FS: Cherokee 140

The weird issue the bank had is that the buyer did not have enough "net worth" to buy a luxury item such as an airplane.
A. If you saw the airplane, you would not consider it a luxury. :)
B. The buyer is trying to obtain said plane to increase his net worth (he's a CFII), which the bank absolutely, completely and utterly failed to acknowledge.

"Can I have a loan please?"
"Sir, you currently do not have enough money to pay off the item."
"I am investing in the item to make money to pay for the item."
"Sir, you CURRENTLY do not have enough money to pay off the item."
"And THAT is exactly why I am trying to secure a loan."
"Sir, you currently do not have enough money to pay off the item."

I understand banks have their rules and regulations but sometimes they can be pretty short-sighted.
 
If the buyer's lending institution doesn't do aircraft often or at all, then crazy rules/restrictions isn't much of a surprise.

I one time asked my personal bank if they would loan on an aircraft. They said yes, but the terms were not attractive, and more suited for a car/truck.
 
@BigBadLou I dunno man. If a bank turned me down for a 30K loan, that would be a pretty big red flag as a buyer. Instead of trying to justify it, the buyer should say..yeah maybe I really DON'T have enough cash for the plane.

What if he died or lost his job, who pays for it then?

Sucks that you are having so many issues with buyers though..that really is a nice plane and I hope you get less knuckleheads and more serious buyers soon.
 
Lou, what source is used to update the KMD GPS?
 
@AggieMike88, Lou might be able to answer this, but it looks like you get a card from Bendix with the update.

Yearly I think it's about $800.

Link to some guys who went through the process here.
 
Correct, Ryan, you get an "old-timey" PCMCIA card from Bendix-King Honeywell Wingman Service website. I don't think it is quite $800, I thought it came down to $400 but I frankly don't care, I don't use the KMD as a primary GPS. The IFR-certified KLN GPS, however, gets regular updates (from the same source) and it costs maybe $30 per cycle if you buy the updates in bulk.

As for the buyer not having enough assets to afford a loan, that is not up to me to decide or judge. That particular buyer, though, sounded like the right guy who would use the plane often and enjoy it. That's what sucks the most. I would hate for her to go to a bad place. But then again, I should not care, right? :)
 
@BigBadLou, bummer then. That's the same person I sold my plane to. Guy was planning on 200-300 hrs in the next year or so.

Yeah you probably shouldn't care that much but I still did when I sold mine. Put a lot of time in on her, have fond family travel memories and lots of happy family photos so, it was a big deal for me to sell it.

No everyone "bonds" with their plane heh..
 
Tell your buyer or whoever to try lighstream by Suntrust. Gave me a good deal on my loan for my 150. Unsecured for 4.5 for 36 months. No money down.
 
Home equity loans are good too. Usually the interest is much lower, and easier to get different terms. Not to mention, the plane does not show a lien either, so it can be sold by the buyer easier too, if that becomes necessary.
 
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