Before and after the loan..Know your rights.

I have been away from the board for quite some time due to some serious back problems. L5-L4 herniation and L5-S1 rupture. I had no idea what kind of problems this could cause especially with the stresses of everyday life. But enough about me, this is about you the consumer the client the customer.

A lot has happened while I have been away and it's amazing just how Greed can ruin a company just as fast as it makes it. So I have come up with some points that you, the trucker, need to know.

1. Know your interest rate and what kind of rate it is.

Not all loans are created equal. There is a rather large difference in a fixed rate and a rolling rate so do your homework. Find out what those monthly payments are and multiply them out by the number of months. Take that number and subtract the amount that you are paying for the truck. What you have left is your finance charge. Warning get a trashcan next to you before you do this, you will throw up.

Just because you hear and see 10%, doesn't mean that's the APR. Do the calculations for yourself, compare all offers before you make that decision.

2. Know the max rate for your state.

Most states have a rate cap for commercial loans. Call the Bank commissioners office to find out what they are for your state. Some lenders have permission to do business in your state and most of them must abide by those rates of that state. If you live in a state that has no rat cap then the lender will probably need to abide by the rate cap of the state the company resides in. If you are dealing with 1 banking entity, lets say 1 that is solely in the state of Pennsylvania, they may have to abide by the rate cap of that state. The PA rate cap is 25%.

Check you contract and your security agreements. If they state anything about the laws abiding to the state of PA and you were charged a higher rate than that rate cap, you may be entitled to a change in your contract rate. This would only apply if the state you reside in does not have a rate cap. If your state does have a rate cap and your rate is over that cap, I would highly suggest you contact your AG office for corrective action of said contract. You may be entitled to something, you may not. But check into what you have because you never know. And with the way things are going, every little bit helps.

 

Having problems after the fact.

Work is getting a little slow and so are the payments. What to do. Well first make sure you did get hosed the first time around and know your rights as a consumer.

There is an act called the fair collection act. Most people don't know about this. This has been put in place to protect you from some of these leeches that are out there sucking the blood from your very own life.

They can make you send in a check when there is not enough in the account to cover it. And they can't threaten to take your truck when you can't send in the check that you don't have enough money to cover. Send what you can on good faith and make some arrangements if you have too. Don't be bullied and know what your rights are. However you must also know what the laws are and where you stand when is does come to repos. Don't be fooled, if they can take it, they will. But most companies don't want it. they will lose their shirt and would rather make some type of workout program.

I would suggest recording all calls coming into the house and keeping track of everything. This could be a life changing event and if you don't know the laws and your rights, things will change for the worse.

Bottom line is to do your homework and make sure you are getting what you think you are getting.

I'm a little medicated, but I am open up to PM's if you have any questions regarding protecting yourself.