Club Homepage Forums Classified Ads Buy & Sell - Airplanes Only Budgeting for a 150/152

We financed ours through AOPA, which back then used Bank of America. Some banks aren't familiar with airplanes, but as you noted there are those who are and advertise it. Sometimes, it is more difficult to finance a lower priced airplane like you are looking for, than a more expensive one. Our state (Arkansas) also charges a sales tax on airplanes, so you might want to check to see if that applies to you. Don't want any surprises. AOPA also has an escrow service, I believe, that you can use if you want, along with a title search for any old liens (some airplanes have them and it pays to check).

Colorado does collect sales tax on aircraft purchases but there is no ownership tax nor state registration fees.

Kansas collects taxes on almost anything. I had to pay almost $1600 (7.95%) for sales tax when I bought my plane for $20K. Then paid about $1000/yr property tax until it became older than 30 yrs.

Thanks. Sales tax was not something I originally planned for. And Stacey, avoiding surprises (to the extent possible) is objective #1! Well, #2. Objective #1 is getting the plane.

Figure you're buying an engine and getting a free airplane along with it.

Poobs can fill you in on sales taxes.

...shut up...

One thing that hasn't been mentioned, do a title search. I didn't do that when I bought my 150. When I sold it the buyer did one and found a old lien. It can be a pain, especially since banks tend change hands and loose/destroy records.

To confirm, this is the best group to be around if you have a 150/152. I no longer own one, but still stop in now and then and will continue to attend Clinton. It's best to avoid Poobs, but otherwise it's a good group.

+1

An old lien can be a nightmare. From time to time banks have their baby loan department people go back into old records, particularly of banks they've acquired in mergers, to see if they can find any money. When they find an unreleased airplane lien, the kid thinks he's found gold. It can be a huge pain to deal with them - and you may have to pay off the lien to get a clean title on your airplane.

An released lien is, IMHO, a deal killer when you're looking to buy an airplane.

Omni adfvor dme......