Is there a way to sell a trailer that is financed?

Discussion in 'Ask An Owner Operator' started by Dadetrucking305, May 12, 2022.

  1. Dadetrucking305

    Dadetrucking305 Heavy Load Member

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    I’m currently hauling oilfield stuff and not using my step deck.Eventually I want to do something different that keeps me closer to home like end dump or belly dump and wondering if there is a way to sell my trailer if it’s currently financed? Don’t want to really keep paying on something that I’m not using and probably won’t be going back to.I could trade it in for an end or belly dump but don’t know how long I’ll be doing this oilfield hauling.
     
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  3. san00

    san00 Bobtail Member

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    It's pretty simple, put it for sale. Might be hard to find a buyer in this market though.

    You still owe the bank your principal and full interest. Most banks have an early payoff penalty so most likely you aren't getting out of paying any outstanding debt or interest. Buyer pays you, you pay the bank and the bank releases your title and you sign it over to the new buyer. Transaction complete.
     
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  4. Judge

    Judge Road Train Member

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    if it doesn’t cost to much, i’d keep it.
    always have option to grab it and go...
     
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  5. Dino soar

    Dino soar Road Train Member

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    You have to see how much you can get for it versus as how much you owe.

    If you owe $20,000 and someone will pay you twenty thousand then you pay the bank off and they get a clear title. If you get more than what you owe you pocket the money if you get less then you have to pay out of your pocket for whatever the difference is.
     
  6. skallagrime

    skallagrime Road Train Member

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    Did this on the 2nd trailer i had, i took it back to the dealer and just asked him to sell it again, told him what i needed to make me whole, took 3 months but he did it and was able to hand me a 1500 dollar check as well
     
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  7. Spyro2112

    Spyro2112 Medium Load Member

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  8. Catmando

    Catmando Road Train Member

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    Just think 90 days ago if you would of posted you were tossing around the idea of selling your trailer there would of been 15 or 20 guys on here fighting over it
    My how times have changed in short order
    Build Back American keep up the good work
    THANKS Brandon !
     
    Last edited: May 13, 2022
  9. Dadetrucking305

    Dadetrucking305 Heavy Load Member

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    Cibolo,Texas
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    Yup.I’m going to give it a try and if anything I’ll just trade it in for a different trailer and park it till I get out of the oilfield
     
  10. xsetra

    xsetra Road Train Member

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    In all fairness you forgot to include "better" . Which will be needed when this admin is finishing, heck it's needed now! But use a different definition of "build back better" than what is being used now.
     
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  11. xsetra

    xsetra Road Train Member

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    I've bought equipment with liens, I arranged purchase at the bank. I paid the bank, they gave me title and lien release. I walked out the new owner. No waiting, simple transaction.
     
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