Any one ever quit owing the company

You bought the wrong truck. I disagree with the post that said all lease purchases are a scam. I successfully completed two lease purchases. ( one at a time). You have to be very careful selecting a company. Talk to owner/operators privately that are leased to the company. Read in these forums and find an honest company. There are some but not many. Keep your personal expenses down. Don't create any debt except business related. Don't save a penny to lose a dollar. I'm talking about preventive maintenance.

 

Hey man, what if you just wanna get out and nit into deeper debt? What happens when you just want out?

 

Get out or stay and work through it. Either way you could still end in bankruptcy

 

What company? Depends what the paper says that you signed. Most L/P you can walk away from as long as you return the truck to the terminal. Please do that anyway or you really F yourself. You will lose all monies you have in the truck, but it will be over.

When I first started trucking in '05 I did a Lease with CRE. Took me one week to figure out I was going to make $400 week after the truck & all expense, OR I had to team or train. What they did to keep me from leaving was give me team loads as a solo. Made a fortune for about 6 weeks, but couldn't keep driving like that. Never got caught. But was just matter of time. My body actually hurt.

Took the truck back said it was real, was fun, wasn't real fun. All was good. No bad credit or anything like that.

 

I have it financed through a bank. Still one and a half years to finish paying for it but all I ever make is to pay for repairs. I've been working very hard just to stay afloat, with 2016 been so slow. Now it needs a reframe and that was the last thing that's going to put me out of business. Honestly I really don't care anymore if I can come out even through bankruptcy. I'm tired and sick of it and I won't say it was fun

 

You should be able to turn it in for self repossession. If you could not make the payments the bank would repossess the truck. It will go down as defaulting on the loan Not been down that road, so I don't know how that all pans out.

If you don't mind......What kind of truck is it? Did you purchase it used with a lot of miles?

 

Will your bank allow someone to assume your contract?

 

Sometimes you just have to cut your losses and move on. It looks like you have created quite a bit of debt and bankruptcy will give you freedom only if you change your mindset otherwise just lease another truck and continue to accumulate additional day because it won't matter.

Financial freedom comes from deliberate choices if you decide to keep this truck and fix it you're just going to struggle as you have been. If you traded it in and get a new truck the new truck could also have a lot of problems Plus the upside down balance will be added to your new lease.

 

Thanks a lot for your comments. The dealership scared the #### out of me telling me the engine was burned. So after reading some posts I figured what it needed, told them to do it and it worked. after 1000 miles no problem. Engine running as usual. But with that bad experience I guess I learned a lot.