Have you ever heard of repossession? Isn’t it when someone takes back a car they’ve sold you? In the case of an airplane, it’s when the bank takes back an aircraft that they’ve sold you. An airplane can be repossessed for a number of reasons:
- The owner stops paying the monthly payments.
- The owner stops paying the hangar or jump-lease fees.
- The airplane is too old and needs replacement.
- The aircraft is damaged in an accident.
- The airplane is involved in an accident and is declared a total loss.
- The owner wants to sell the airplane and has no time to market it.
- The owner leaves the country and can’t be reached.
The last thing you want to be worried about when you are flying is that your airplane is going to get repossessed. The fact is, this is a severe issue that affects a lot of people. In fact, it is one of the most common reasons why people are struggling to make ends meet.
But even if you are one of the millions of people who are struggling to make their payments on time, there are some things you can do to avoid losing your airplane.
Prepare the documentation
Preparation is half the battle. If you haven’t put the necessary documentation in place before the repossession, you will have much more work to do to get your plane back. The creditor will be trying to get their money back, so they will be in a hurry to get their plane back.
You need to be able to prove that you are the owner of the plane if you want to fight to get it back. There are two main ways you can do this: by proving that you have the title of the plane or the registration number.
You should have both of these with you wherever you are in the world. They are a fundamental part of your plane ownership and are essential if you are going to get your plane back. If you don’t have them, then you will have a much harder time getting your plane back.
You will have to prove that the repossession is unfair or not justified. To do that, you will need to submit all the documentation demonstrating that you have been making the payments on time and that you have no other outstanding loans.
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Talk to the creditors
There are many people who go through a situation like this, and it is not a pleasant one. You get a phone call from the bank, and they tell you that you have to return the money you owe them, or else someone is going to come and repossess your airplane.
This kind of news is not fun, but you must find out what happened and why your plane is in the red. You should talk to your creditors first; it’s best to hire an airplane repo attorney and let them do the talking. They can help you get your airplane back by finding the best solution.
Know if the repo company was right or not
In the case of a repossession, the lender may have found out that you could not make payments in time and have decided to repossess your car. But are you really responsible for it? There are a few signs you can look out for that will help you to know if the company was in the right or not.
If you are in a situation where a vehicle has been repossessed, you need to know where to begin. If the creditors have repossessed our aircraft in an unlawful way, then the whole repossessing process should be stopped. You should seek legal advice or hire a corporate litigation attorney if you find yourself in this sort of situation.
Keep complying with regulations
It would help if you usually kept complying with regulations to keep your plane from getting repossessed. These regulations include those for flight safety, licensing and maintenance. If you don’t keep complying with the rules and local laws, it is likely that you will lose your aircraft.
Prepare evidence and witnesses
When you’re getting ready to fight against your airplane getting repossessed, you need to make sure that you have as much evidence as possible. This will help you win your case and prevent the court from taking your airplane away.
You need to make sure that you have a lot of evidence that you are the owner of the airplane, and you have to have witnesses that will speak on your behalf. The courts will listen to your witnesses more than they will listen to you, so you need to have a lot of them.
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