Selling an underwater financed truck

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

  1. Kenworth6969

    Kenworth6969 Road Train Member

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    For just $25k can ride it till it blows up.
    I'd rather have one of those than a 700k Mile emissions truck.
     
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  3. ElmerFudpucker

    ElmerFudpucker Medium Load Member

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    Since when is it ok to welsh on a deal? I would work my ### off to pay for it. The pain will be remembered and you won’t over pay for the next one. Education is expensive and I have integrity.
     
  4. Underwater trucker

    Underwater trucker Bobtail Member

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    Thank you for all of the replies, they’ve been very enlightening. Currently it’s at 630k miles. The engine was rebuilt by Freightliner, installed by a Freightliner dealership, and sold by that same dealership as a zero-mile vehicle. At 530k miles the original owner traded it back in to the same dealership, which is where I bought it from - unfortunately right at the peak of the chip shortage.

    I’m switching careers - no more trucking for me - so driving it isn’t an option (maybe I got burned out doing too much NYC, heh). Anyway, I’m pretty confident that it could bring near $80k in this area in optimal circumstances. We have enough cash where we can pay off the whole thing at once, but we are struggling to insure it since it’s not in use, so any advice anyone can provide on insuring a parked tractor might be useful.

    Some members of the family (I’m the only one with any industry experience) are leery of just paying it off first and then selling it with title in hand, mainly over concerns of catastrophe, say if it burns down after we buy it and thus lose all the cash. So they’re more interested in turning it in, or this other arrangement with a private buyer.

    Apparently it would likely take 4-6 weeks to get the title, so I am trying to gauge how many buyers might be open to an arrangement where they’d pony up some of the cash (their agreed-upon purchase price, or maybe just a chunk of it) and then wait up to 6 weeks for the title. Is that an arrangement anyone has heard of succeeding? Thanks again
     
    Last edited: May 29, 2024
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  5. Siinman

    Siinman Road Train Member

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    Not sure who in their right mind would buy that for 80K but if you can sell it I would. I would just sell it for what you can get out of it and take the buyer to the bank and wire all funds together to complete deal.

    On my last truck I owed a little money on it and had the buyer pay me and then I wired the money to pay it off at the bank with him there. No issues as along as you are at the bank to do the work. They will have you both fill out the paperwork to do the work and hopefully like in my case we both had the same bank. No one was worried since the bank handled all the paperwork while we both set in the office to get it all paid off and transfer all information to him.
     
  6. ElmerFudpucker

    ElmerFudpucker Medium Load Member

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    If you have the money to pay it off and just choose to turn it in then you deserve to get sued for the difference and have your credit destroyed.
     
  7. Arctic_fox

    Arctic_fox Experienced mx13 execrator

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    Ok first that is not an 80k truck, no way no how. If you can get it great but my honest opinion is first it has almost 700k miles with no rebuild. Many engines fail in the 700-1mil bracket and will require a rebuild. Thats going to be a big hit to the value.

    Second it may just be the photo and im having a hard time telling on my phone, but it looks like it has some pretty serious damage to it on the one side....if so thats
    a pretty huge dent in the side of the type that potentially requires a new sleeper to fix. If its just the reflections then its not too bad though i can see a lot of scuffed damaged paint on the vehicle which is going to lower the value a bit

    Next i can see a lot of rust on it in various areas which is not the end of the world but without better photos may indicate worn or damaged parts especially if thats actully damage in the photo on the side. Also i dont remimber reading if thats a cat or detroit under the hood. If its a cat that will boost the price a bit. But if its a detroit it wont just because cat cult always adds a few extra K to value.

    Finally thats a bare bones unit with very little trim or upgrades i can see from the limited images. Thats going to further lower the value. As an honest assesment. Thats a 40ish K truck MAYBE 50ishK if that side is not damaged and its got a cat. And ive seen glider trucks with less miles, higher trim and in better condition overall going for much lower then 80k.

    As for the rest @Siinman summed it up. For insurance just call and ask for storage insurance on the unit to various insurance places. I dont know about your area but where i live its a pretty standard option for the local farmers.
     
  8. broke down plumber

    broke down plumber Medium Load Member

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    Ive known people who've filed bankruptcy . Lenders stand in line to loan money because they know they cant file again for 10yrs . Today may be a different story because of economy but idk.
     
  9. lester

    lester Midwest's #1 Feed Hauler

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    paying off the loan and getting the title in hand would make selling much easier.. making a new owner wait weeks for a title or some other convoluted plan you have is going to discourage buyers.

    should be no reason you can't insure the truck with some kind of storage insurance or something. call your agent and tell them what you are doing..
     
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  10. abyliks

    abyliks Road Train Member

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    You can’t sell a truck without a title… and even if something happens you may still own the bank money on after insurance, that’s

    a 15-20k Columbia with a Walmart paint job, that I can see the orange peel on from here, and not one single drive tire matches, what else have you hacked together? Does it even have GGG in the VIN? pay it off, get the title and sell it, sound like every other scammer trying to pull a get rich quick scheme,
     
    Last edited: May 29, 2024
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