Leaseback

[check six]

I'm looking at buying a 172 and putting it on leaseback at a flight school.

What's the best strategy to protect my personal assets against claims if the plane is involved in an accident?

I've heard LLC, but some attorneys I have talked to say that that the LLC veil can be pierced even if you have the plane in an LLC.

Check Six

 

[skipro101]

Be careful about leasbacks. I read an article..I think it was on avweb or maybe AOPA.....talking about how leasbacks are very risky...a lot of banks wont even finance an aircraft if it is going ot be used for a leasback because they know it is so risky.

Make sure you know and trust the flight school and their mx department and be sure to read your contract verrrrry carefully

 

[FN FAL]

I'm looking at buying a 172 and putting it on leaseback at a flight school.

What's the best strategy to protect my personal assets against claims if the plane is involved in an accident?

I've heard LLC, but some attorneys I have talked to say that that the LLC veil can be pierced even if you have the plane in an LLC.

Check Six

Find a homeless guy living at the YMCA and get him to agree to put the corporation in his name.

 

[NW_Pilot]

I looked at a LB contract once I did not like it, At a local FBO every time I stop in for gas they ask if I want to put my 150 on their flight line! I always say No it's a decent 150 and want it to stay that way and I want to fly it when ever I want, take it on long trips when ever without scheduling! I have been known to fly it 1/2 way across the country and be gone for 2 months! That usually shuts them up for about 3 months then I get the question again. I am thinking of making a hat for when I enter that FBO.


No I don't Want To lease Back!


Are flight FBO's so hard up for Cessna 150's or other airplanes?



So Don't do a lease back unless you want a lot of repair bills inflated maintenance costs and a run out airplane in a year that’s had the firewall knocked out at leased once if its a busy school! Stay away!