Welcome to the FAQ section of Auto Timeshare. In this section we try to answer as many questions as possible to help you better understand your purchase.
How does fractional ownership work?
Fractional ownership works just like a timeshare. You own part of the vehicle and split maintenance and insurance fees with other owners of the same vehicle. Think of it exactly like a timeshare but for a supercar.
Are maintenance and insurance included?
On select models maintenance and insurance included in the sale price of the car. On some models maintenance and insurance are not included and are the responsibility of all owners on the title.
Is my name on the title of the vehicle?
Yes, as soon your portion of the vehicle is paid in full you are one of the rightful owners of that vehicle. You will be under contract for the duration of the payment period. The vehicle’s primary registrant is Auto Timeshare Inc. for the duration of the payoff period.
How long does it take to pay off a supercar?
On average it takes around 5 years to pay off with monthly payments. All owners of the vehicle will own the vehicle equally at the end of the payment period. At the end of the period there is a $100 per year booking fee in addition to insurance and maintenance costs which can either be paid through Auto Timeshare or a private insurance company.
How many miles can I drive my supercar?
You are allowed 500 miles per year for the first five years and 1000 miles per year after five years.
What happens if there is a mechanical failure?
A warranty or mechanical breakdown insurance will cover the price of repair. Auto Timeshare will attempt to provide a replacement vehicle for your convenience. In the event of a major mechanical breakdown we will do our best to rebook your times accordingly and make every effort to split booking times between owners.
Can I swap or trade vehicles after a 2 or 4 year contract ends?
Yes. If you want to swap vehicles or start paying on a new vehicle you are more than welcome to do so. Swapping vehicles will unfortunately surrender your current ownership in a vehicle and have to start with payments all over again. Some owners would favor this option vs. long term ownership.
Can owners upgrade vehicles or add performance addons?
Yes. As long as at least 2/3 of owners agree to pay for modifications after the 5 year payment period.
If a car is damaged by an owner, who pays for the damage?
This depends on the type of damage incurred. For example if you spill Kool Aid in the car you are responsible for the damages. If the damage is unintentional such as hitting a deer, it is the insurance companies liability.