Loan using trailer as collateral?

Good advice!

Trying to get my great niece to understand she needs to have something saved and several avenues of credit availiable to her if she plans to make everything work long term.

 

I also recomend those local banks, but they are getting harder to find. Some credit Unions are more favorable.

 

None of us can pretend to know what has happened in the OP's life. He may have had other things happen who knows, banging on the guy for not having the funds for repairs is not helpful in any way. This may be his turning around moment to put more aside after he fixes this situation each week or month.

I know I had a similar situation in 2012 or 13 before getting my own authority that taught me the same thing.......And I had been an O/O for over 10 years up to that point.

I know from looking at the little books at truck stops, as mentioned on here before, CAG Capital will finance repairs. Probably not at the best rate, maybe that can help @zaroba get back on his feet.

When he's laying on his back reaching out for help is NOT the time to stomp on him. Lets help him up, dust him off and provide him with helpful insight.

 

This is what my great niece is doing. Putting everything towards paying down her debt but not holding enough aside for what if’s.

 

He obviously knows he’s in a jam. 2018 Wabash Trailers are currently advertised @$48k on Truckpaper.com. He needs quick cash. The high interest repair loan, even if it has 25% and a one year (maximum) pre payment penalty, is probably the best bet. Later he can sell the Trailer, pay off the loan, put money down on another Trailer, and maybe have a few bucks left over. Paccar used to do repair financing for work done at their Dealerships. $13k sounds high. No idea what a BPV valve is. Others can put a glittery star on their foreheads.

 

Well this is a by any means situation and 13k is outrageous for a $3k part.

If I was him, it would be simple, call a junk yard up and see if they have a turbo in their stock they they know is good off a running engine --- MANY do. I would send it next day to where ever I am at and then find a shop to get it swapped out.

BUT IT begs the question - what is really wrong with the turbo?

 

Vg turbos are usually not 3k. One for a x15 can put you in the poorhouse.

 

Well maybe.

The op's engine uses a Holset HE500VG, $3300 from a rebuilder, a salvage yard had one for $2100 without core.

The X15 - cummins part number 5459711RX OR holiest HE400VG - I just replaced one, just needed an actuator but they replaced the entire unit instead of listening to me - $4320 for a rebuilt unit, I am keeping the core which I will have it repaired and put it in stock for the next on.

 

Those need to be programmed as well correct? I know my D13 did when I had one replaced.

 

I would guess almost everybody has been in this type of jam at one point or another whether they'll admit it or not and the lecture becomes unnecessary at that point. He is probably questioning every major purchase he's ever made since he started running that truck in 2019 up until his luck ran out.

I am in the don't-give-up-yet camp as well if the lesson was learned and the coming to Jesus moment happened. Another reason I dislike these newer trucks though...even more to go wrong and higher the likelihood of being under-capitalized.