NetJets Modifies Contract to Extract More $$$ From Owners

Recent losses apparently have spurred NetJets to seek increased profit margins on the backs of its customers. Case in point, NetJets used to increase hourly flying rates, international crew fees and ferry charges based solely on increases in the Consumer Price Index. Admittedly, the CPI bears little relation to any of these charges but, in a low inflation environment, NetJets has had to forego meaningful increases in these charges. Not any more. NetJets quietly has instituted a minimum annual increase of 2% in these fees, even if that exceeds the increase in CPI. Existing owners who expect to renew their contracts on essentially the same terms as their existing contracts may be surprised to find this change in their deal.