Are we fixing to see a huge purge in trucking?

Its ok, I don’t have the want to to dig up old stuff. I don’t even direct this at anyone but some folks will always think others got lucky while some folks are tuned in and making moves as they are seeing things happen.

you create a lot of your own luck as you know. Getting lucky is awesome of course but successful people don’t rely on it.

 

Ok, bub. I was freight waves before freight waves was a thing.

 

I see you're flying high, but falling from the sky hurts the most.

 

Because I wouldn’t need $200k to finance a new truck. I doubt the numbers would be much different than what other people are getting. It’s a small bank. My dad and grandpa banked there when they had the trucking company, my account has been opened since the summer before my freshman year of high school, even when I didn’t live there before I maintained my account, one house and some land and everything I’ve ever owned with wheels has been financed there. But keep believing I’d have a hard time financing a different truck if I wanted one.

 

It's a large amount for a small bank with a significant risk. And the rates are high right now.
I was 6 times at the dealer and I didn't see a single buyer but me. I felt sory for the people working there. My salesman was let go this month. More to follow him.

 

It is, but it isn't. I'm banking with a small local bank. They financed my new, near $200K truck without much fuss. Paying a couple of % less than Paccar financial would have charged me. The bank considers the truck loan to have much better collateral than my farm loans, lol.

The bank V.P. told me that it's easy to do business with people that pay their bills. That illustrates what small banks can do much better than commercial banks. Small banks loan on people, not just numbers. They know what kind of person you are, how you run your business, what kind and how much risk you take. They don't want your collateral, they want a person that pays back the loan without drama.

 

They also make their money from the customers with operating notes, the ones who just pay their interest payments every year. The guy who owns my bank is the son of the founder, the lady who is the loan officer is my age and grew up with me. I used to walk in and tell the owner he should come for a ride sometime since he owns the truck. Lol. It’s hard to explain how small banks work in small towns to people who’ve never been around them. I have a 30 year track record of not missing any payments with them so I doubt now all the sudden they’d cut me off.

 

You better make sure they dont get in finance trouble and get shut down by the government. You will find out then how they really work... all commercial notes will be called due. Dont ask me how I know. I only used small banks too. But now theres not many left.

 

Seems to be a lot of concern here about where I finance my trucks. Lol. But I doubt they’ll get into trouble. They will have plenty of land and cattle and farm equipment to auction off before that point.