Company buy out lease?

Discussion in 'Ask An Owner Operator' started by blacklabel, Sep 22, 2017.

  1. blacklabel

    blacklabel Heavy Load Member

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    Any o/o companies buy out a current lease agreement? My contact is being terminated and they hold title to my truck for the engine overhaul. I'm looking for a company to buy it out and lease me on to keep working. Prefer flat/stepdeck work.

    86 359
     
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  3. Dryver

    Dryver Road Train Member

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    It won't happen. Taking the responsibility of an unknown used truck is too big a risk. You will have to ask your current company what they want for a buyout and go find the money.
    So, in the conversation about your contract being terminated what was said about the truck?
    How did they end up holding the title?
    Was this a lease truck from the company or your truck that you handed over the title as collateral for the cash to rebuild your engine.?
    We need more info.
    They have you by the testes, title means ownership, they could tell you to unpack the truck and walk.
     
  4. blacklabel

    blacklabel Heavy Load Member

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    Gave them the title for collateral for overhaul.
     
  5. Dryver

    Dryver Road Train Member

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    OK. There must have been a beginning balance and a payment plan set up to pay it off.
    How much do you owe? Have you missed payments? Are you paying them?
    If you are in good standing, paid all the payments on time then you must know the balance you owe, right?
    If you are not in good standing, you will lose your truck. You might find another O/O that will help you if the truck is worth a lot more than you owe and is willing to hold the title as you drive.
     
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  6. strollinruss

    strollinruss Road Train Member

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    Can you just get a loan from the bank and lease on with whomever ya want?
     
  7. blacklabel

    blacklabel Heavy Load Member

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    Could if I had credit. .


    Yes the balance is about 17k.
     
  8. Dryver

    Dryver Road Train Member

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    Whats the truck worth? realistically, not BS numbers.
    Whats your relationship with the company that holds the title?
     
  9. ZVar

    ZVar Road Train Member

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    And this is why people fail....
    Own a business and don't have the credit for a 17k load, using the truck as collateral? Well, get rid of the truck, get a company job and get your credit in order and try again when you have a reserve.....
     
  10. blacklabel

    blacklabel Heavy Load Member

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    Your right I spent all my reserve funds buying a truck and getting it road ready to get out of a lease purchase. My unfortunate luck that a wrist pin came out and threw a rod through the block. Sorry we aren't all monied up and the planets don't align for some of us.

    It's worth $35? It's old with a new powerplant.
     
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  11. ZVar

    ZVar Road Train Member

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    He said realistic worth.. If you can't get a loan for 17k with the truck as collateral, that it's not worth even 17k....
     
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