Refinacing a currently leased truck

Why didn’t you say that to begin with? If they hold the paper, they get to make the rules. So they won’t let you refi property that you don’t own? That’s pretty standard. Remember you can’t borrow your way out of debt. Hard lesson. Time to learn all this is before you sign on the dotted line. Sorry, it sounds like you’ve been slaving away for 3 or 4 years, and your only option is to give the truck back, with nothing to show for all your hard work.

But I have to ask - where did all the money go? Do you personally have money management problems?

You also have the option to sit down with SFI and have a serious conversation, you’ll never know what their position is until you ask.

But don’t make one bad lease into 2 bad leases!

good luck

 

I doubt that you have any equity in the truck. No equity - nothing to borrow against

BTW One of the worst handles I’ve seen on here in a long time. And no I’m not asking for any details

 

Not supposed to be helpful just don't lease purchase no never never never lease,,

 

US Bank will finance equipment up to $250,000 if you have been in business at least two years. It is easy to open up a sole proprietor checking account with them. Myself and several of my trucking clients have sole proprietor checking accounts with the bank.

 

Opening a checking account will not make him eligible to get a loan. Maybe you missed what he said in his original post - well he didn’t exactly say it, but he just doesn’t have the cash to keep up with the payments, or he wouldn’t be looking for a loan, to payoff his lease.

I think his first step should be with SNI, see if they’ll re-negotiate his lease. Given the virus, they probably are offering something, they don’t want all those trucks back.

Banks never loan you money when you need it. Has anyone else noticed that?

 

If you are going to ask a regular bank or credit union for a loan, part of the process is going to be having a business checking or savings account with the financial institution, because they will want to take the monthly payment out of their bank account.

I have had several business clients, including owner operators, ask for and receive a business line of credit from their bank or credit union in the last couple months, so they are still loaning money in spite of what is going on.

 

That is a mighty long time to be away from home, almost 6 months. I salute you!
And thanks for the clarification, I better understand why you need to go local. Still that payment is a boat anchor. Have you tried talking to someone at SNL?
Good luck in finding some help to get things more manageable.
Thanks