I thought I had a good mentor as you say. A former coworker from another type of business it closed he got a severance package and bought a truck. I hadn't been there long enough to get one. But he went to work here 4 year ago and has made great money. I will say I wasn't prepared. In the last year I put right at 30k in this truck in repairs.
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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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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.
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Get out or stay and work through it. Either way you could still end in bankruptcy
Gottfried Thanks this. -
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.Gottfried and Knucklehead Thank this. -
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If you don't mind......What kind of truck is it? Did you purchase it used with a lot of miles?Gottfried Thanks this. -
Will your bank allow someone to assume your contract?
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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.Gottfried Thanks this. -
TequilaSunrise and Dave_in_AZ Thank this.
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