MBNA Aircraft Financing

I wanted to relate an interesting story. I purchased a small single engine
Piper in January of this year through my business. At the time I had extra
cash in the business, so rather than finance it, I decided just to use the
cash and then
perhaps put the financing in place later.

Well the later turned out to be yesterday. I decided to try MBNA based upon
AOPA's recommendation, so I called MBNA. and inquired about the financing.
Generally I have found AOPA's approved affiliates to be excellent, and very
customer service orientated. This was not the case with MBNA. To my
surprise the MBNA representative told me they could not finance a plane that
wasn't an actual purchase. I didn't really understand why, and asked him to
explain. He said it was like doing a cash out refinance of your home. I
said it's not even the same thing. So he checked with a supervisor. When
he came back he said they could not finance it. He compared it again to a
cash out refinance of a home. That analogy really confused me. I said,
so if I produced an agreement of sale transferring from my corporate name to
another entity you would finance it? That thought, I think, confused him.
I then made a snap decision that they are definitely not customer service
orientated, and I didn't need to be creative to place my business with MBNA.
So I thanked him for his time and we parted ways. Interestingly enough I
called several other vendors that specialize in aircraft financing, they
were delighted to have my business and finance the plane.

It is incredulous that MBNA would not finance this plane! I guess MBNA has
more business than they need because they sure don't seem very anxious to
bring on new business, or at the very least are not really geared to handle
aircraft financing, it is really a side line business and does not conform
to their core business model, the credit card business. Inflexibility
up-front is not
a really good sign of customer support and service. I would not
recommend MBNA, and would urge others to look else where for their aircraft
financing. I would also be curious if anyone else has had customer
inflexibility with MBNA?

Charles

I wanted to relate an interesting story. I purchased a small single
engine
Piper in January of this year through my business. At the time I had
extra
cash in the business, so rather than finance it, I decided just to use the
cash and then
perhaps put the financing in place later.

snipped
I've never tried to finance an aircraft with MBNA, but as a consumer finance
company they are a bunch of evil *******s. Everybody should stay away from
them.

When I bought my last airplane, I had the money to buy it, but thought I
should keep it in the company, and finanace the airplane. Also called MBNA
on AOPA's recomendation, and the refused to finance, as I was the owner of
my company. No flexibility, no discussion, no thoughts about what they could
do. So I decided to just write a check for it. (and came home and cut up and
cancelled my MBNA credit cards)



"att news group" wrote in message
...
I wanted to relate an interesting story. I purchased a small single
engine
Piper in January of this year through my business. At the time I had
extra
cash in the business, so rather than finance it, I decided just to use the
cash and then
perhaps put the financing in place later.

Well the later turned out to be yesterday. I decided to try MBNA based
upon
AOPA's recommendation, so I called MBNA. and inquired about the financing.
Generally I have found AOPA's approved affiliates to be excellent, and
very
customer service orientated. This was not the case with MBNA. To my
surprise the MBNA representative told me they could not finance a plane
that
wasn't an actual purchase. I didn't really understand why, and asked him
to
explain. He said it was like doing a cash out refinance of your home. I
said it's not even the same thing. So he checked with a supervisor. When
he came back he said they could not finance it. He compared it again to a
cash out refinance of a home. That analogy really confused me. I said,
so if I produced an agreement of sale transferring from my corporate name
to
another entity you would finance it? That thought, I think, confused him.
I then made a snap decision that they are definitely not customer service
orientated, and I didn't need to be creative to place my business with
MBNA.
So I thanked him for his time and we parted ways. Interestingly enough I
called several other vendors that specialize in aircraft financing, they
were delighted to have my business and finance the plane.

It is incredulous that MBNA would not finance this plane! I guess MBNA
has
more business than they need because they sure don't seem very anxious to
bring on new business, or at the very least are not really geared to
handle
aircraft financing, it is really a side line business and does not conform
to their core business model, the credit card business. Inflexibility
up-front is not
a really good sign of customer support and service. I would not
recommend MBNA, and would urge others to look else where for their
aircraft
financing. I would also be curious if anyone else has had customer
inflexibility with MBNA?

