4 ms·
>Unless the plane was purchased outright, It may very well have been. Used GA planes aren't cheap but they aren't thaaaat expensive. >the bank will want to m
by throwaway0a5e 5y ago
>Unless the plane was purchased outright,
It may very well have been. Used GA planes aren't cheap but they aren't thaaaat expensive.
>the bank will want to make a claim.
It would take a very foolish bank to write a loan on a plane (or boat) that is secured by said object. It's probably secured by something else and even if it's not they probably won't care as long as the payments keep coming. Remember, they're money dealers, not plane dealers. They'd rather have the money.
- nopenopenopeno 5y agoHe is pretty well off. We can be quite certain that he bought the plane with cash.
- ineedasername 5y agoLots of well off people still purchase things via loans. Also various net worth estimations online place him between $1M to $1.5M. That's not the kind of money where you automatically just pay cash for something that might be $50k to $100K, especially when net worth at that level is often (not always) tied up in a primary residence. There's no certainty here. And regardless, insurance is required on private aircraft, owned or loaned.
- dmitrygr 5y ago> It would take a very foolish bank to write a loan on a plane (or boat) that is secured by said object. What now? Air Fleet Capital and AOPA Finance will both happily do this. It is quite typical, just like buying a car...