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Thread: Looking for advice

  1. #11

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    Read what Mike wrote again. "He then sent the loan co another $5000." Did Both deposits from Mikes son go to the loan company, neither one to the seller? It's not that clear!
    As for Stolch, "no reputable company" while I am not familar with this or other aircraft loan companies, there are a number that will charge and take advantage of a consumer like payday or other short term high interest loans.
    I recall once in business class we took the newspaper ad from a "rent to own" tv company and calculated the real interest on tvs or furniture was 150%.
    If the loan company is so fair and reputable as to never hold a buyers deposit in a case for sale not going through, why even have the "nonrefundable clause"? Or was that the seller not the loan co?
    Last edited by Bill Greenwood; 10-11-2020 at 08:42 AM.

  2. #12

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    How about simply asking the loan company to return the deposit. I don't understand why the loan company would ask for $5,000 in the first place. As for the agreement with the seller it depends on how the purchase agreement was worded.

  3. #13

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    Thanks for all the advice, everything is coming together. From what m son told me that according to the person he talked to at AOPA said that they're seeing more and more of this. The loan companies are turning down loans for an engine that hasn't had and over haul in many, many years. I don't understand it because if something happened to the aircraft, the loan company would get their money.

    The money he laid out actually went to an escrow company, and not the loan company, so he wasn't out anything.

    He wound going with a company recommended by several people in a Bonanza group he's a member of and had zero problems.

    Money is on it's way to the owner, and my son has enlisted a flight instructor to go with him to pick up the plane, and get him safely checked out in it.

  4. #14
    Sam Buchanan's Avatar
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    Quote Originally Posted by Mike B View Post
    Thanks for all the advice, everything is coming together. From what m son told me that according to the person he talked to at AOPA said that they're seeing more and more of this. The loan companies are turning down loans for an engine that hasn't had and over haul in many, many years. I don't understand it because if something happened to the aircraft, the loan company would get their money.

    The money he laid out actually went to an escrow company, and not the loan company, so he wasn't out anything.

    He wound going with a company recommended by several people in a Bonanza group he's a member of and had zero problems.

    Money is on it's way to the owner, and my son has enlisted a flight instructor to go with him to pick up the plane, and get him safely checked out in it.
    So.....there actually wasn't a problem, right?
    Sam Buchanan
    The RV Journal RV-6 build log
    Fokker D.VII semi-replica build log
    YouTube Channel

  5. #15
    rwanttaja's Avatar
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    Quote Originally Posted by Mike B View Post
    Thanks for all the advice, everything is coming together. From what m son told me that according to the person he talked to at AOPA said that they're seeing more and more of this. The loan companies are turning down loans for an engine that hasn't had and over haul in many, many years. I don't understand it because if something happened to the aircraft, the loan company would get their money.
    Not necessarily. Insurance doesn't cover normal wear and tear. If the engine starts making metal and the IA refuses to sign off the annual, the airplane has lost a tremendous amount of value which insurance won't cover (it's not an "accident").

    There's usually a "betterment" clause in insurance contracts, as well. If the engine fails in flight and the airframe is damaged on a forced landing, insurance will pay to fix the broken airframe but may decline to pay for a new engine if the old one failed due to age.

    You see the betterment clause in car insurance all the time. If you total your 2010 Chevy with 70,000 miles on it, the insurance company gives you enough money to buy a used 2010 Chevy with 70,000 miles....not a brand new 2020 model.

    Ron Wanttaja

  6. #16

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    Mike, good! You dont say where you are, but if I can be of any help, as to pick up or orientation, I'd do it for just expenses like air fare there, no charge for my time> I own a B36TC and also have time in several V tails and T-34 (fun and easy to fly). Im not multirated like Barons, etc. If he is ever out this way I'd also be glad to take him flying in my plane, (Colo)
    Two checkout items are for v talis, care in C of G loading, and for all, he needs to experience the door popping loose on takeoff. Not dangerous but very noisy and distracting.
    Last edited by Bill Greenwood; 10-17-2020 at 07:27 AM.

  7. #17
    Mayhemxpc's Avatar
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    Beechcraft door popping open on takeoff. Barons have the same endearing trait. "Noisy and distracting" is a good way to put it. It is also likely to clean out the cockpit of any loose articles. Maps, knee boards or at least the stuff on the kneeboard, checklists, etc.
    Chris Mayer
    N424AF
    www.o2cricket.com

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