Charles

That's interesting. I have been talking to Dorr as well and so far they
have been excellent. Easy to work with, very accommodating.

Charlie

"Aaron Coolidge" wrote in message
...
att news group wrote:
: Well the later turned out to be yesterday. I decided to try MBNA based
upon
: AOPA's recommendation, so I called MBNA. and inquired about the
financing.

I also called MBNA when I financed my airplane (I know, never finance
anything, perhaps when I move to Nirvana...). I was underwhelmed with
their
customer service. I financed through Dorr Aviation which is about 1 mile
from my place. (The actual loan is written with "Eaglemark" which is
Harley-Davidson's credit arm). I was able to visit their office, and the
customer service has been very good, both from Dorr and from Eaglemark.
--
Aaron C.

"Ian Taylor" wrote:
When I bought my last airplane, I had the money to buy it, but thought I
should keep it in the company, and finanace the airplane. Also called MBNA
on AOPA's recomendation, and the refused to finance, as I was the owner of
my company. No flexibility, no discussion, no thoughts about what they could
do. So I decided to just write a check for it. (and came home and cut up and
cancelled my MBNA credit cards)

Had you put the purchase on your MNBA credit card, you probably would
have had no problem!

y'all are making me feel a lot better. as i've been moving toward
buying a 172, one of the contacts was to my aopa card for
financing...mbna.

horrible.the poor brain-damaged child they had on the fone for intake
kept dropping her crayon and getting confused but promised to have
someone get back to me.

nobody got back. finally got thru and was told the loan was denied.
now, isn't that fun. i did not apply for the loan, just asked that
someone consult with me on it but now i have a denial on my record.
first one of those in over 30 years. thanks mbna.theydon't know why it
was denied. didn't you get our letter? no letter sent. called twice
more and finally a letter was delivered thanks to some detective work
by my postman since they had a somewhat similar name with a somewhat
similar address. the letter is suitable for framing in it's absurdity.
typos, misspellings mis-facts. just sloppy as it can be.

i'll probably do wells fargo since that's where i park most of my cash
but if anyone has a GOOD airplane finance outfit please post. i was
trying to get a rate from mbna to run against the bank.

it's nice to know it wasn't personal. mbna hates everybody!

dan

LOL good point!


"john smith" wrote in message
...
"Ian Taylor" wrote:
When I bought my last airplane, I had the money to buy it, but thought I
should keep it in the company, and finanace the airplane. Also called
MBNA
on AOPA's recomendation, and the refused to finance, as I was the owner
of
my company. No flexibility, no discussion, no thoughts about what they
could
do. So I decided to just write a check for it. (and came home and cut up
and
cancelled my MBNA credit cards)

Had you put the purchase on your MNBA credit card, you probably would
have had no problem!

[snip]
first one of those in over 30 years. thanks mbna.theydon't know why it
was denied. didn't you get our letter? no letter sent. called twice
more and finally a letter was delivered thanks to some detective work
by my postman since they had a somewhat similar name with a somewhat
similar address. the letter is suitable for framing in it's absurdity.
typos, misspellings mis-facts. just sloppy as it can be.

Send a copy of the letter with notes of the inaccuracies to AOPA and let
them know of your displeasure with their sponsorship.

thats funy, MBNA done good fer me my kuzin werks there they lent me some mony ta by a
knew trayler.

I also called MBNA when I financed my airplane (I know, never finance
anything, perhaps when I move to Nirvana...). I was underwhelmed with their
customer service. I financed through Dorr Aviation which is about 1 mile
from my place. (The actual loan is written with "Eaglemark" which is
Harley-Davidson's credit arm). I was able to visit their office, and the
customer service has been very good, both from Dorr and from Eaglemark.

I too just financed my Cirrus with Dorr Aviation. I have nothing but
good things to say of the experience. Good rate, good terms, reasonable
fees and a great representative that I dealt with; Brian Bourett
.

---
Ken Reed