Puerto Rico Certificate of Repossession of Encumbered Aircraft
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How to fill out Certificate Of Repossession Of Encumbered Aircraft?
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FAQ
Lender's guide to aircraft repossession Sign a tripartite agreement beforehand. ... Establish a good relationship with the operator. ... Carry out as many inspections as possible. ... Know where the records are. ... Assess whether repossession is really worth the cost. ... Think about the resell. ... Hire a repossession specialist.
Airplane Repo is an American documentary-style fiction show following repossession agents hired by financial institutions to recover aircraft and occasionally other high-value assets from owners who have fallen behind on their payments.
First the bank contacts the airplane repo man about an aircraft. The aircraft must then be tracked through records for fuel purchases, hangar rentals, tie downs, and Federal Aviation Administration records. Next the airplane repo man must travel to the destination to legally steal the aircraft.
Airplanes are expensive. They can cost several million dollars. Every plane that is repossessed is delivered back to the bank for a 6% to 10% commission of the resale price. That could mean anywhere from $10,000 to $900,000 per plane.
He chose to follow only one piece of the advice that his father gave him, and got his pilot certificate at the age of 16 ? being a pilot ?might come in handy,? his father said. For Nick Popovich, it all started when a bank loaned a company enough cash to buy a couple of Boeing 747s.
For the work, pilots get anywhere from $500 to $1,700 per day?plus expenses. But how do pilots get those repo jobs? Usually through someone like Nick Popovich. Popovich, the president of sage-popovich, is one of the kings of airline repossession.