Selling an underwater financed truck

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

  1. AModelCat

    AModelCat Road Train Member

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    Its a clean truck but I have to side with everyone else on this one. I don't think you'll see $80k for it unfortunately.
     
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  3. Kenworth6969

    Kenworth6969 Road Train Member

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    Rates would need to double for this to maybe able to sell for $80k
     
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  4. wifi_guru

    wifi_guru Medium Load Member

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    lenders will start snail mailing flyers for credit once someone has filed because they know they cant file for 10 years and they can sue em if they don't pay up
     
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  5. wifi_guru

    wifi_guru Medium Load Member

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    id'e drive it till it blew up and the wheels fell off. would putting someone else in the seat an option
     
  6. wifi_guru

    wifi_guru Medium Load Member

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    i side with everyone it's a clean truck but i don't think that your gonna get 80k for it.
     
  7. SmoothBore

    SmoothBore Medium Load Member

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  8. Kenworth6969

    Kenworth6969 Road Train Member

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  9. Ridgeline

    Ridgeline Road Train Member

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    Wait ... the dealer took the truck back at 530k and then the dealership put a new engine in it and considered it a zero mile vehicle?

    Thats fraud.

    If the engine was rebuilt when it was new, then why?

    This knocks the value down a lot.
    That is not a $80k truck, that is a $40k truck. With the history of it being as such, the value drops.

    I would not listen to any family member unless they are a CPA. why would it burn down after ... wait who is we?

    No one in their right mind would pick up the financing of the truck at this point.
    I can get a title in one day, not 4-6 weeks. All I need is a letter of release of Lein and I am good to go.

    I would think that any buyer if you expect to have them pick up the financing, would not pay a penny to you, but just pick up the financing, not even transfer it to them, but pick it up through a lease arrangement where you are still a responsible party. Your dealing with an asset with a worth of <50% of the debt attached to it, you will have to take a loss, be it $40k or even $80k. Someone like me would pick it up but I would not pay more than $35k - $40k.
     
  10. Constant Learner

    Constant Learner Medium Load Member

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    This is $20K truck, it's hard to believe his story.
     
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  11. Ridgeline

    Ridgeline Road Train Member

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    Well that may be true but I wouldn't take his word for anything, I would have everything done on my due diligence trip, then I would give him an offer, it may be less than $20k.
     
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