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Paying off my l/p truck early

Discussion in 'Trucker Taxes and Truck Financing' started by hairball77, Aug 11, 2013.

  1. Aug 11, 2013 #1
    hairball77

    hairball77 Bobtail Member

    40
    14
    Sep 3, 2012
    0
    I'm in the last year of my l/p agreement and would really like to get away from the company I drive for.My truck is worth about $10k more than I owe on it.I don't like that the company would make more money taking my truck and selling it than letting me stay and pay it off.Yes,I was a new guy when I signed up,but I've gotten pretty good at this and make $1k+ most every week.This truck has been rock-solid reliable over the last 2 years.My question is:What is the best way to get a loan to pay off the truck so I don't have to worry about the company finding a reason to fire me,so they can sell the truck for profit??I have good credit.
     
    Last edited: Aug 11, 2013
    hairball77, Aug 11, 2013
    hairball77, Aug 11, 2013
    #1
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  3. Aug 11, 2013 #2
    Lsv

    Lsv Light Load Member

    119
    52
    Apr 13, 2013
    PA
    0
    If u have gd credit, dnt see why a bank/ur bank won't give u a line of credit. Tell them wuts up. Tho I wouldn't mention payin the truck off and ur leaving the company. And I wouldn't leave the company w/o finding sum1 else to lease onto 1st. Just my .02
     
    Lsv, Aug 11, 2013
    Lsv, Aug 11, 2013
    #2
  4. Aug 11, 2013 #3
    chalupa

    chalupa Road Train Member

    3,757
    1,643
    Jul 22, 2010
    Houston,Texas
    0
    Just what you said and congrats!.......

    IMO get the payment amortization schedule if you don't have one.......Know exactly what you owe........go to preferred source and line up cash / loan / whatever. Lender will require title as condition of payment so your protected there......and pull the trigger and enjoy....

    And a word to the wise...hold your cards real high on this one..... no bragging to buddies etc til it's over. Carrier could be unpredictable if he picks up on a rumor.

    I'm in same boat, nasty carrier , unpredictable and unit worth more than I paid / owe. Difference here is I used carriers own program against him. My maint fund has way more in it than payoff....one call and it comes in next weeks payroll and I write him a check for title.......holding off tho, my carrier thrives on oppression and leverage. He doesn't jack with me too bad as long as he thinks I'm under his thumb.
     
    chalupa, Aug 11, 2013
    chalupa, Aug 11, 2013
    #3
  5. Aug 11, 2013 #4
    pcfreak

    pcfreak Heavy Load Member

    835
    385
    Apr 22, 2007
    Alberta, Canada
    0
    Definitely keep it to yourself, or the company will screw you if they find out, if they're that kind of outfit.
     
    pcfreak, Aug 11, 2013
    pcfreak, Aug 11, 2013
    #4
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