The thought of an aircraft repossession business likely sounds unusual to many people. When we think of a repo business we usually picture cars or trucks. But just as people default on their car loans, they also default on their aircraft payments. This type of business can be very challenging and require a lot of different elements and expertise, but the payoff can be high if executed properly.
- Skill level:
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Learn about the business of aircraft repossession. Take part in any training you can find available, or even better spend time with someone who does it for a living.
Obtain any permits and licenses you will need to run your business. In some cases, the Federal Aviation Administration requires a certificate of repossession. This type of business will be regulated, and the air travel may cause you to cross state lines from time to time, so be prepared.
Obtain all of the necessary insurance you need to run your business. Consider adding other asset recovery services like boats, cars and equipment to your business to leverage costs.
Decide if you will accept repossession of all types of aircraft or specialise. Focusing on only light aircraft will greatly reduce your cost in terms of pilots and maintenance.
Assemble your team that will be executing the repossessions. If you are not a pilot yourself, find at least one person who is licensed, certified and capable of flying the types of aircraft you will be handling. Also find one or two aircraft mechanics who can make sure all aircraft you handle are ready to fly.
Approach banks, credit unions and aircraft dealers and offer your services.
Tips and warnings
- Decide if you will help with storing the plane after repossession.
- Get a copy of the lender/borrower agreement with each case to be sure it is a legitimate repossession.
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