A corporate airplane can be a valuable asset to have on hand for your business. It allows you to travel to wherever you need to go for meetings, conferences, and other events. It also provides you with the convenience and comfort you may prefer when you travel by air.
However, when you get behind on your payments or default on the loan on it entirely, you risk the lien holder taking possession of it. Rather than readily acquiesce to this action, you may first want to retain an airplane repo attorney to represent you in the ensuing legal proceedings.
Checking the Paperwork
When the sheriff's office serves you with repossession papers, you might toss them aside and not read them. You may only recognize that the lien holder intends to claim your plane and sell it to pay off as much of the balance of the loan as possible.
However, you need to read the paperwork and make sure you understand it for your own legal protection. Rather than hinge that understanding on your own lack of legalese, you can hire an airplane repo attorney to review the paperwork for you. Your lawyer can explain to you in full what the repossession contract says and to what terms you are held. You can also find out what rights you have as the defendant in the action.
Renegotiating the Loan
Further, your airplane repo attorney may be able to renegotiate the loan with the lien holder so you can get caught up with payments and refinance the plane. Your lawyer may convince the lien holder to agree to put the defaulted payments at the end of the loan. You may be able to resume making monthly payments and have the default removed from your credit report.
Your airplane repo attorney may also get the defaulted payments cut in half or set up on a new payment arrangement so you can get caught up on your loan. You may avoid losing possession of the plane entirely if your lawyer successfully renegotiates the terms of the loan you have on it.
An experienced airplane repo attorney can provide numerous helpful services to you when you defaulted on your plane financing and are facing repossession. Your lawyer can read through the repo paperwork and explain to you in full what actions you are facing and what your rights are in the transaction. Your attorney may also renegotiate the terms of your loan so you can maintain possession and get caught up with payments.
For more info, contact a local airplane repo attorney.