Interest rates on truck payment...40%

Mine was 4.1% in 2022 and that was before the interest hike. I hear (those with a credit score of 750 plus) will be paying around 6.4%. Honestly, if I had to buy one today at that rate I would forget about it. But 40%..? That's insane and wouldn't even be a consideration. When weighing what O/o's are averaging these days it's better to work and drive for a trucking company paying reasonable salaries or by the mile.

 

I'm surprised anyone would even loan money on a cmv now .

 

You financing with Boris in Chiraq? Should’ve went with BYOBCBD, errone know dat dough.

 

What truck do you have?

 

I have a custom 2020 Western Star 5700XE. 505hp DD15, 10 speed, 308 rears. I get about 8mpg at 75mph, and 8.5 at 70. It was built to run light loads over flat ground, it doesnt get near that mileage in the mountains though. Over the last 40,000 miles, counting idle time, Im averaging 7.6 mpg. Single 82" bunk, tan leather and cherry wood interior (there is no plastic in a Western Star - no squeaks). Leather heated driver seat (I live in Minnesota) and block heater. Refrigerator (that I havent used in 2 years, but I DID check it a few weeks ago, it still works). Disk brakes all around. I replaced the steers about 50,000 miles ago. Drives are still original and have a little under half their rubber left (full of fuel, the steers are 10,800 pounds so they wear faster). Only damage that was done to it was I hit a deer about 3.5 years ago that took out the left fender (insurance covered it). For the past 2 years I have just run from Minneapolis to Green Bay and back once a week (about 650mi round trip). I dont smoke, but I do take 2 of my dogs with me.

Im leased to Landstar so the truck is inspected every 120 days. My wife and I are in the process of building a house in Florida and have been debating on selling it before we move - the house should be ready in late Feb/early March. Actually I hadnt really thought about selling, but it just might be a good time.

 

Before you ask, shes a pure bred Australian Kelpie

Fun fact: they cant make you shut off a truck with a dog in it

 

Ohio Truck Sales in Sandusky, OH......welp all i can say is best of luck to you mate. Those guys are NATORIOUS for taking peice of #### beaters slapping some low grade pain on them and then claiming they had a rebuild and even advertiseing the units as "fresh engine rebuild...when they havent so much as added oil since they pulled it from a scrap yard. The owners have also been sued and lost miltiple times for everything from sexual harassment to fraud and worse.

I know this is likely not making you feel better....but your likely screwed mate. NO ONE is going to lend on that PoS. And at 40% on 45k over i am assumeing 3 years? Your going to be paying $54,000 just in intrest. And id be shocked if your payment was much shy of $2800-3500 a month...... If they talked you into a 5+ year loan...welp good luck.

Bout the only options you have at this point are a chapter 7 or to learn to wrench on your own stuff and hope to god you find a really good company to lease onto or can somehow stay afloat in this market.

 

When did you sign the contract? Some states have a short period of time when you can rescind the contract. If not, try your damndest to have a lawyer go over the contract with a fine-tooth comb. If there are any irregularities or illegalities, it might render the contract as invalid.

 

Or you could just not make any payments and leave the keys with the dealer