O/O wants to rent truck.

Discussion in 'Lease Purchase Trucking Forum' started by Sheldon2023, Nov 20, 2023.

  1. Sheldon2023

    Sheldon2023 Bobtail Member

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    I am an owner operator that is trying to get out of the game. I made a huge mistake by over paying for a truck in 2021. I want to try to lease or sell the truck. The problem is, if I rent it to someone how do I handle the insurance? Do I add them as a driver? Or do they get their own insurance? If I sell, I won't get enough to pay off the loan I took out to get it. I could take a loss, but not too much. Can someone assist me with my options? Thanks!
     
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  3. Atlanta trucker

    Atlanta trucker Road Train Member

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    Put it up for sale and just pay the difference of what you owe to what you can con someone into paying you to buy it. I believe rates will stay suppressed for quite a while so equipment prices will continue to drop like a rock. The longer you wait the more you will lose in the end. How would renting the truck help you out of your problem ? I hoped you learned borrowing money is a bad idea ?
     
  4. Sheldon2023

    Sheldon2023 Bobtail Member

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    I would just rent to keep up with the payments and insurance. Yes, you are correct. I will never do that again. I had no idea the economy was going to take a dumpster dive. Lesson learned! I am going g back to a 9-5 for now.
     
    Atlanta trucker Thanks this.
  5. Atlanta trucker

    Atlanta trucker Road Train Member

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    The problem with renting out your truck is it doesn’t help you out of your problem it only extends your problem. I would check the finance contract it may say you can’t rent it to someone else.
     
    gentleroger Thanks this.
  6. Lyle H

    Lyle H Road Train Member

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    Bad idea to rent it out.
    Sell it… swallow the loss …. move on to the 9-5
     
  7. Sheldon2023

    Sheldon2023 Bobtail Member

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    Thank you!
     
  8. Sheldon2023

    Sheldon2023 Bobtail Member

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    It was a personal loan.
     
    Atlanta trucker Thanks this.
  9. singlescrewshaker

    singlescrewshaker Road Train Member

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    Whats this big hammer look like?

    I might be game..
     
    cke, Oxbow and Atlanta trucker Thank this.
  10. lester

    lester Midwest's #1 Feed Hauler

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    if you lease it to someone they would have to Insure it. you'd write up some kind of contract and get their proof of insurance.
    But if you can't make money with the truck how would you expect someone else to all the while they aren't building any equity either, just making your payments
     
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