Financing through Owner?

Wow, he thinks a lot of you. I bought a Western Star after talking to an old man in Maine. Large car. I was scarred! He told me to try my best. He got his last check 7 months before he passed away. I wish he was here to see what I have now.

 

if you trust him, it can work, but you better be sure you really trust him. I don't know to many people I trust enough to basically be handing that kind of money to. what if he gets in money problems and falls behind on payments? the truck could be repo'd by the lein holder. also, imo, 25k is too high for that truck, with that many miles. if you do buy it, put a set of bearings in it before you hit 800k. do that and you may be able to put off an inframe till 1.2 million. on a 12.7 you can buy mains for around 800 $, probably a lil higher on a 14l. the only specialized tool required is a good torque wrench, which you can rent if you'd prefer not to buy one.

 

If you do go with this deal, try and get the loan/lease reassigned to yourself....
Or at the very least make the payments DIRECT to the bank/finance Co....

The only reason I say this Is ; I havea Uncle who took over the Payments from a 'friend" but was still paying his "friend" the payments....

Yep you guessed It!!!

Went to go to work one Morning ;NO TRUCK.

No matter how much you trust Him, DON'T pay him direct.

Just My 2 cents worth.........

 

do not buy your truck where you get your loads....

Do not get your loads where you buy your truck.

 

if he's offering for you to basically take over the payments so to speak. he might be having financial difficulties.

it's worth a shot. but don't have high hopes of success.

i did it last year. and at the time there was very good money to be made. but as to the end of the deal. you'll have to wait for the book to come out. there's that many reasons. it's called, "How to Tell When Your Doomed". and it'll make EVERYONE think twice that wants to consider the idea.

 

Usually when someone does that it is for their interest and not yours. If he owes money on the truck the bank or finance company most likely forbids what he is trying to do. You need to read his finance contract but I bet he won't show it to you.

If it was a legit deal any two parties can have a contract written up. I would have the contract written up to protect your own interest and not just agree to his terms. It's called a meeting of the minds. But then again if his finance company forbids him to do this any contract you all write up is void.

The fact the truck has 750,000 and is a Century I wouldn't do it. The truck will be wore out in two years in need of serious $$$. I wouldn't buy anything over 500,000 miles.

 

I'm certain a subordinate finance agreement will not be permitted. Even if it's not spelled out in the agreement, the title will be jammed up (and likely in the possession of) with the original lienholder. It would have to be some sort of lease/buy out, and you would have no ownership interest at all until the end. Assuming of course that the owner kept that loan current and paid it off prior to the end of your deal. Which you would have to trust him to do. You're better off letting this one go.

Even without the sketchy financing details, that offer is not a good one. A 750k mi '07 Century is worth about $20k tops unless it's in showroom condition with a recent inframe and exhaust parts (turbo, egr, egr cooler, manifold). If the truck doesn't get repoed out from under you, you'll get beat to death on repairs before you finish paying for it.

 

Any used truck is going to have repairs

 

Bad idea ... save your money or get your own financing ... Even if you took the truck to another company he is still considered the "owner" and would have to do all the paperwork etc... Only thing you can get is tags youhave ZERO protection and he can pull the rug from under you at any time