HotShot Equipment Return Question!!

Hello Everyone!

I am seeking some help for information from some of the best in the industry. I was/am looking into starting my Hotshot Business. I already got a new 2018 Dodge Ram 3500 back in Octttober. I got approved for a 35/5 ft (40 ft) trailer which I was financing with one of the big trailer companies (Don't want to put them on blast) but the do have a "No return policy on trailers) which I have not picked up yet. But I called to ask to cancel the contract because I am a little scared of all the uncertainties of the "New Hotshot" business. Now they want to charge me a 25% restock fee which totals about 4200.00...However, the trailer is gonna cost me a tad below 16000.00 with a monthly payment around 360.00 monthly. I have my LLC, MC/DOT#s but haven't got them activated bc of the insurance portion which is around 4500.00 down and 1500.00 monthly. Then I still have to get inspection, IFTA/IRP and all the other permits to be fully legal.

I don't know if I should just get the trailer and try to make the best of the business esp since I'm so close or just pay the enormous restock fee pf 4200 on a credit card and go back to my Big Rig job and maybe try to figure it all out later which only pays 1000 gross weekly. I have some personal debt I need to knock out anyway. I guess we all do. I do have about 15,000.00 in an IRA and another 22,000 in another retirement account that I could borrow from, if need be. I am just a bit confuse on what to do. Any help would greatly and much appreciated.

 

OK, Great thanks. I was thinking the same thing, but like you said, it seems they are trying to corner me. Since I'm new to this entire process, I should have thought about all the possibilities before I signed but I still didn't think they would try to railroad me like that, esp. since I didn't put anything down and their property hasn't left the lot. I know I can do the business, it's just that my wife has almost convinced me just to keep a regular local driving job until I can find a decent paying corporate job.

 

No, I just did the financing on the trailer on what I wanted or thought I wanted and they had a few on the yard to choose from so it wasn't any special deal they had. It just seem like a good deal at the time for esp. since I was able to get the financing and didn't want to keep having so many companies pull my credit to try to get me financed, esp. since I did that with my new truck. Everyone wants to try to qualify you and then your credit score starts to take a bite after so many looks.

 

I just researched the Policy which reads as such: "There is Absolutely no returns accepted for trailers. Sales are final on all transactions.. If there are any defects on your trailer within the ownership warranty coverage period then contact the manufacture....

 

Thanks for the feedback, yes, they are trying to claim that they don't have to honor the return because the "Sale is Final" and they have that on their website. I have to see what the actual finance documents is saying because I never received a copy of it. I spoke with an Attorney briefly but they won't give me any concrete advice until I pay them. I guess everybody's handout when they see an easy payday. But thanks and I did speak with the finance company, they said this issue is now between me and the store where I was purchasing the equipment. I'm just leaning on just going for it and try to run to the best of my abilities with prayers to the good the Lord above. Thanks for the insight too.

 

Thanks for that support, yeah, I'm thinking all types of crap right now..I wanna say the "F-word" and see how that goes, but since my credit has already token a hit. I'm thinking to just get the freaking trailer and run the wheels off up it as I get to learn the business and get to rolling because I know I can do it, it's just that I've been losing sleep over all the unknown. I really appreciate your candid honesty though because some of these businesses will try to screw us for lack up knowledge or information. I just gotta make a sound decision and live with it. I just can't afford to give anyone that kind of money just because they say so. Thanks again for the feedback too