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Any one ever quit owing the company
Discussion in 'Lease Purchase Trucking Forum' started by aradio13, Jan 27, 2016.
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Borrow the 12k and fix it.
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hmm i wonder who would buy the truck for say 35 to 40k and pick it up at the shop after the work was completed?
or as mentioned, borrow. -
No one will loan me the money with the repo where I already have now for this ordeal
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The first thing I would do is contact an attorney to find out what your rights are. If you are held responsible, you may be able to negotiate a settlement, count your losses and move on. If I was going to become an O/O, I would become very educated on this and find a successful mentor. I would also fix my credit and do what I had to do to get prequalified for a loan from your bank. Then I would look for a quality truck with maintenance records and pay to have a thorough inspection done before purchasing. And I don't mean buy someone who works for the same people you are buying the truck from either. I would also make sure that I had a company that was ready to hire me as an O/O or run on my own authority. The most important part is finding a mentor you can trust and has been successful for many years in the trucking industry as an O/O.
Good Luck!
Update
I was wondering, before you bought this truck did you get a tax ID and a business name, preferably an S Corp? An S Corp is a seperate entity from you and your assets. Other than that, it sounds like bankruptcy may be the answer. It will stay on your report but you can still rebuild your credit. Sorry, I tried to help.Last edited: Jan 27, 2016
TequilaSunrise, No names left and NavigatorWife Thank this. -
Op how much are your truck note????
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Truck note at my bank is 850 a mo.
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OK, when you are in the hole, the first thing to do is lay down the shovel and stop digging it deeper. You cannot borrow your way to property. Sit down with the banker and explain the situation. Perhaps a solution can be negotiated. Have you tried selling the truck as is? There may be someone who has another engine to install and drive it. If the loan is not too large, perhaps a trade for a newer truck with fewer miles in better shape may work. You may need to use some collateral from a pickup or car to swing the deal. Interest is down and some lenders will go further to supply a loan at a higher interest rate. The truck dealers have credit sources more than you or I. Lenders like One Main Financial helped me out of a tight spot last year, but the interest was terrible, but it was a uncollateralized loan. Good luck.
aradio13 Thanks this.
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