Can any one refer good sites or fleet reseller contacts for buying used trucks and trailers..
My cousin is trucker with around 1 yr experience, wanted to finance a semi-truck and reefer for him..
Used trucks and trailers purchase, where are good places to look.
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DON'T DO IT!!!
If he wants a truck and trailer, tell him to buy his own.
Why are you buying him a truck?
This is a terrible idea, save your cash, instead of wasting it.
A brand new driver is a bad BAD investment because of how easy this job can go south on you
Did I mention it comes with benefits. There is also peace of mind certain companies have an excellent support network should anything happen they come to your rescue. Where you have make sure you're covered for "what if" when it happens.
Now onto being able to produce enough to pay back that loan to you if you are the "loaner". This is just some vague math where these things have to be considered before opening the wallet to your investment but I'm sure all this has been considered with a real mathematical model. I want to say it starts with a dream turns into plan then it is executed.
End the year on a good note & start the new one out blowing the horn loud. If there is no note & horn. Well that's more dreaming & planning. Happy End & New Year
If the people who loan money for a living , don’t want to loan money to someone , then they have a valid reason to not loan them money.
a truck is a rapidly depreciating asset, has a very high risk of being damaged or destroyed in an accident, and is constantly moving and impossible to locate to repossess .
If all that wasn’t enough , you mentioned that this is a family member.
That alone is enough reason to not do this .
Imagine how awkward thanksgiving dinner is gonna be when he makes excuses instead of making payments.
Are you willing to repossess the truck ?
From a family member ?
Being new, he will not "prosper right off". (Unable to make operating money, let alone pay you)
Not having any skin at risk, he will happily stretch yours. (The old: There is always more where that came from.)
Being family, the obligation to work hard and repay is much weaker. (You will understand and wait system).
Just say no... Quote him these reasons if you want. Have the "falling out" now, with you still having your money.
Incidentally, If you are to be considered a "co maker" on a deal with him, just think. If the finance arm will not risk him, with all their expertise and abilities to collect.. Are you more capable of putting the screws to ole cuz when needed?
Thanks for response and providing valuable input.. He is my family member, there is reason to help..
Initially trunck will be owned by me.. when things works out well probably any year or so, will transfer it to him.. Otherwise I will look for another driver or sell it. I own couple of gas stations I know the risk..
My question in this forum if you know some good reseller contacts or sites please share.. I am looking primary kenworth t680, freightliner cacadia.. anything beyond 2015.. if it is completely new truck I can directly to dealer..
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