Between a Rock and a Hard Place...

I find it crazy that 3 full grown adults can’t cover less than $50k.

Sad just Sad.

 

This sounds like a dodge. Not to be a dick but, it's worth investigating to see if they had prior communication and some idea of dumping the mess on you.

 

At least they tried. It's a lesson a lot of people have to learn once to be successful later.

A business gets credit. Credit is a shoddy way to start a business.

 

Care to share what went wrong that led to this situation? Having 30,000$ some thousand in debt on a box truck, not including the truck, in less than a year? Seems extreme. Sharing might help others not make the same mistakes

 

I'm late to this party so I'll keep it simple.

You needed $40k to start this business. $40k outright.

Do not get any deeper in trucking. You don't have the time (you said you had another job) and obviously don't have the resources.

It's never a good time to finance your way in to trucking and NOW IS MOST DEFINITELY NOT THE TIME!

You mentioned Amazon. Now I really know you need to get out of trucking.

Run Run Run!!!!

 

I don't understand this either. You lost more than that because the truck had to have made some money. I don't know how much but, it looks more like 75-80K lost, maybe higher.

Where was the money from jobs going, and what did you spend the non-purchase money on?

 

I run big trucks successfully but never would be able to run box vans with success. It seems like you need to have your own customers to do any good. There is not enough load volume on the board to make the smaller trucks work doesn’t seem like to me.

Not sure what I’d do but if you can’t drive the class 8 truck yourself then I’d call that a no go. Your too deep in the hole to afford the driver plus make enough to dig out especially with market conditions and your lack of experience.Maybe it would be smarter to increase your debt by doing another flip and then after use that to chop down your current debt in a large way. Do what you know and do best, it’s what got you in the position to try something to begin with.

Edit: Also, punch partner C in the face and then say F you Pay me. He’s not your friend, he’s a chicken #### coward.

 

Well one way is to have someone just take over the payments for the balance of the loan. You have to call the finance company, but if the person fits their credit criteria they should let you do that. If it is worthwhile for anyone to do that at that price.

The other way is that if you sell it to someone and it is say $10,000 less than what you owe, you will have to pay the difference.

Another option which probably is not what you want, would be to buy another vehicle, like say an expensive pickup truck, and they will pay off the box truck and roll over whatever upside down monies are there onto your other vehicle.

You could also ask them what happens if you just return it.

Keep us posted because I'm very curious to see how this all is going to work out.

Wish you good luck.

 

Dissolve the company don’t dig yourself any deeper.