owner operator in desperate need of help

This is a tough audience. Sometimes you just have to scroll past the ones that don't contribute anything or insist on beating you up about the past for the sake of doing so. That said, and having read many threads like yours before, you've gotten a light dose compared to others. That, plus the fact that the nastiest posters usually have either A: never been in business for themselves or B: Have at some point in their blessed, prosperous history, been where you are now at and will never admit it.

Truth is: going out of business and/or selling/voluntary repo is an option. Nobody but a few trolls here would wish that on you. However, it still is one of many (apparently dwindling) choices you could make. It's only a failure if you go out and do this again and have the same outcome because you didn't learn something from it. Some might also say it's the easy or lazy way out.

That's because if you do what it takes to find financing somehow and keep your truck and business, you're in for the fight of your life. It'll make what you've been thru the last three months look like the easy part. You'll be looking for any and every possible way just to stay ahead of the now deeper hole you're in. I know this because I have been in your shoes many times in the past 3 years. I've only just barely started turning a corner because I'm finally able to reap the rewards of all the hard, expensive lessons I've had.

You're getting animosity from some because it sounds like you're waffling around with a bunch of conditions. I'm not saying you have to leave your family or sell your homestead. Just saying if the business you have started is something you want bad enough, you'll either dig deep and do whatever it takes to turn it around or you won't. Maybe that means leasing on somewhere you don't like. Or doing a longer haul to get through the current situation. Maybe hauling a load you don't want to haul. Asking a church for help. Trying to work a deal with the repair shop. Go pick up aluminum cans on the side of the road. Whatever. I think the animosity comes from hearing about all you can't won't or don't want to do to fix this.

So I don't know you from Adam. I am the last person to say I have the magic answer for you. There isn't one in my opinion. What I do know is when you're in that position, you will have to take some poop to get some poop. That's it in a nutshell. Sorry you're in this bind and I hope some of the advice sticks and you can succeed.

 

Not trying to be rude but this guy sounds like he's trolling.... I got a question, but how was you able to get a truck with a below 600 credit score?? Your credit score doesn't take that big of a hit after getting a commercial loan. If truck is worth 42K and you still owe 25K+, why in the world did you put such a huge down payment on your truck?? I wish I could help but again just things don't add up.

If you're serious about this, sell the truck, take your losses, and go back driving a company truck or leave the industry all together, I don't know what else these guys could tell you

Also it just hit me, if you've been struggling for the past few years, how much of a struggle was it that you got another truck in October??

 

Silver Knight,i am one off those that thinks you need to change attitude.
You come accross as an little angry.
And sorry to say but with your butt on the line you will have to eat lots off humble pie.


There are 5 options for you:
1° sell up and leave the O/O side off trucking for now.
2°beg,plead and charm your bank to refinance your truck(seeing as it is worth more then the note it should be possible,this is also the best solution)
3°give your soul to the loansharks.And yes those that advertise everywhere to lend money to people with bad credit are loansharks.
4°sell your cars ,if that is possible,and use that money
5°ask your bank to allow you to sell the truck and buy an cheaper truck(like a Schneider 20 000$ one,to give a example),which is in fact downtrading which is a bad longterm option but might save your butt short term.

Other then that there are no real options for you (as you have yourself stated that no familymembers can help)

Let us know which off the above you choose.
I will add that whatever option you choose,i wish you the best.

 

Actually he is NOT trolling.......I met this guy last Thursday at Sauk Centre.......He seems like a straight up kind of guy......just had some bad luck.
I wish him the best.......He made a mistake by overpaying his truck payment, rather then putting a reserve fund together......he's just in a tough spot right now.

 

You haven't posted in close to 3 years and out of all threads in the past 3 years you come and cape for this guy??? nope, not buying it, Mods lock this puppy up please

 

http://www.consumercredit-dm.com/

Call these people. They can help you figure out a solution.

They are on the up and up and are not a loan shark company.

 

In case you missed this the first time through. Maybe if you told us what you've done with some of their ideas we all could build upon them.

 

I think you need to not be so paranoid. I talked with him twice on the phone. What I had to offer wouldn't work for him the ratio's are different. He was very appriciative. But like some of the rest of us have been his back is against the wall. I think he has the determination to over come it.

I have posted a lot in the last year or so, does that make me creditable enough probably not. Is the world full of shysters looking to get by probably so. I would just about bet my 359 that this man is genuine in his situation as he asked me for nothing I could hear the what am I gonna do in his voice. It's the folks suspicious of everybody that worry me could be a guilty conscious.

I think mickey had the right idea fellas I don't know how to organize such a thing. I worry the OP will be upset with me for saying we should pass the hat he has pride like the rest of us. I just don't know any other way to help.