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Where can I find bank repossessed aircraft?

I am a private Single Engine pilot who aspires to own an private aircraft someday. Like the majority of us, I cannot afford to buy my own aircraft, let alone the cost of up-keep, annuals, tiedown fees, etc. Ultralights are affordable, but not practical for decent cross countries. New LSA, forget it, too expensive. Homebuilts are very appealing, but I want to fly now, not 10 years from now. A lot of used homebuilts seem to cost way too much. I live on a active duty military E-5 pay, so I live and fly cheap. I rent at the flying clubs convenience, which is not always convenient! I know that occasionally people slip and cannot afford their aircraft. I know repo's happen. Would a bank repossesses aircraft be cheaper to purchase? What sources can I use to locate one? Is there a decent website, Newsletters, or point of contact I can utilize?

Public Comments

1. It's very difficult to find a good repossessed a/c that is also a good deal. On a newer a/c the owner hasn't built up enough equity..you can't afford the balance. It takes a lot of digging and time to find that one mature craft that the bank will let go. Someone who really knows how isn't going to tell you very much they have too much time invested themselves...but..You can start with a bank that does a/c financing. They have a whole department for this purpose. It may take a dozen calls to find the right person with the authority to move these planes.
2. try www.rcitrucks.com
3. You might also do a little digging and come up with the IRS lien sale site. I'm sorry I don't recall it right off the top of my head but I have seen it a few times and have seen a few aircraft for sale on it. Some are nice planes and some are outright dogs. If you find one on there and its close by, go and look at it. If it looks good, has logbooks, etc., hire an A&P to go and have a quick look. They're still a pig in a poke however because they won't let you do a thorough pre-buy. But, sometimes you can find a real bargain. But I have also seen people pay ridiculous prices for junk. But do remember, no matter what you might buy, maintenance and insurance will cost you.
4. You can do a search for foreclosed aircraft for a fee here - http://www.SeizedAircraft.com However, If you say that you "cannot afford to buy [your] own aircraft, let alone the cost of up-keep, annuals, tiedown fees, etc." then finding a foreclosed plane isn't going to help you as you still won't be able to afford the operational expenses. Example Operating Costs for Cessna 152: Fuel (GPH): 4.00 Fuel Costs/Gallon: 2.51 Fuel Costs/Hour: 10.72 Oil Costs per Hour: 1.00 Maintenance Cost/Hour: 19.55 Hourly Engine Reserve: 7.01 Prop T/R Reserve: 1.30 Total Variable Costs/Hour: 39.59 Average Speed (MPH): 105.00 Cost/SM: 0.36 Annual Insurance: 1,477.18 Annual Hangar/Tiedown: 611.13 Training: 179.41 Total Fixed Costs: 2,267.71 Hours/Year: 285.51 Fixed Cost/Hour: 8.40 Total Costs/Hour: 48.00 _____________________________ Total Variable & Fixed Costs/Year = $13,774.82 That's cost averages out to $1,147 per month you need to put away to cover costs. Also, have you checked on aircraft insurance rates? If not, you should start there to see if you can even afford insurance on the cheapest aircraft you can buy (like a $20K C152 or similar). If that is still pretty expensive then the best option for you may be to search for an affordable AIRCRAFT PARTNERSHIP, where such costs are spread amongst 2 or more owners. http://www.aircraftpartnership.com/ http://www.pilotmarket.com/aircrafts/Aircraft_Partnership/index.html http://www.ipilot.com/classifieds/ Aircraft Partnership (paperback book) by Geza Szurovy http://www.amazon.com/Aircraft-Partnership-Geza-Szurovy/dp/0070633479 Otherwise you may find you are be better off being a flying club renter.