Advise needed

Call them and ask, would be the place to start.

 

Why not sell it and pay the note.

 

Why not sell it, don't pay the note, and move to Costa Rica. That's really the best option, in my opinion.

 

It may not show up on your personal credit report, but it will most likely be on your business's credit report which will kill you if your business ever want to borrow money again.

Also, pretty good chance you're upside down on the loan if it's only been a few months, unless you put a really good size down payment on it.

Why haven't you looked at putting another Driver in it? Why did the first Driver bail after a couple months?

 

10k to pay off older truck and you have a new truck too....

Trucking employees are hard to come by..... But keep looking.

 

Business is tough?

Ok I guess ...

 

Sounds like your leasing it never heard of buying and not be reported to a credit bureau.as far as I understand credit reporting they cant report late or no payment if there not reporting made payments.U can be sued for any losses the finance company has tho

 

Working a deal with a lender is normally the best deal. If you want both, see about refinancing them to drop payment or extend the length of the terms. Sometimes a lender will allow you to pay interest only for a time so you can correct a problem, or get the business back on track. The options are what you are able to negotiate with the lender.

 

Transport Funding is Arrow Truck Sales captive finance company. It's not a lease. They claim to report to Dunn & Bradstreet. I cannot verify that. However, within days of paying off two loans I had with them, my phone started blowing up with finance companies wanting to throw money at me. So they report somewhere.

Like others have said, a voluntary repo would be the least attractive option. You better look at your contract and just see what will happen if you do that. Probably nothing good.

Guessing if you're at this point, you're out of money and time. That being the case, you need to figure out exactly what you're working with. Wholesale value on both trucks, outstanding balances on the loans. Then figure out next steps.

I would suggest concocting some sort of trade with Arrow to get you back down to one truck. It won't be a real favorable deal for you, but better than the repo option.

An example would be trading your two trucks for an older, less expensive one then rolling over negative equity into the deal. You may end up paying $50k for a 10 year old Freightliner, but hey - it will be a payment you can manage and you'll come out with credit intact.

Now we don't know your numbers or what you're working with, so that may or may not be an option. Either way, you better get right on it. You start making late payments or missing them, and Transport Finance will make that decision for you.