When you buy an airplane, whether it’s for business purposes or just as a treat for yourself, then you should know a repossession could be possible.
Airplane repossession happens when you purchase an aircraft on loan or lease but don’t make your payments like you’re supposed to or violate the lease contract.
However, repossession can be quite a complicated process. This is why you should protect your rights by hiring an airplane repo attorney. Below are some of the benefits you can obtain by hiring one.
Help You Avoid Repossession
It’s best to prevent a problem before it strikes, so if you’re aware you’ve missed a payment or think the plane might get repossessed, you need to act fast. Don’t wait till the plane is repossessed to hire a repo attorney as it could be too late till then.
Although you might be able to get the plane back after repossession, you’ll have to spend a lot on repossession fees and other miscellaneous costs. They can look at your contract and help you plan out a different payment plan with your lender to avoid repossession.
Get Your Plane Back if Repossessed
In the worst-case scenario, your plane already got repossessed before you could hire an airplane repo attorney. In that situation, your airplane repo attorney will help you determine your options and figure out if you can get the plane back.
If it is possible to get it back, they can come up with the steps needed to make it happen and guide you through the entire legal process. One of those steps will likely be going to court.
Represent You In Court
Airplane repossession law, unlike family law, is a unique area of legal practice since not many people can own or want to loan out a plane. This means there’s not much information about the proceedings regarding it, making it impossible to fight against if you’re not someone who’s experienced in the field.
Airplane repo attorneys have the necessary experience and professional training required to represent you in repossession proceedings and help you ensure a fair hearing and outcome.
Assist You in Reducing Costs
If you’ve had the plane for a while, you’ll likely have had countless repairs, maintenance work, and upgrades done to the aircraft. So, if it gets repossessed, all of that money goes down the drain. Not to mention how much it would cost to get it back.
Your airplane repo attorney can help you with your financial problem quite a lot. They can create justifiable reasons for why you skipped payments and help you work out ways to recover the plane without spending as much.
Negotiate in Your Favour
Lastly, your airplane repo attorney can help you explain to the court that you haven’t been skipping payments deliberately. They can use unfortunate life events like an accident, sickness, or a business loss to show how impossible it was to honor payment agreements.
Additionally, if you had leased the plane for business purposes, they can establish that repossessing it will seriously hurt your business and cause a stop to business operations that the plane was serving.
