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Stratos Pledges Refundable Deposits

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Stratos Aircraft is now taking deposits on its proposed single-engine personal jet but it's pledging to protect the deposit money. The company says its Assurance Deposit Program ensures that deposits are held in an interest-bearing escrow account until "applied to a progress payment that is made after a formal aircraft purchase agreement has been signed," according to a Stratos news release. The deposits are fully refundable up to that point. "Placing a deposit on a long-lead-time item like an aircraft shouldn't cause the consumer discomfort in parting with their hard-earned dollars," said Stratos spokesman Kevin Jordan.

The program was created to give comfort to potential buyers who may be wary of making deposits after position holders of some incipient jet programs have lost theirs in recent years. The deposits will be held in a Wells Fargo escrow account and the company promises they'll be accessible if necessary. "Because people's lives, needs, missions and desires change, Stratos pledges that Assurance Deposit funds are fully refundable at any time until applied to a progress payment no questions asked," the company news release says. The Bend, Ore., company will be exhibiting a mockup of the jet at EAA AirVenture.

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