mercer transportation

So with quality closing what's gonna happen with the drivers that lease trucks

 

It may not be fair, but, no mater how many lease payments were made The name on the title owns the truck until all payments are made.

Hopefully they will be given the opportunity to buy the lease out. But I would be surprised if that came to pass.

Even if given that opportunity most would be upside down on what the truck is worth vs payments remaining, and could never find someone to finance it.

For the sake of those that made the system work, and had fewer payments left than the truck is worth. I hope that they were/are given the opportunity.

 

Yeah it's a ####ty deal if it comes down to that. Hope they can get a loan and get that truck if so.

 

They are closing the leasing of new trucks but continuing to operate other aspects of their business, no bankruptcy...article I read said those with current leases will not be affected.

 

When Arrow closed, the L/Os lost the truck and every dime they put into it.

 

Arrow the trucking company, not Arrow truck sales... likewise Quality Leasing is no longer a part of Celadon.

 

Yeah, I looked to see if they had any press releases regarding closing completely down and couldn't find anything.

 

It can be tough to pay your first truck off under the best of circumstances. If this is true, I'm impressed. Shows some integrity.

I would have bet the money people would have said "screw the little guy"

 

Used truck sales are down, they don't want them back.

 

I think they might. The trucks that are almost paid for will be worth more at bankruptcy sale as they have equity for Quality to sell em off and they'll be worth more as they've almost been paid for.