So what happens when these Buy Here Pay Here leasing companies go out of business. Will they actually send you the title after your last lease payment ?
I have been keeping a list of small leasing companies that will lease to own with $1 last payment delivers the titles. In that last 3-5 years, many of these companies are no longer in business. So what happened to the leases that buyers are making payment ? If the lease company go out of business, the titles to their truck may have leans on them and may not be singed over to the leasee who actually make the payments. Also, in all the lease purchase agreements, the titles are never in the leasee's name and are titled and registered to the dealer or leasing company.
Any thoughts on this issues ? This is the reason why I hesitate on buying with a lease purchase at these Buy Here Pay Here truck lot. I prefer to buy the truck, get traditional finance on it and have the Title of the truck be in my name of choice.
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By here pay here lease going out of business
Discussion in 'Lease Purchase Trucking Forum' started by johnnyman1099, Aug 18, 2017.
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It can happen with company lease purchase also.
Remember Arrow, trucks were all on one big loan.poppapump1332 and blairandgretchen Thank this. -
I went through Greatwide orientation and the financing and title was in the drivers name. That was a few years ago though. I decided not to buy a truck, but many of the guys I went through orientation with are still there and some wore the truck out and traded it in for another one. Some left and went out on their own or changed companies. but most stayed with Greatwide.
I remember, for a small fee Greatwide would do your bookkeeping for you, or you could do it yourself. -
frankly if one buys at such a "buy here pay here lot" the interest rates must be higher than any place else, cuz many times people with no credit or bad credit buy form them.
better to go to a real bank/finance company, than a used truck lot, with a trailer on wheels for an office..!!!! -
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