Despite your best efforts, you’ve fallen behind on your airplane payments and now the repo man has come to take your plane away. It’s a daunting feeling, but you’re not alone. So, what do you do if your plane is repossessed? Here are a few things to keep in mind.
What Happens if I Can’t Make My Payments?
If you miss a payment or two, the lender may send you a notice of default. This means that you’re in danger of having your airplane repossessed. If this happens, it’s important to take action immediately. The first thing you should do is contact the lender and try to arrange a meeting. During this meeting, be sure to bring all of the documentation related to your loan, as well as any evidence you have that you’ve been making payments on time. Next, try to negotiate a new payment plan that you can afford.
Can I Negotiate With the Lender?
In some cases, the answer may be yes. But it depends on the situation and how much money you owe. If you’re only behind on a few payments, the lender may be willing to work with you to come up with a new payment plan. But if you’re significantly behind or if the plane is worth less than what you owe, they may not be so willing to negotiate.
What Are My Other Options?
Airplane repossession is a complicated and sensitive legal matter, often requiring the expertise of an experienced airplane repo attorney. An airplane repo attorney can help to ensure that the repossession process is conducted in accordance with the law, and that the rights of all parties involved are protected. In addition, an airplane repo attorney can help to negotiate a fair and reasonable settlement between the lender and the borrower. As a result, an airplane repo attorney can play a critical role in resolving the matter in a timely and efficient manner.
No one wants their airplane to get repossessed. But if it does happen, there are a few things you can do. First, try contacting the lender and arranging a meeting. Be sure to bring all relevant documentation with you to this meeting. You might also try negotiating a new payment plan. Contact an attorney for additional help. Whatever you do, act fast! The sooner you take action, the better chance you have of getting your plane back.