Several people have reported that Vans is preventing QB to SB conversions, which was previously LCP remediation.
One builder (not me) reports having been told to use his deposit on a quick build or lose it.
Can anyone else corroborate?
Which builder? Got a reference?
The FAQ's on the portal say you can't switch from a QB to Standard build. I wanted to do that to attempt to mitigate some of the cost increase, but it's clearly stated. Perhaps you could talk with someone at Van's and they would work with you, but in writing it was clear.
The FAQ's on the portal say you can't switch from a QB to Standard build. I wanted to do that to attempt to mitigate some of the cost increase, but it's clearly stated. Perhaps you could talk with someone at Van's and they would work with you, but in writing it was clear.
Interesting, I hadn't seen that.
I guess Vans doesn't want to get stuck with a bunch of QB kits in inventory.
With LCP’s intermixed in assembly, making it builders job to remediate. So, you’re right.
Maybe a dumb question but why not cancel the QB order and file a claim for the deposit. Then order a slow build. The price difference is more than the deposit and you may eventually recover at least some of the deposit.
Maybe a dumb question but why not cancel the QB order and file a claim for the deposit. Then order a slow build. The price difference is more than the deposit and you may eventually recover at least some of the deposit.
Not dumb, IMO. The first ~$3,500 of a deposit (don't remember the exact number) is considered priority in the settlement.
I think the dumb part comes into play when he has to give a bankrupt company another deposit which who knows what will happen to it or when he'll get his SB kit.
As part of the plan moving forward, Vans has promised that new deposits will sit in a separate account and not be co-mingled with the cash for operating costs. Granted, it's not a 3rd party escrow account, but it instills a bit more confidence than what they've done in the past. I'd probably give it a year for them to emerge from bankruptcy, or at least until it's apparent that they're profitable again.
Vans has promised
Frankly without a contractual commitment to not touch those funds, it is really no different than saying sorry, will try harder not to lose your money next time.
As part of the plan moving forward, Vans has promised that new deposits will sit in a separate account and not be co-mingled with the cash for operating costs. Granted, it's not a 3rd party escrow account, but it instills a bit more confidence than what they've done in the past. I'd probably give it a year for them to emerge from bankruptcy, or at least until it's apparent that they're profitable again.
It is a court ordered escrow account, and I believe the court documents specify the money is owned by the customer.
It is a court ordered escrow account, and I believe the court documents specify the money is owned by the customer.
Chapter 7 would be a different situation, but let's give Chapter 11 time to play out.
I think the IFR flying strawman still applies. The word "intends" does not have any legal binding power. Vans intended to be profitable. But it is currently bankrupt.
None of your instruments intend to fail on you. That doesn't mean you shouldn't take steps to be prepared.
Those funds will remain the property of the customer who placed the deposit and will only become property of Debtor’s estate after the Debtor provides the customer a Notice of Commencement of Production or as otherwise set forth in the new order agreement, at which time the funds will be moved from the Customer Deposit Account to the Debtor’s general operating account and applied towards the purchase price of the product.
Has anyone been able to confirm if the QB's they intend to ship actually have LCP? They could have set QB's with LCP aside since they don't appear to have a remedy and focused their attention on driving cash flow selling kits with no issues. I haven't been able to find any information to determine if they are going to ship kits with issues or not, has anyone else?
FWIW my estimate on the hit that the value of a completed plane would take from having "reworked" LCP QB kits, at least for an RV10 is greater than the cost of the QB kits. I think the only reason anyone would agree to this would be time to first flight - even if they give you wings and a fuselage for free.
I called and asked about QB & LCP yesterday. Here is what I was told.
- QB will be shipped with LCP remediated (I could not get specifics on this)
- You can not switch from a QB to SB because they are not allowed to during bankruptcy
- Sounded like an option where you could request the QB and do remediation yourself but I did not dig into the comment
- They can not commit to when these would ship or be available