Selling an underwater financed truck

Discussion in 'Ask An Owner Operator' started by Underwater trucker, May 27, 2024.

  1. Opus

    Opus Road Train Member

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    Not to mention, if you turn it in, they'll just unload it at any price (probably around $20k), and you'll be on the hook for the balance.
    If it were me, I'd be talking to a BK lawyer today.
    You are screwed.
     
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  3. Ridgeline

    Ridgeline Road Train Member

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    So what is the rest of the story?

    run the truck!

    go to a carrier you can lease to and run the truck, drive it until the margin of debt is zero, it should take 8 months to a year.
     
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  4. Constant Learner

    Constant Learner Medium Load Member

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    This truck value probably is no more than 60K today. If he pays like 35K per year to the bank. It will take around 3 years until the margin of debt is zero.
     
  5. Lazer

    Lazer Road Train Member

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    Sit down with the lenders that you are involved with, the truck, your home(if you have a mortgage or own outright) and explain the situation. Depending on your total household net worth, you may be able to convert the balance of the truck note(after selling the truck) into a personal loan, and pay that off over time.
    Bankruptcy may, or may not be an option, depending on how this particular business venture was set-up, either an LLC, partnership, sole proprietor, etc., what your personal net worth is. Depending on the total value of all assets you have, this particular ‘business venture’ may be bankrupt, but ‘you’ may or may not be.
     
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  6. wifi_guru

    wifi_guru Medium Load Member

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    agree with ridgeline. also what about refinancing... a BK is the last thing you want!!!
     
  7. Ridgeline

    Ridgeline Road Train Member

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    I don't see it that way, he would have to move to add to the principle of the debt every week or two weeks and it can reduce that margin quickly.

    The more money he attempts to put into the margin, the better he can work with the lender to get rid of the truck. The value of the truck isn't important until one of two things happen, one is the truck is in an accident and it is totalled or the other is that he will try to sell it on the open market and his asking price is out of line with the market. Either way, reducing the margin will help.

    Now it begs the question - is the insurance amount representing the loan amount or just the market value of the truck. If he wrecks it or it burns to the ground, he may be on the hook for more than just the margin.
     
  8. Arctic_fox

    Arctic_fox Experienced mx13 execrator

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    No kidding! Even for my 2017 pete i only paid 80Kish and it only had 300k something on the odo at the time. 115K assumeing he paid 20% he likely picked it up at 140K-160K depending on how long he has had it. Maybe more. Which for a used columbia is just bonkers.

    That said @Ridgeline is correct. No one is going to touch a 2017 emissions truck with likely in the 750K+ miles range for more then 20k low end 30K absolutely top end. Not unless it has a yellow or pre emissions blue engine under the hood or stupid low miles. And even then you will be lucky to see more then 60k for it.

    Best bet is to find someplace to lease on, and run it. Maybe refinance it if posible. Whats your intrest rate on it anyway? How long have you had it, how many miles ect.
     
  9. Long FLD

    Long FLD Road Train Member

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    It’s a glider, not an emission truck. 2017 Columbia gliders are listed $50-80k on Truckpaper.
     
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  10. Opus

    Opus Road Train Member

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    Still ain't $115k......
     
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  11. Long FLD

    Long FLD Road Train Member

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    And it’s not $20k
     
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