Lou Seno

  • NAFA Administrator posted an article
    A Capital Option see more

    NAFA members, Keith Hayes, PNC Aviation Finance, and Lou Seno, JSSI, discuss operating leases in the latest Business Aviation Advisor podcast.

    It’s time to think about rebuilding your business.

    And doing so as soon as it’s safe will require traveling via business aircraft, to reconnect personally, face-to-face, with your key customers, allies, and associates.

    It also may require redeploying your capital to fund those rebuilding efforts. Using an operating lease to finance your aircraft can help you do just that.

    Listen as Keith Hayes, PNC Aviation Finance Senior Vice President, and Lou Seno, JSSI Chairman Emeritus, detail how financing a new aircraft – or refinancing your current one – via an operating lease enables you to devote more capital to your core business.

    When there’s more to be said than space and copy deadlines allow, you can rely on the Business Aviation Advisor Above and Beyond podcasts to get you the information you need, to help you make the most of your aviation investments.

    Thanks for reading, listening – and flying safely!

    Listen to Podcast here

    This podcast was originally published by Business Aviation Advisor on May 18, 2020.

  • Tracey Cheek posted an article
    JSSI’s Commitment to Business Aviation see more

    Dear NAFA Member:

    As an organization, we at JSSI remain committed to providing world-class service and support to our customers and valued members of the business aviation lending and leasing community.

    Providing Financial Relief for Customers
    Effective immediately, JSSI has:

    • Suspended all annual make and model rate increases through June 30, 2020.
    • Implemented a 25% reduction on annual minimum flight hour invoices paid net 30 days, OR;
    • Extended payment terms to 90 days on annual minimum flight hour invoices in lieu of the 25% reduction. For those paying minimums each month the invoice will be reduced by 25%.
    • For operators using aircraft for rescue flights related to COVID-19, those hours along with additional credits will be applied to the account.

    Supporting the Lending and Leasing Community
    JSSI also reaffirms its commitment to the lending and leasing community by providing a range of services to help navigate through these challenging times. We can provide support, even if an aircraft is not currently on a JSSI or OEM program. 

    Advisory Services
    In addition to hourly cost maintenance programs, we are able to assist with pre-funding audits, asset inspections, desktop appraisals and more. Importantly, with over 75 Technical Advisors in strategic locations, we are ready to reach your asset quickly and efficiently without resorting to air travel during these very restrictive times. 

    If you require assistance, please do not hesitate to call JSSI Advisory Services at +1 312.644.4444 or email advisoryservices@jetsupport.com.

    Preservation Guidance
    With so many operators ceasing flight operations at this time, it’s also important to know that the preservation of the airframe, avionics, APU and engines is not only mandated by the manufacturer but also critical to the long-term airworthiness of the entire aircraft. 

    Our Professional Services team would be happy to provide further guidance on preservation requirements for aircraft not already covered by a JSSI program. For further information, please email info@jetsupport.com.

    As always, we value all feedback from the lending and leasing community. If you have any questions or suggestions, please do not hesitate to contact me directly.

    Sincerely,

    Lou

    Louis C. Seno
    Chairman Emeritus
    e: lseno@jetsupport.com

  • Tracey Cheek posted an article
    Why Use An Accredited Aircraft Appraiser? see more

    NAFA member, Louis Seno, ASA, Chairman Emeritus and Special Advisor to the Jet Support Services, Inc. Board of Directors, discusses why using an accredited aircraft appraiser is best.

    Keeping a finger on the pulse of your aircraft’s current valuation is crucial, both for tax and depreciation purposes, and when you seek to refinance or sell your aircraft. (Listen to “Regular Check-Ups,” Above & Beyond Podcast, June 2019.)

    The demand for reputable appraisers is increasing throughout the business aviation industry. Original equipment manufacturers (OEMs), banks and leasing companies, insurance underwriters, and on-demand charter operators all need knowledgeable appraisers they can trust. But what makes an individual qualified to become an appraiser?

    Due to the complex nature of the appraisal profession, education and experience are crucial. However, there are no legal requirements, nor license needed, so anyone can call him- or herself an aircraft appraiser, regardless of their knowledge, skills, experience, or abilities. In response, the American Society of Appraisers (ASA) established an aircraft-specific discipline and designation program, to help assure owners and financial institutions that the aircraft are accurately valued.

    An increased demand for aircraft valuation experts in the early 2000s mandated something more be done. And so a 2016 partnership was formed between ASA and the David B. O’Maley College of Business at Embry-Riddle Aeronautical University to establish a universally accepted industry standard. Together, they developed a series of four courses designed specifically for professional aircraft appraisers, enabling those so committed to achieve a new official accreditation.

    Successful completion of the courses provides participants with the necessary fundamental appraisal coursework to apply for professional accreditation through ASA, with a specialty in aircraft appraisal. The curriculum covers commercial, business, and general aviation aircraft, including fixed-wing and rotorcraft, and other aerospace assets, such as tugs and ground power units.

    ASA’s coursework and testing builds a solid foundation of aviation knowledge. A thorough peer evaluation of appraisal reports is then conducted before an individual can receive the Accredited Member (AM) credentials for two years of experience, or the Accredited Senior Appraiser (ASA) credentials for five years of experience. 

    Additionally, there is a 100-hour continuing education requirement to be completed during the five years after receiving ASA accreditation. Courses and advanced conferences are offered around the globe for ASA appraisers to learn more about current issues and prepare for future valuation challenges.

    “The accreditation process is detailed and meticulous,” said Johnnie White, ASA’s CEO. “We recognize that your turbine aircraft is a multimillion-dollar asset. To ensure its proper valuation, we set high standards on educating our designated members.”

    You can secure a qualified appraisal for your aircraft in one of two ways:

    • In a desktop valuation, the appraiser will go well beyond a simple pricing comparison by researching the current aircraft on the market, establishing the average days the aircraft model has been on the market, and evaluating any trending data. The appraiser also will assess the maintenance status, look for any major inspection expenses that could be coming due, and perform a cursory check of the logbooks and specifications for the aircraft without looking at the asset. This is the less costly option.
    • A physical, onsite appraisal will consist of all of the above, plus a hands-on inspection that includes a thorough examination of the aircraft, including engine and airframe maintenance logbooks. With this option, you will pay for the appraiser to travel to and from your aircraft, for the time spent on the physical inspection of the aircraft and records, and for research of recent sales of comparable make/model aircraft to establish the asset’s current market value.

    When your aircraft needs an appraisal or reappraisal for insurance or refinancing purposes, or to prepare for its disposition, choose an ASA-accredited appraiser who has invested in their profession to become the most accomplished and skilled person to appraise your aircraft and to keep a pulse on its value for years to come. 

    This article was originally published by Business Aviation Advisor on November 1, 2019.