If you’ve ever financed or leased an aero plane, you may be aware that the aircraft may be repossessed if you fail to make your payments on time or otherwise breach your lease agreement. Get on the phone with an aviation repo lawyer immediately if you believe your jet will be repossessed. If you’re unsure why you should take this action before your plane is repossessed, then continue reading about the benefits of hiring an airplane repo lawyer.
Making law regulations are fulfilled
Before taking back possession of an item like a private plane, lenders must adhere to several regulatory requirements. They might need to notify you in writing if they intend to repossess it. Additionally, they could be required to disclose the actual sum of money you owe and the amount you must pay to catch up and prevent repossession.
You may learn what procedures your lender must take before seizing your private plane when you hire an aviation repo lawyer on retainer. Additionally, your attorney can guarantee that the lender complies with these conditions and has good reason to seize your aircraft. They have complete knowledge around criminal law as well as the laws relating to airplane repo cases.
Aversion of financial losses
When the plane is repossessed, you will undoubtedly lose a significant sum of money, especially if just a few payments are left. Typically, flying is expensive. It might also be upgraded to suit your demands, which would cost a lot of money. You, therefore, become financially hamstrung when you lose it through repossession, which you would want to prevent.
However, a reliable airplane repo attorney could stop the repossession and guarantee that your rights are upheld. This often occurs if you have sufficient or acceptable justifications for missing payments.
You Might Lose Cash
The plane you own may have cost you a sizable sum of money to purchase and upgrade. It may be financially ruinous to lose it to repossession, so you’ll probably want to prevent it. By enlisting the aid of an airplane repossession attorney to assist you in preventing a repo from taking place in the first place, you can safeguard both yourself and the money you have already invested.
Maintain Your Business
Your business may suffer if you miss a loan payment and have your plane repossessed. Without a plane, the business risks not being able to fulfill its commitments, such as flying ticket-holding customers or delivering perishable items on schedule. As a result, anyone impacted by the repossession could request a refund of their money or even break contracts. As a result, you should keep ownership of the aircraft by hiring an airplane repo lawyer to guarantee that no financial problems threaten your company. The lawyer’s expertise will ensure your company fulfills its contractual duties, protecting your revenue sources. Therefore, retaining your company’s operations and generating money to settle loans and other debts will be made possible by engaging an airplane repo lawyer.
Planning the aircraft’s return
The last option is to call an aviation repo lawyer if your jet has already been taken into custody to learn what steps need to be taken to get it returned to you. Your attorney can contact the lender on your behalf to see how much you’ll have to pay to get the jet back. The location of the jet and whether it can be brought back to you in a couple of days can both be determined by your legal counsel.
Private jet owners might benefit from the services of an airplane repo lawyer. Your attorney can ensure your lender complies with all legal procedures before taking possession of your aircraft. Additionally, your attorney may be able to improve the conditions of your contract and arrange for the quick return of your aircraft to you.