Is there any way to get another truck?

I am sorry to hear that you have been having a lot of problems with the truck. Sometimes it seems that it is one thing after another with them. If you don't have the money to keep the truck up and cannot afford to make the payments you may not have any choice but to give the truck back. From your post it sounds like you are buying the truck direct from an individual. I am curious as to whether you had the truck checked out before making a commitment? Sometimes it is best to cut your losses. If your husband has a good MVR and work history then he should be able to get a company job. Some earn a very good living. It might be the best thing for you two to get out from under the note, even if it means losing money on the deal. With an individual you should not need to worry about it being turned over to the credit bureau unless he decides to go after you for any deficit on the loan. I would think that you could work something out with him that would be beneficial to you both.

You might be able to trade it in on another truck, but if you have a recent bankruptcy on your credit, that may not be an option. If you decide to give the truck back he can get a company job and save money until he can pay cash or have enough for a very good down payment. You don't really want to get into a truck without a down payment. My guess is that is the reason you bought this truck. They agreed to finance it without a down payment and you and your husband didn't have any money to run on. I am sorry if I am jumping to conclusions, but that is something that happens with great frequency in this business.

I would suggest that you and your husband sit down together and take a hard, honest look at your position. Look at your income and expenses since you bought this truck. You may look into trading it in, but from your post you may not have any equity. With tainted credit you are at the mercy of unscrupulous lenders who will hit you with a very high interest rate and you will also likely pay a premium price for any truck secured through them. Good luck.

 

Sorry to hear about the trouble. If you're already about to lose your house, another truck will almost certainly make that happen faster.

I'm curious about what sorts of problems you've had and at what cost. I'm asking because I've exceeded what I planned for already by a few thousand, and it's really been routine, not very extraordinary things that I've had to deal with. For example in my case, almost a full set of tires (all but the steers - 16 of em!), a radiator, a/c work, an engine harness, and a few other odds and ends adds up to nearly $10k.

 

What he said!!!!

 

Can we have some examples of what went wrong with it and how much you have paid to have it fixed?

Coming on here and just saying you spent a lot of money to fix "things" is pretty vague and will not give you much in the way of replies.

 

And year, make, model, miles and what is owed.

 

I'm sorry to hear you're having a hard time making it. Lack of operating capital is one of the biggest killers. Trying to get another truck with no money to operate on is throwing good money after bad.

With all due respect, it sounds as if many bad decisions have lead to your present situation. You have to take a hard, realistic look at your options. No matter how bad it looks, it can and most likely will get worse with no operating funds. Do you want to ride a sinking ship to the bottom of the sea? I've done it. Not pretty. I lost everything including my family. Sometimes you need to cut your losses and chalk it up to a learning experience. How much are you willing to lose to try to salvage this?

If you're leased somewhere for less than a dollar a mile + FSC, you had no room for error to start. If you entered with no operating funds, that was the first error. If you experienced costly unplanned for breakdowns your fate was pretty well decided.

IMHO, at this point it is a matter of limiting damage. If you purchase another no money down truck, from where you are it is most unlikely anyone could dig out. Sorry, I know this isn't what you wanted to hear but it is the cold hard facts.

 

That is true with every business venture out there, from a lemonade stand to fortune 500 companies.