While you may know motor vehicles can get repossessed, you may not know that the same fate can await your airplane. If you are behind on your payments and your lender is starting to breathe down your neck and demand immediate payment, you may assume there is nothing left to do but see your airplane being taken away by a repo company.
However, that is not always the case. If your plane is on the verge of repossession, here are some steps you can take that may help your plane avoid this fate.
1. Be Proactive
If you know your airplane may be subject to imminent repossession, it will be much cheaper for you if you choose to be proactive before your situation starts to spiral out of control. Should your plane be repossessed, getting it back will mean you will have to pay whatever costs were associated with its repossession, which could run into thousands of dollars. By talking to your lender beforehand, many problems can be avoided.
2. Hire an Attorney
While there may be plenty of lawyers in your area, there may not be many that specialize in airplane repossessions. Thus, it may take you longer than you expected to find and hire an experienced airplane repo attorney to handle your case. While any lawyer could take your case, having one who understands the complexities of airplane repossessions can make a tremendous difference.
3. Protect Your Investment
When you bought your airplane, you likely made many upgrades and other improvements regarding its mechanics and other areas. Therefore, you have a sizable amount of money already tied up in it. If it gets repossessed, all this money you have spent could be gone forever.
Unfortunately, your lender and the repo company won’t care about your financial losses. If you have invested significantly in your airplane, making sure it does not get repossessed will be a smart financial decision.
4. Keep Your Aircraft
Finally, you may use your aircraft for a business you operate. If so, losing it to repossession could immediately put you out of business, creating severe financial hardship for you and your family. If this is your situation, an attorney can negotiate with your lender and allow you to keep your aircraft and your business both flying high.
Rather than face the ordeal of an airplane repossession, rely on an experienced attorney and your own good judgment to ensure the repo company never comes calling for your aircraft.
Author: Lizzie Weakley
Lizzie Weakley is a freelance writer from Columbus, Ohio. In her free time, she enjoys the outdoors and walks in the park with her husky, Snowball.