Any one ever quit owing the company

Discussion in 'Lease Purchase Trucking Forum' started by aradio13, Jan 27, 2016.

  1. aradio13

    aradio13 Bobtail Member

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    I don't think anyone would pay 18k for a truck that needs the motor rebuilt.
     
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  3. Pigbacon

    Pigbacon Road Train Member

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    Borrow the 12k and fix it.
     
  4. dca

    dca Road Train Member

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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.
     
  5. aradio13

    aradio13 Bobtail Member

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    No one will loan me the money with the repo where I already have now for this ordeal
     
  6. MooneyBravo

    MooneyBravo Heavy Load Member

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    Let me try and help you. You've hopefully just learned a very big lesson the hard way. I argue with drivers on here all the time that seem to think that they are an exception to the rule. The first rule in becoming an O/O is to NEVER lease/purchase a truck from a company that controls your dispatch. Lease purchasing is a scam. It is an attractive way for companies to rid themselves of the maintenance costs and place them on you; usually the inexperienced and anxious new driver. I have seen this happen over and over again. I also would never ever buy a truck that was owned buy a big company like Werner, Swift, Schneider etc. This is a gamble at best. Yes they have stringent maintenance schedules but there's also no telling how many drivers have driven that truck before you and what their operating habits were.

    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
  7. BigGee

    BigGee Light Load Member

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    Op how much are your truck note????
     
  8. MysticHZ

    MysticHZ Road Train Member

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    Did you even read his post? ... His loan is through his bank. Issue isn't the company. Just issues with the truck that he doesn't have the the capital or access to credit to repair.
     
  9. MooneyBravo

    MooneyBravo Heavy Load Member

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    Didn't you read what I said? He bought the truck from the company he's driving for. That was his first mistake. If I were him, I would seek advice from an attorney or financial advisor outside of this forum.
     
  10. aradio13

    aradio13 Bobtail Member

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    Truck note at my bank is 850 a mo.
     
  11. mnmover

    mnmover Road Train Member

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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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