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Discussion in 'Ask An Owner Operator' started by Tropsnart, Mar 24, 2020.

  1. Mar 24, 2020 #1
    Tropsnart

    Tropsnart Road Train Member

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    Jun 8, 2015
    Pavilion New York
    0
    I was just told that our finance company is willing to waive 3 months of payments to be added to the end of the loan. No additional interest will accrue. The catch is we have to provide tax returns to prove we have a solvent business prior to the current business slowdown.

    I'm sure someone will tell me how they only pay cash for equipment. I agree it is the best way.
    I'm sure someone will tell me I shouldn't be in business if I can't go months with no revenue. I can.
    I'm sure someone will tell me how great their business is. Good for you, I'm happy for you.

    I'm posting this to let folks know it's a possibility.
    I haven't decided to apply for the waiver or not but posting this to let others know it may be an option for them if liquidity is an issue.
     
    Tropsnart, Mar 24, 2020
    Tropsnart, Mar 24, 2020
    #1
    Dino soar, baha and tscottme Thank this.
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  3. Mar 24, 2020 #2
    fortycalglock

    fortycalglock Road Train Member

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    Jun 25, 2011
    Tourist Town, FL
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    I am absolutely positive truck finance companies are crapping their pants right now. First the freight recession, and now a virtual national shutdown.
     
    fortycalglock, Mar 24, 2020
    fortycalglock, Mar 24, 2020
    #2
    tommymonza, Deere hunter, PE_T and 1 other person Thank this.
  4. Mar 24, 2020 #4
    Final Drive

    Final Drive Road Train Member

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    Op
    Dint you get that deal at the beginning of your loan already?
     
    Final Drive, Mar 24, 2020
    Final Drive, Mar 24, 2020
    #4
  5. Mar 24, 2020 #4
    DUNE-T

    DUNE-T Road Train Member

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    May 10, 2015
    Detroit, MI
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    Not just truck finance companies, but literally everyone who is involved with any kind of debt
     
    DUNE-T, Mar 24, 2020
    DUNE-T, Mar 24, 2020
    #4
    lynchy, LoneRanger and PE_T Thank this.
  7. Mar 24, 2020 #5
    Tropsnart

    Tropsnart Road Train Member

    1,089
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    Jun 8, 2015
    Pavilion New York
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    Not that I'm aware of.
     
    Tropsnart, Mar 24, 2020
    Tropsnart, Mar 24, 2020
    #5
  8. Mar 24, 2020 #6
    Final Drive

    Final Drive Road Train Member

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    Jan 21, 2015
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    Then they owe it to you..
     
    Final Drive, Mar 24, 2020
    Final Drive, Mar 24, 2020
    #6
  9. Mar 24, 2020 #7
    fortycalglock

    fortycalglock Road Train Member

    6,120
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    Jun 25, 2011
    Tourist Town, FL
    0
    That’s very true. It’s not just debt either, but income that isn’t guaranteed. I told my cleaning lady not to come this week, but I’m sending her a check anyway and I’ll reevaluate in two weeks when she’s set to come again. I doubt any other of her customers will do the same. I’m just waiting for one of the ends of my dedicated deal to close and leave without freight. I’ve got two rounds booked right now, but that doesn’t mean anything.
     
    fortycalglock, Mar 24, 2020
    fortycalglock, Mar 24, 2020
    #7
    Brettj3876 Thanks this.
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