Invested $20k in Company Leased Truck, Looking For Independent Financing

Discussion in 'Trucker Taxes and Truck Financing' started by cshellzbynow, Aug 24, 2013.

  1. cshellzbynow

    cshellzbynow Bobtail Member

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    I work for company let's say abc im in a lease purchase a mistake I made ive invested over 20k in my truck. Kinda hard to walk away with that much invested. My question is how can I get from under abc and keep my truck how can get it financed myself. My credit is not the greatest.
     
  2. Charli Girl

    Charli Girl Road Train Member

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    Unfortunately life doesnt work that way...it's kinda like someone asking you to borrow your car or money and you knowing the last time they did they never brought your car back or paid you your money. If your credit is bad or not "developed" yet...you're not going to be able to get a commercial loan.BUT you can do like Mitt Romney suggested and ask your parents.Or write off the $ you spent on that truck on your taxes and go to Lone Mountain and get another one.I hear a lot of folks go there when their credit isn't up to snuff. And some of the trucks are not bad. Just from what I've heard.
     
  3. Richter

    Richter Road Train Member

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    You may be able to get a personal line of credit. Check with your bank. Also read your lease agreement carefully. Your probably SOL, but there may be a way out and get your money back. Read it completely and maybe even have a lawyer read it.
     
  4. Ridgeline

    Ridgeline Road Train Member

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    NO matter what you do, get a lawyer and have them advise you. Stop messing around trying to do brain surgery in the dark.
     
  5. luvtotruck

    luvtotruck Road Train Member

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    You may be able to transfer your lease purchase to another company, I'm not sure but you may be able to do it, Like mentioned there may be a clause that states this in your contract, if not then you are SOL. I hope your situation improves. Good Luck.
     
  6. driver7702003

    driver7702003 Light Load Member

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    You maybe stuck until you pay off youre truck
     
  7. G/MAN

    G/MAN Road Train Member

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    Without decent credit and experience, you will most likely either have to stick it out with your carrier or walk away and lose whatever you have invested in the truck. At this point, you are only "renting" the truck. You have no ownership stake in the truck. The first thing to do is look over the contract carefully and find an attorney to look it over for you, as someone else suggested. Both you and the company will be bound by the terms of the contract.
     
  8. cshellzbynow

    cshellzbynow Bobtail Member

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    I don't know what SOL means sorry
     
  9. driver7702003

    driver7702003 Light Load Member

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  10. Lady K

    Lady K Road Train Member

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    SOL = Sorry Out of Luck
     
    cshellzbynow Thanks this.