchblade Loan Program, applicants must be legal residents of the United States. The program is designed for individuals or joint applicants who can demonstrate their identity and financial capacity. This requirement ensures compliance with federal regulations and helps mitigate financial risks for both the lender and borrower.

Loan Details

Amount

The program aims to cover all completion costs following the borrower’s initial 50% deposit to Samson. This includes:

  • Paint costs (from Samson-approved vendors)
  • Flight training and licensure (through Samson)

However, the total loan amount is capped at $150,000, regardless of the final vehicle cost. This limit helps manage financial risk and ensures the program remains accessible to a wider range of potential buyers.

Collateral

The Samson Switchblade vehicle itself serves as collateral for the loan. This arrangement provides security for the lender while allowing borrowers to finance their purchase without additional assets.

Term and Repayment

  • Loan funding coincides with vehicle completion and delivery
  • 90-day grace period after delivery (allowing time for painting)
  • 120 monthly payments (10-year term)
  • Fully amortized with no balloon payment at maturity

For a maximum loan of $150,000, estimated monthly payments would be $1,885.79.

Interest Rate

Fixed rates start as low as 8.5% (8.72% Annual Percentage Rate for a $150,000 loan), depending on the borrower’s qualifications. This competitive rate structure makes the innovative Switchblade more attainable for enthusiasts and early adopters.

Fees

  • 1% of the loan amount
  • Additional third-party costs and fees
  • Option to finance fees as part of the loan

The Samson Switchblade: A Revolutionary Vehicle

The Samson Switchblade is a cutting-edge flying car that transforms from a road vehicle to a light aircraft. Key features include:

  • Conversion time: Less than 3 minutes
  • Top speed: 125+ mph (ground) / 190 mph (air)
  • Range: 450+ miles
  • Seating: 2 passengers
  • Engine: 190 hp liquid-cooled V4

This unique vehicle offers unprecedented freedom in personal transportation, combining the convenience of a car with the ability to bypass traffic congestion by taking to the skies.

Training and Licensing

The loan program’s inclusion of flight training and licensure costs underscores the importance of proper education for Switchblade owners. Prospective buyers should be aware that they will need to obtain:

  1. A driver’s license for road operation
  2. A private pilot’s license for flight operations
  3. Specific training on the Switchblade’s unique features and operation

Samson’s integrated training program ensures that owners are well-prepared to safely operate their vehicle in both ground and air modes.


Why is this type of financing beneficial ?

  • Bank-backed financing: Oregon Coast Bank is offering financing options specifically for the Switchblade flying car, making it easier for buyers to purchase this innovative vehicle.
  • Familiar lending model: The financing follows a model similar to traditional car and plane loans, which most buyers are likely already comfortable with.
  • Early application: Prospective buyers can apply for financing at least six months before deliveries begin, allowing them to secure funding well in advance.
  • Comprehensive package: The financing options potentially include the cost of flight training and licensure through Samson Sky. This is particularly beneficial as it:
    • Eliminates the need for buyers to find separate funding for training
    • Simplifies the process by bundling vehicle and training costs
    • Potentially makes the overall purchase more affordable by spreading these costs over the loan term
  • Flexible reservations: While not directly related to financing, the article mentions that buyers can make a $500 deposit to secure an earlier delivery slot, which could be advantageous for those who secure financing early.
  • Pioneering opportunity: As this is described as the first known instance of a US bank providing financing for a flying car, buyers have the opportunity to be at the forefront of this new financing model.

The introduction of dedicated financing options for flying cars represents a pivotal moment in the integration of aerial and ground transportation. As this technology continues to evolve, it promises to reshape our concepts of travel, commuting, and personal mobility in the years to come.


Source: samsonsky.com

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