I have came up w financing on 2010 Cascadia 420k miles. (Previous Crete fleet truck)

Figure on lots of down times caused by the emissions crap and you will have lots of down time.Do lots of research on the 2010's 11's and 12's of all models and makes.You don't really need to go to CA.
Can you get a hold of the owner and get the maint records on that truck. Also have the dealer or any Freightliner dealer do a Service bulletin on it by the VIN number. As was said the interest is robbery. I went to my bank with a business plan and had it financed a very good rate. Banks tend to have a heart. Your unable to work, just pay the interest for that month. Finance companies don't care why your not working, they make demands..
As was asked , Are you leased to a company ? if not do you have a carrier lined up to put the truck on with.
Do not go with Recaps. Virgin or nothing.
Just because the dealer says your good to go is no reason for THAT truck to be the one.
I think and so do others that you can do better financially . My truck is a 97. I bought it in 2000. Now have 1,670,700 on it.I financed it at the bank I do business with.No regrets. Wouldn't have a new truck.Not dependable.

 

NSXFTW: Mind if i ask who is offering you this loan at 13.99%?
Also, what city do you live in? The reason i ask is if we know what city you live in, maybe someone here could recommend some alternative places for financing.

 

friend, I paid cash $21k for an 05 with 700,000 miles. That was 3 years ago, I've had some repairs, but nothing major. If I had a big payment every month like that I don't know if I'd still be in business ! and I'm being straight up honest, I could make those kind of payments now, but why would I want to ? And not trying to be insulting, please don't take it that way, but you are not getting more truck in a 2010 with 420,000 miles.

In hindsight if I would have done anything differently it would have been to go a few years older and gotten a lower cost engine such as Detroit S60 or Cummins N14. The price of a set of injectors and a turbo on this ISX would almost do a major overhaul on an N14. EGR and cooler, forget about it, and you will have DPF to contend with. Nothing could be worse for you than having a truck in the shop for days with a regen issue, not generating revenue, big shop bill and you still have to come up with a payment.

 

What kind of truck did you buy?

 

It's just an International 9400i with 72" mid-roof. I looked at a lot of them before I found this one. the suspension was in great shape, good fuel mpg on the ECM (I believe indicates a responsible driver or easy freight), was a former USF truck so I thought probly distribution transfers, light loads. good dyno, good oil samples... Honestly, if the thing blows up tomorrow, it doesn't owe me anything at this point, but I'm hoping to get a couple more years out of it and if I save well, I'll make this truck buy me a new glider or at least put a fat down payment on one. Why should I pay for an expensive truck ? I'd rather get a cheap one and make it pay for the expensive one.

 

OP, if you have 23K to put down, then consider buying an older pre-EGR/pre-DPF tractor for less than 10K and use the rest to refurbish it. This way you can start making money right away without the ridiculous truck note! With the prime interest rate around 3.25% currently, a bank trying to screw you with a 13.99% interest rate after putting more than a third down is flat out robbery!

 

Here is a little book I just wrote for you... Enjoy.


Is the truck list price all inclusive with those add-ons? Gap, Tow, PD and Warranty?
Or is the ticket 67,900 + 1,500 + 1,750 + 1,460 + 7,000?

That interest rate is usurious, especially due to your putting 33%+ Down; That DP creates an asset which has 50% upside on their repo should you default.

Second, Why would you come to the table with all that cash, then finance the extras at that interest rate? Yes, a more prudent decision would be to pay cash for the extras after shopping around- If you HAD to purchase the extras at all.

Are they financing in-house? Requiring your loan to be covered with GAP? If so, ask who they wholesale with, if at all... Who issues their underwriting criteria? Wells Fargo, JP, CIT, GE, US Bank etc...

GAP:

Being that the truck is well used, the sale price should reflect FMV+/- 2-3%. If you are putting 33% equity in a truck, you don't even need to start thinking about GAP coverage until your primary insurance provider assesses your truck's FMV @ slightly above the principle balance on the note...
That's probably another 200K miles away if you don't pay a single dollar on the principle between now and then. Realistically, your principle owed will have dropped significantly in that time, thus giving you more room. (Though they probably are shamming you on an F'd up amortization schedule as well, so your principle might not drop as normal)

NTP Warranty:

I'm assuming this is the 7K your talking about? First ask yourself this... "How long am I going to have this truck before I sell/trade-up?"
Then, look at the warranty paperwork for this...

"(coverage in months 13 – 24 or from 100,001 to 200,000 miles from warranty effect date is for Major Engine Components only due to OEM factory defects in materials or factory workmanship only: no wear-out coverage)" & "Additional Cost based on engine" under the "surcharge" which is right next to that $100 deductible on your paperwork.

With this said, the majority of the value provided by the NTP is covered by your Freightliner warranty. Nix the NTP, it will make sense later.

LIST PRICE:

This is a starting price, usually at a significant premium to FMV... Which is why you call someone like me, a Jew at heart, to negotiate on the ask price. I'm pretty certain if this price was you just walking up and saying "whats the price?", then you can probably get the truck at 60K even, or better. If they'd agree to 60K even, with you bringing your own financing... do this.

1. Go the Wells Fargo Commercial Trucks (online) and print the credit App.

2. On the app...

Put $12,001 (20% +$1) as the down payment.

Display that you have both a Checking and Savings account... which will have at least 11k in them after the sale closes.. (your 23k minus 12,001)

3. If you are denied...

-Call the Wells Fargo access number directly to an analyst.

-Ask for reconsideration. If approved, go to step 4. If denied, ask them "why"... Then...

-Ask for the credit account application to be escalated to a senior analyst.

-Again, ask for reconsideration.

-Say that you've got an approval from US Bank and were simply looking for a better rate then the 7.99% they offered, never expecting to be denied at all. Say, "Id really love to take all my business to Wells Fargo, lets make this work." BOOM! Approved, if not...

4. Go to the next major issuer of collateralized commercial credit. I think some of them are listed in here somewhere.

-Repeat all of the Application steps from #2 onward.

5. Now that you have financing secured, call your insurance provider and get the standard coverage mandated by the loan agreement... A short term policy (30-day) that covers unladen, non-trucking liability, bob-tail, and physical damage should be enough to drive away. (do not buy insurance from a dealer referral, ever)

Now that you're pulling out of the dealership, go straight to the closest freightliner service station (ServicePoint?) that is not affiliated with SelectTrucks. Get a complete inspection, top to bottom. Do this within a few days of purchase if you can't do it the same day, preferably having never pulled a trailer while in your possession.


Then get on here and sing praises, thank me on this post, deleted

 

Here is the Wells Fargo link:
https://www.wellsfargo.com/com/financing/equipment-financing/trucks

 

Gordon: What kind of truck do you have?

 

lol... I wasn't too sure of the rules on outbound linking is I just left it at that. Thanks.

An important note on that, Wells Fargo is only one of the 20+ multinational banks that are commercial lenders to the trucking business. Before you ever apply at a company whose name includes the word "capital" or "leasing", you should have first exhausted your direct-to-lender options. If you happen to already do business with BofA, US Bank, GE Capital (oops) etc... Then your first inquiry should be with whichever one you already do business with.


NSXFTW, you specifically will have the greatest odds at getting financed if you go to wherever your 23K is parked, unless its parked under your mattress. If that's case, getting financed for a truck should be near the bottom of a long to-do list!