Got an Airplane That’s Being Repoed? How to Get to the Bottom of the Situation – Guest Post

Airplane That's Being Repoed

The process for repossessing an aircraft is much different from what you can expect with other types of vehicles. Not only are airplanes subject to highly stringent regulations, but they can also be moved all over the world. Facing the need to repo an airplane requires careful consideration before you move forward with the process, and you’ll want to take these steps to make sure you do it right.

Prepare Your Documentation

Once you’ve handed over the rights to fly and house your plane to the debtor, you’ve also given up the ability to just go get it and take it wherever you want. This means that you’ll need to go through the process of proving that a debtor has neglected their part of the agreement. You’ll need to start by documenting the dates of missed payments along with producing the purchase agreement for the airplane. You’ll then need to follow any applicable laws for your state regarding giving proper notice of the intent to repossess the aircraft.

Try to Seek an Agreeable Resolution

In most situations, it is better to try to reach a resolution with the debtor rather than take over a plane that might be in deteriorating condition. An airplane repo attorney can help you to figure out what needs to happen next regarding the debt. You might be able to work out a new payment plan with the debtor that is more manageable for them. Reaching a new agreement helps you to accomplish your goal of recovering the full amount of what you anticipated when you sold the plane.

Obtain Cooperation From the Other Involved Parties

When you repo a vehicle, it is often easy to find it sitting outside in a driveway or parking lot. Airplanes are usually held in more secure places, such as hangars and airports. This means that you might need to produce documents such as a court order to get employees from a secure area to comply with your request for access to the aircraft. This is another area where your lawyer can help you to complete the repo process with respect for the law.

Make Sure You Comply With FAA and UCC Regulations

The final step to repossess a plane is to take it to its new destination. If you plan to fly the plane out, then you’ll need to have an inspector make sure that it is in good condition and legal to put in the air. If not, then towing is your next best option, which might also require you to work with legal authorities to ensure the public’s safety during the process. Making sure that you know every rule regarding the process of moving your plane helps you to avoid fines and other consequences during the repossession.

In a perfect world, everyone who signs an agreement to purchase an airplane would follow through on their promises. But, debtors sometimes run into situations where they don’t stick to their binding agreement. When that happens, acting with professionalism and courtesy for everyone involved in the situation is the best way to get your airplane back while staying within the confines of the associated laws and regulations.

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