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Yamaha Waverunner XLT Jet/Prop slipping?

I have a Yamaha Waverunner XL1200 Ltd. from 2000. It seems to have started to slip somewhere in the drive system. If I take off straight it will 'slip' and just rev the engine and not move fast at all. If I turn tight, it will eventually 'catch' and then take off kicking up to full speed. What is going on here?
Bill Stokman, November 2007
i had the same problem once when i changed the inpeller it was a bad seal around the cover/cone what ever u want to call it the part that goes on the back covering the tall end of the inpeller i had to take the cover back off and reseal it and it worked just fine after that
its caused from sucking air in

dave, August 2008
link Click here to see other fixes for Yamaha.