First and foremost, members get access to our financing services, as well as all the other services associated with purchasing an aircraft. Those include title & escrow, insurance, Pilot Protection Services, and a well-staffed Pilot Information Center.
Title & Escrow is a critical part of financing. That’s why AOPA has a strategic partnership with Aero-Space Reports, a third-party company that offers service discounts to AOPA members. Aero-Space Reports will do a title search and file the FAA paperwork, and handle the funds transfer on the day of closing.
Insuring the aircraft is a prerequisite to lending because lenders use the aircraft as collateral. And since the borrower must list the lender as the loss payee on the certificate of insurance, all lenders mandate a full coverage policy on the aircraft. “Loss Payee” means the lender gets paid first if a situation occurs requiring a payout. “Full coverage” means coverage on the hull of the aircraft at least equal to the loan amount, along with liability coverage.
AOPA has a long-standing strategic partnership with Assured Partners Aerospace. They're an insurance broker, and they have relationships with all the major aircraft insurance providers. That gives them the ability to find the best insurance option for your situation. As an AOPA member, you can request free, no-obligation quotes.
Assured Partners Aerospace is familiar with navigating the requirements that lenders have for aviation insurance policies, requirements like “breach of warranty” coverage. Breach of warranty coverage is an endorsement that extends coverage to the lienholder in case your insurance policy terms were breached. For example, an unapproved pilot flies your aircraft and has an accident. Your insurance carrier could deny coverage based on breaching the pilot warranty.
Another AOPA member benefit is our Pilot Protection Services (PPS). There are two membership levels, basic and plus. PPS-Basic is designed for student, light sport and private pilots. Included with PPS is the AOPA Legal Services Plan. The Plan provides 1 hour of paid legal representation by an AOPA panel attorney (or limited reimbursement of some legal fees when using an attorney who isn’t on our panel) for aircraft transactions, in addition to benefits for other legal matters, like FAA enforcement actions and aircraft accidents.
PPS-Plus is geared toward ATP and commercial pilots, CFIs, and UAS Part 107 pilots. But it’s also available to student, light sport, and private pilots seeking additional benefits. This level of support provides up to 2 hours of paid legal representation by an AOPA panel attorney for aircraft transactions, and benefits for other legal matters.
AOPA’s legal team also provides resources like a draft of a sample purchase agreement. It's a great resource to start with to craft your specific purchase agreement. And again, AOPA panel attorneys are available to assist in drafting the agreement.
Another benefit of having access to our panel attorneys is that they may be able to review the ownership structure of the aircraft. For example, you may be planning to put your plane into an LLC. There are some considerations to make in terms of how the FAA is going to view that LLC and your ownership of the airplane through that LLC.
Last, but certainly not least, as an AOPA member in general, you have access to our Pilot Information Center. It’s staffed by a team of commercially rated pilots. They have decades of experience in all kinds of different aircraft. They’re a treasure trove of information regarding aircraft operations and aircraft capabilities, and they can help in identifying the right aircraft to meet your mission. If you want to talk to somebody who knows about how FAA regulations might apply to you, if you've had a run-in with the FAA, or even if you need to fill out a NASA report, the staff at the Pilot Information Center can help.
Great advice. Great rates. Helpful and responsive reps you can trust. Three good reasons to turn to AOPA Aviation Finance when you are buying or refinancing an airplane. If you need a dependable source of financing with people who are on your side, just call 800.62.PLANE (800.627.5263), or click here to request a quote.
