Please HELP!
My dad recently passed away. He was a truckdriver who leased to own his truck from his company.
His truck is a 2007 Freightliner Century 550 HP and it has 1 million miles.
2 months ago he purchased brand new tires for $3000. He also rebuild the engine head and paid around $8000-$10 000 to have the engine head rebuilt. Esentially he put in all of his savings into this truck right before he died and he worked hard for his truck.
There is about $10 000 left on the truck to pay it off. The company said i can pay it off and they will send a title in my name. In order to pay it off i would have to borrow $5000 from my cousin who said he would let me borrow the money and i would pay the rest of with with my life savings..
Problem is i dont know what to do.
All the trucks with that age make model and millage are selling for $20 000-$24000 so i was thinking i could sell it and recoupe some money that i paid for his funeral (his funeral was $6000 and i had to pay out of my packet as i am the only son and he had invested all the money into this tuck). Most of his truckdriver friends that i talk to say that the truck is worth about $13000-$15 000 and it would be hard to sell even for that money which blows my mind since when i look at trucks for sale on internet they are going for $20-25k and dont even have new tires. If i try to sell the truck for $19 000 one would think it would be very easy to sell but many of them are saying it would be hard to sell as not many people are looking to buy trucks currently due to work being slow or something.
Some people are saying pay it off and hire a driver but honestly i already have one business so i cant put alot of time and effort into looking for drivers and dealing with the hassle that comes with owning a truck. Not to mention i dont know anything about trucking so i am not sure that would be a good idea.
Some people are saying just leave the truck to the company. You dont know anything about trucks the truck is not worth much more then its payoff amount (this still blows my mind) and who knows how long it will take to sell. You would be spending all of your life savings on the truck and it will be hard for you to sell it since you dont know anything about trucks. Not to mention i would be $5000 in debt to my cousin. This would be the easiest option but he put in alot of hard work and money into this truck and i already spend more than half of my life savings on his funeral so it would be nice to recoupe some money.
Please give me advice on what to do the company is asking me to make a decision soon and everyone i ask for advice tells me something different.
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Father passed away what to do with his truck? PLEASE HELP
Discussion in 'Experienced Truckers' Advice' started by Scorpion2, Oct 14, 2015.
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Thanks for reply Chinatown.
The truck is currently at his company office and i am sure they would not be too happy about me taking off the tires right before i return the truck to them. I am not really sure that is worth the trouble or would be ethical to do . Even if i wanted to do it I dont have his old tires to put back on the truck and it seems like it would be alot of work just to make $500-$1000 selling them.
What i really find hard to understand is why would it be so hard to sell a truck that has Brand new tires ($3000 worth) and rebuilt engine head ($8000 worth of work) for $18 000- $19 000 when all the trucks with same milage make and model are going for $20 000 to $25 000 on the internet.
You would think most truck driver or companies would jump at this deal. I am so confused. -
I thought the truck is at your home.
It may take longer to sell than the company is willing to wait for. That model truck is in demand though because it's pre-emission standards.
I wouldn't be surprised if someone on this forum contacts you about buying it, because it's a pre-emission truck with new tires.
Good luck.
Put the information on the "Classified Ads" thread on here. Scroll down to "Trucking Marketplace" and the classifieds are there.Last edited: Oct 14, 2015
bullhaulerswife Thanks this. -
Your going to give the truck back, it's ok if he was leasing a truck there isn't much for them to chase from the estate.
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first off sorry for your loss. my condolences to you and your family.
second you should be able to list the truck for sale and continue to make the payments until it sells at witch time you use the money from the sale of the truck to pay it off -
My question now is, can he legally sell the truck? Guess it depends on estate laws in his particular state. Maybe I'm reading too much into it. Maybe he's buying the truck from the trucking company, then reselling it.
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to the o/p.
sorry for your loss and my condolences to you and your family.
frankly, do not ask us what to do, as we do not know the contract details of your dad's lease agreement.
contact a lawyer in your area, that is familiar with the laws there, and if he can help you or guide you to yet another lawyer very familiar with leasing laws.
that is your best bet.
that truck is old, and has high miles, just because it has new tires, means nothing really. it does not up the value of the over all truck.
the leasing contract is binding, there may be a clause in the contract, that the company takes over the truck in the event of death or non-payments. get a lawyer, who can be of better service/advice to you.
good luck. -
You guys didnt read the part where the company said he can pay it off?
Op, my condolences on your loss.
Its hard to give a firm opinion on the value of the truck, but in general 15-20k wouldnt be out of line for an 07 with 1 mil on the clock. Overall condition will have a major effect of course. As well as engine and trans combo. Worst case you'd get your investment back. Best case its got a really desireable driveline and is in great shape. I could see a clean Cat powered 07 with a 13 spd bringing well over 20k easy.
My advice is to find a good mechanic to give it a look before forking over any cash. -
Hi Scorpion, sorry to hear about your dad. Another trucker passes on, and no one to take his place. I agree, get a lawyer, and be prepared to spend some (more) cash, as when my dad passed away, it was a legal mess we're still dealing with a year later.( and thousands in legal fees) As far as the truck, sadly, it's not worth much. There's a glut of those trucks around, and a million miles isn't going to help. WHATEVER YOU DO, don't put a driver in it. Not being familiar with trucking these days, that's a recipe for disaster. Like G. Anthony sez, talk to the company, but it doesn't look too good, as the last thing they need is an older truck with a million miles. Best of luck, and you'll probably never get your money back. I know we won't. Note to other older O/O's, make sure you have some kind of final expense insurance, and don't leave your legal mess for your kids to deal with when you are gone.
BoxCarKidd, jammer910Z and G.Anthony Thank this.
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