Instructions to Potential Buyers Concerning Repossessed Aircraft:
After an aircraft has been repossessed, it will be posted on this website under 'Current Inventory'. We try to post as much information as possible of the aircraft and if possible we download the logbooks on Log/Additional information. By clicking on Log/Additional Information you will be able to view the logbooks. For very large logbook files you will be prompted to download the logs to your computer.
After the aircraft is posted on the website bidding is open. The Bank reserves the right to reject any and all bids and to re-open or end bidding on the aircraft at its sole discretion. The bank has the option to obtain an ASA Aircraft appraisal that will include the retail, wholesale and the liquidated value of the airplane. This appraisal is proprietary to the bank and not disclosed to any new buyer. New buyers must submit a written bid for an aircraft to email@example.com. Click on the email link below and copy and paste the message into your email body and fill in the N numbers in the subject line and the message. If you are interested in more than one aircraft, please submit individual bids for each aircraft, do not combine multiple bids into one message. The banks will not accept it.
The sales price is dependent upon the highest bid, so it will be your responsibility to do due diligence in coming up with an acceptable bid. Ridiculous bids will not be responded to. Airplanes normally sell around wholesale depending on the particular airplane and market values acceptability and conditions. As the seller, we are not allowed to suggest any price. Prospective buyers may research Aircraft Price Digest or VREF for the current values of the airplane. Potential Buyers will be notified whether a bid has been accepted or rejected by the bank at the end of 31 days. If rejected, you will have 24 hours to submit a new bid, if you do not submit a bid, then we assume you are no longer interested in the aircraft. If your bid is accepted, buyer may choose any FAA escrow company in Oklahoma City, Oklahoma to handle the transfer of the aircraft into their name.
It is the responsibility of the buyer to pay all escrow and title fees. The title company will pass title into the new owners name, free of any liens and encumbrances. If there are liens and encumbrances that were juniorized by the foreclosure, then the prospective buyer will be notified of their status.
If there are liens that could not be released but were juniorized, any FAA Title Insurance Company will and can write a policy around the lien or encumbrance to protect the new purchaser if the new purchaser so desires to purchase title insurance.
Once the new purchaser has been notified that his bid has been accepted, they must open an escrow and place a refundable deposit of 10% of the bid price or no less than $10,000 within 24 hours, they must inspect the aircraft, as time is of the essence, no later than 1 week after notification that their bid has been accepted. They may inspect the aircraft and the logbooks where it is located and perform any type of approved pre-purchased inspection at the aircraft location. Once the aircraft has been inspected and accepted by the buyer, the deposit must be converted into a non-refundable deposit and the escrow company advised as to transfer the deposit to the sellers account. Depending upon certain conditions, the sale and closing of the aircraft will take place within 10 days of the notice of the bid being accepted. Any delays beyond this period based upon the buyers delay will incur an additional charge to cover any fees assessed by the bank after that date, i.e. additional storage or interest charges.
An FAA Title Company will transfer the aircraft into the new purchasers name at which time the purchaser may depart in the airplane.
There are many times when there are some legal issues or complications that prevent the bank from accepting bids right away. In the event that you have made a bid and have not heard back from us concerning that bid, please do not hesitate to contact us for an update by email only.To submit a bid, click here. !!!Important!!! Do not forget to fill in N-Number in subject line!!!