Your private jet may be one of your most reliable and important assets. You rely on it to get you to and from vital business meetings throughout the week. However, when you get behind on payments on it, you could risk having it repossessed. You may be able to avoid this risk by hiring an experienced airplane repo attorney to represent you.
Lenders must follow a number of legalities before they can repossess an asset like a private jet. They may have to give you ample warning in writing of their intent to repossess it. They also may have to tell you exactly how much money you owe and how much money you must pay to get caught up and avoid repossession.
When you have an airplane repo attorney on retainer, you can find out what legalities your lender must follow before laying claim to your private jet. Your lawyer can also make sure the lender abides by these requirements and has due cause to repossess your aircraft.
Negotiating Better Terms
Your airplane repo attorney may also be able to negotiate better terms of the contract between you and your lender so you can avoid having your private jet repossessed. Your lawyer, for example, might negotiate to get the missed payments added to the end of your loan. You might be able to make a payment promptly to keep the jet in your possession.
He or she may also negotiate a lower interest rate if your credit or income merits. These newer terms can make affording your aircraft easier and spare you from getting behind on payments again.
Working Out Return of the Aircraft
Finally, if your aircraft has already been repossessed, you can hire an airplane repo attorney to find out what it will take to get it returned to you. Your lawyer can contact the lender on your behalf and find out how much money you need to pay to reclaim the jet. Your legal counsel can also find out where the jet was taken and whether or not it can be returned in a matter of days to you.
An airplane repo attorney provides important services to owners of private jets. Your lawyer may ensure your lender follows all legal requirements to seize your aircraft. Your attorney might also negotiate better terms of your contract and work out the prompt return of your jet to you.
For more information, contact an airplane repo attorney near you.Share