If you work for an airline company in a managerial position, you may understand that while leasing an airplane from a manufacturer is a good idea, it comes with its set of repercussions and risks. The same risks are present even if you lease an airplane for business use.
One of the most prevalent risks associated with leasing an airplane is that if you miss or skip even a single payment of your lease agreement due to financial constraints, forgetfulness, or personal reasons, the lessor is likely to try to repossess their asset. The lessor will then try to get their worthy payment by selling the plane or leasing it to someone else.
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No one would want to be caught dead in such an embarrassing situation and hence you should consider hiring an airplane repo attorney to protect themselves from repossession. Given below are three ways an airplane repo strong can help you in light of repossession:
1. To be safe from external threats
An airplane repo attorney is quite like a divorce lawyer in some sense – they protect you from suffering any damage from a party that was once on the same side as you. Hiring an airplane repo attorney would keep you safe from external threats and parties hoping to see you fail and suffer a great loss. If your lessee is trying to exploit you and deny you your rights, your attorney would be able to handle their claim easily. This is especially true if you have a verified and substantial reason for delaying payment.
2. To protect daily operations
If you use your airplane in daily operations, such as using it for your commercial airlines or using it for business purposes to fly privately, getting your aircraft repossessed can seriously hinder daily operations. In addition to disturbing your operations, it will also affect your reputation among customers, clients, and suppliers, and they may begin to think that you have financial problems or constraints. To avoid this embarrassment and to protect your daily operations against hindrances, you should hire an airplane repo attorney.
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3. To help protect you from losses
When an airplane gets repossessed, it leads to severe losses for the lessee, especially if they were left with only a few more installments to fulfill. Airplanes are very expensive, and you likely lose thousands of dollars if your leased airplane is repossessed. However, by having an in-house airplane repo attorney or counsel, you will be able to avoid these losses altogether by avoiding the instance of your lessor repossessing your airplane. If you haven’t deliberately delayed payments, there is no reason that you should be punished.
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Conclusion
Leasing an airplane is no easy feat, and if you are one of the lucky individuals and companies to be able to do so, you should do everything in your power to protect your assets from repossession. The above-mentioned points nicely highlight the importance of hiring an airplane repo attorney, and you should so do at your earliest convenience.
