AOPA Pilot Magazine - April 2023 - 106

FLY WITH AOPA
LEGALLY SPEAKING /
Good news
Seven years not three; second copy not the pink one
AV I AT ION F INANCE
THER E'S GOOD NEWS for aircraft owners.
Aircraft registrations are now good
for seven years instead of three, and the
rule change will already be in effect by the
time you read this. The change is not just
for new FAA aircraft registrations. Any
registration that was valid on January 23,
2023, will automatically be extended to a
total of seven years. Note: This extension
is not for an additional seven years. For
example, a registration issued in June 2020
that would have expired on June 30, 2023,
under the old rule would now be valid until
June 30, 2027, not June 30, 2030.
Another change is that the temporary
authority to operate the aircraft on a second
copy of the FAA Aircraft Registration
Application (AC Form 8050-1, previously
the pink copy) is now good for up to 12
months instead of 90 days. This temporary
registration can still be cut short by
the new registration being granted or the
registration application being denied.
Previously, the FAA Registry had to issue
frequent extensions to the old 90-day
temporary registrations, which contributed
to its backlog.
Registrations didn't used to expire at
all. In 2010, the FAA changed the rules to
require renewals every three years. Fast
forward to 2022, and the aircraft registry
had a processing backlog of more
than six months. This is a long time to
be grounded if you missed your registration
renewal deadline and had to apply
for a new registration. Keep in mind that
while the seven-year period is now the
default, there is no change to the rules
regarding events such as a change in ownership
that may trigger a requirement for
a new aircraft registration application.
Chad Mayer is a commercial pilot and inhouse
attorney for AOPA Legal Services.
aopa.org/pps
AOPA's Pilot Protection Services knows that your pilot and medical certificates mean
everything to you. Our trusted attorneys and medical certification specialists are here
to protect them when things don't go as planned. We're proud to help 72,000 AOPA
members stay in the air.
CONTACT AOPA
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AOPA membership number:
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Fax: 301-695-2375
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INFORMATION CENTER
800-USA-AOPA (872-2672)
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800-955-9115
aopafoundation.org
AOPA AIR SAFETY INSTITUTE
800-638-3101
airsafetyinstitute.org
106
AOPA PILOT / April 2023
AOPA CREDIT CARD
The best card for pilots.
877-787-3171
aopa.org/creditcard
AIRCRAFT FINANCING
800-627-5263
finance.aopa.org
PERSONAL INSURANCE
800-USA-AOPA (872-2672)
aopa.org/membership/personal
PILOT PROTECTION
SERVICES
800-USA-AOPA (872-2672)
aopa.org/pps
TRAVEL DISCOUNTS
aopa.org/cars | aopa.org/hotels
AOPA PILOT
INFORMATION
CENTER HOURS
Do you have questions or
need information about an
aviation topic? Access the
team of aviation experts in our
Pilot Information Center. Call
800-USA-AOPA (872-2672)
Monday through Friday, 8:30
a.m. until 6 p.m. Eastern time,
with your questions.
Visit aopa.org/membership
to learn about upgrading
to our higher levels of
membership with Pilot
Protection Services coverage
included.
Adam answers /
BY ADAM MEREDITH
President, AOPA Finance
Q I want to finance an
airplane. I've never had a
credit card. Do you have a
program that will help?
A Each lender has
different requirements, but
most focus on three main
things: income, credit, and
liquidity. If an applicant
doesn't meet the minimum
requirements in these
areas, it is often difficult
to get approval. Aircraft
lenders make sure you can
service the debt with your
existing income sources;
handle known expenses
like the down payment,
up-front insurance costs,
and maintenance reserves
for unforeseen expenses;
and that you have a wellestablished
credit history
showing your ability to pay
various types of debts on
time. Getting approved is
often unlikely if you haven't
had other types of loans in
the past. A credit history
that includes on-time
payments for a mortgage
or vehicle loan is the best
way to ensure your credit
will meet the qualifications
for an aircraft lender.
aopafinance.org
800-62-PLANE (75263)
BY CHAD MAYER
Pilot Protection Services

http://www.aopa.org/pps http://www.aopa.org/creditcard http://www.aopa.org http://finance.aopa.org http://www.aopa.org/membership/personal http://www.aopa.org/membership http://www.aopafoundation.org http://www.aopa.org/pps http://www.aopafinance.org http://www.airsafetyinstitute.org http://www.aopa.org/cars http://www.aopa.org/hotels

AOPA Pilot Magazine - April 2023

Table of Contents for the Digital Edition of AOPA Pilot Magazine - April 2023