If you are purchasing a truck be aware of financing

Amortization schedule on rules of 78 are not accurate. It's run with the payment received on the day due. A day or two later changes the interest. Simple interest has a spread for the payment received.
Healthy down payment or gap insurance if upside down.

 

OK here is my take on all of this.

I am also not trying to be mean but I will come across as the prick I am accused of being so ...

That's true, but it is your fault not to ask questions or go outside to find out what else is there with loans. This holds true for anyone else buying a truck, most don't get some important aspects of this scheme; 1 - this is a commercial venture and has higher risks, 2 - the lender doesn't give a crap what you do as long as you make that payment, 3 - people who get into this without educating themselves and changing their attitude about real business things will end up complaining about things that they conceive that is unfair when it is the norm.

That's your opinion because you can't figure out how it works in the real world.

Well guess what?

They don't have to do maintenance because they are not running the truck on the road. If it was taken in as a trade in then there is a few things they will do but if it is from an auction, they don't do a thing because they just want to sell it.

It is up to the buyer to figure out the amount of money the truck is worth. I don't care what some think, I have never paid an asking price for a truck in my life, I negotiated it down because of the repairs and/or the problems it had, this includes one that they wanted $60k and I bought it for $32k.

AND hate to break the news to you (this is what really irks me with first time buyers), this is not a car or a pickup, it is a truck and it is to be sold as is with no real recourse for you to recoup the purchase if it craps out on you. This is a commercial venture and like other commercial ventures, there are higher risks involved, why do you think I and a few others sound like a broken record by telling you guys to have it checked out the RIGHT way?

Why?

Most of those who will learn from your experience will also need to read about how to actually buy a truck right.

Lawyer for what?

The dealer and lender didn't misrepresent a thing, it is your responsibility to do the due diligence on the purchase and they can easily prove you didn't.

Crap $3600, i would have new brakes and drums on all the axles, plus new adjusters, cans and bushings.

I don't buy the crap about intentionally doing anything, I think you should have returned to the shop and tell them something is wrong and have them recheck the adjustment on the brakes, that's your responsibility.

How would you know what they removed the gauge?

Why do you assume that there is always a trans temp gauge in the truck?

You do know this is why I say to get the original order sheet from the dealer, it will tell you what was on the truck so you can see what a past owner did to it.

AND yes they charge for keys. I have to pay for them even on a truck I just spent $260k on.

OK here is the really really mean part, you've been a member here since 2012, you must have read at least a couple times about buying a truck and having things done to it so you lessen the risk of a breakdown. When I and others speak of 'Due Diligence', we mean you go through the steps with skepticism and doubt until you are sure those things that pop up are corrected or the costs of the repairs are removed from the sale price. This includes having the truck on a dyno that you can see it being done, having a complete ECM dump (not a summary but the entire thing) and having an independent mechanic look at it in another place to make sure that it is fit. Never ever trust the DOT inspection crap, you and others should know that this is only to see if it is road worthy and has zero to do with repairs and breakdowns.

Really?

You're not in litigation and naming the place isn't going to hurt a thing.

Here is my advice.

Pay the loan for a little bit, establish your credit as an owner, create a good maintenance plan for the truck, depending on the mileage on the clock, you may want to start replacing items before they become a problem. Once you establish your credit, start shopping around to refinance the loan and call the lender see what the payoff amount is going to be, more likely it is going to be higher than expected and then get the loan for that amount.

By the way, I did this crap for long enough and been dealing with distressed business' for a while, it is the same story all the time.

 

Delta P and IMAP sensor? Going to take a wild guess that this is a Cummins ISX...possibly the CM871? Most fleets that sell trucks to dealers don't run the trucks long enough to bother with them as they generally behave for the first 400k miles or so. With that engine, those are basically service wear parts that you will be cleaning/replacing regularly on that vehicle. It is the nature of the beast and I wouldn't fault the dealer for those being bad because...they will be frequently and in the grand scheme of things, they aren't that expensive and easy enough to do at home. If it is the engine I mentioned, it's a known with it. Keep spares of those sensors with you, especially that IMAP and pull it out once every few months to clean it up.

 

Don't no about all the mechanic stuff. But these type of loand are very common. What they do is give the lein holder there profit first. So if you walk away from truck. They get their asset back and haven't lost any money due to time and depreciation. The loan itself doesn't cost you any more money, than another kind of loan. Make all your payment and after the last one you own. It's the interest rate that matters. Also if your current, you can extra money toward principal. It just has to be sent seperase and clearly marked "for principal only"

 

It's all up to the contract as written.

 

Nope I am 'retired' and own a fleet. I did my time on the road and had an accident last year so it was time for me to hang up my cdl and enjoy life.

I have been accused of being rude, a prick and heartless by a couple of my drivers, so I throw it into my posts so to remind them who is the boss

The salesman is there to sell, they are not there to hold your hand or act like your friend. I call them all sales dweebs, even the ones who I known for years, I still hold them in contempt.I never financed a truck through a dealer because to me that's a bad thing to do, the same holds for a car, I normally buy with third party financing except for the last car I actually bought, I totaled out the one before it and the insurance company and my wife unwisely had the dealer finance the new car. I'm not happy but right now the thing is almost paid off.

I got to tell you that it won't go anywhere, no one really will care. I don't bank on other's opinions and neither do a lot of other when it comes to dealers, they are just not reliable because of the point of view of the buyer.

OK I get it but here is the thing, the second you drove the truck around with the brakes being as you claim they were, you should have parked it and told the sales dweeb you refuse to take it. Once you hit the road and did nothing, that's all on you.

Here is the thing, I have bought a few trucks from western star a couple years back, not one of them had a trans temp gauge in it but when I went over to talk to the tech installing the xm radio and such, I took a look behind the dash he had opened up and there was a trans temp gauge plug and there were other gauge plugs too. Now I ordered these trucks, they were not off the lot trucks and I didn't order the other gauges like a trans temp because they were not needed. They have axle temp gauges but not for the trans.

What truck is this by the way, Freightliner, KW, Tonka ?

OK.

I think you have this all wrong.

The maintenance has zero to do with the loan, that again is on you and your revenue stream.

However the lender is entitled for the money due to them through the loan they made to you. I don't mean the full amount of interest, but paying off the loan without penalty won't net them a huge return.

I guess one thing you don't seem to understand is they didn't run to you forcing you to sign for the loan, but you through the sales person went to them asking for them to risk the money so you can buy a truck.

What you also don't see is the risk itself, a majority of these loans get paid off, but there is a large chunk of them that go into non-payment by the person and the lender takes a loss.

there is no fraudulent claim with that type of loan, this is the problem with your point of view. I made a suggestion that I use all the time, I will purchase a truck(s) with a higher than normal interest loan to get them ordered and then refi them asap (usually within a month) to bring it to the level I need it at to fit my needs. I've done this in real estate (commercial) and in business with other assets.

I don't know where the stock market fits into the conversation, it is a speculative market, and insurance companies have no tangible interest in your truck other than if you have an accident or claim against it.