Loan using trailer as collateral?

If you have your own numbers. You’re a motor carrier. You should never accept a load offer from a broker or make a deal with a customer if you don’t have the capability to recover the load. Everything goes wrong in trucking. Those that have been at it, probably grinned while they read my last sentence. It just does. If you don’t have the capability to cover the load completely, you’re not performing the service your customer has entrusted you. If it’s too much, leasing on works. There you have a team, a network. It takes money to be a carrier. It’s not a get rich, take advantage of the customer, but should be about earning pay thru service. OP, should be able to recoup funds from borrowing against the trailer and come up with a plan to serve the customer thru completion. After that regroup and strategize.

 

Wondering the same thing. That has to be communicated right away to me. I would hate to have to make a call like that, but honesty is the only way to be.

 

Holly !hit. Out of all places being broken in WY is like to be given a devine sign of sorts. Or it is like cutting your vains open in the water full of sharks. Some folks borrowed a friend's truck and a tow bar to get the hell out of there...

So, the last time it happened to me (turbo failed too) but closer home, I towed the tractor, rented another truck, delivered the load and was about 10 grand short after all that... and a couple of years before that there was another, electrical issue, longer haul towing and rentals involved, cost me close to 12 grand.
Yeah...every now and then you gotta take that nasty punch into your solar plexus.

These sorts of expenses are not uncommon, if you break down on a trip.

You know...all of you noob owner operators with $2500 in your banks...if you are short on capital, at least don't venture too far from home.

 

I do appreciate @zaroba sharing the story. Many guys are running emissions vg turbos. It will fail on you. 100% It won’t be the cost of a pre emissions 1800-2800 dollar turbo. Have a plan. Not telling you what to do with the engine, but nobody is going to help you with the funds. EPA would care less about your struggles. You matter not to them and are their sworn enemy. As you work to feed your family they are actively working on destroying the equipment you use for work. Just have a plan. Extra money or whatever ever. Please rethink getting your numbers until you are ready. There are still great places to lease on and make a living. Just got to network.
Most guys say pay off the equipment. Well if you do and have no funds, you can be in a bind. Usually can only mortgage 50-75% of value. Sometimes low interest loan and a big bank account can help when you hit a hard spot. It’s easier to rent, hire help,etc… Money seems to fix issues.

 

Sad thing these days.. You can put that truck on a RGN and take it home for cheap. You are spot on, on your comments.

 

Do you happen to have a home with some equity in it? might be able to take out a quick line of credit? Try and call around closer to two at another dealer and see what they would charge to replace. Might be able to save 2-5K plus whatever a tow would be.

When I first started out I had to rebuild my engine and had made a deal with the shop for a 12 month payment plan. Might be able to do something like that with a place if you give them the title to the trailer? Can't hurt to ask around if that is something you could try. if you are set in staying in business I would do what is needed to make it happen. But you know as well as everyone that you better be putting money in the bank and staying closer to home incase of major repair happens around the corner.

Have you told the broker what is going on yet? Hopefully it is not a hot load!

 

No you didn't..... You still have not answered my question.....

 

When I broke down in Fl 1.5 years ago it was gonna cost more to do RGN then to have a tow truck from MO drive down and get it. Was crazy expensive for some reason.

 

You're not very bright are you? Do you understand how lending works?

 

I doubt you have two nickels to rub together....