what happens if i turn my truck in.

Discussion in 'Lease Purchase Trucking Forum' started by DragonHalo99, Apr 2, 2014.

  1. KeithT1967

    KeithT1967 Road Train Member

    1,458
    1,542
    Nov 12, 2008
    Springfield, Ohio
    0
    I can see I'm going to enjoy destroying someones argument in my next thread. :)
     
    GabeScott Thanks this.
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. GabeScott

    GabeScott Medium Load Member

    422
    282
    Feb 16, 2014
    0
    He's saying the same #### everyone else has said.

    Are there bad leases out there? Sure are. Are there good ones? again, sure are.

    Me thinks they need some Art stores near the truck stops cause these guys are painting with too broad a brush.
     
    KeithT1967 Thanks this.
  4. Gordon A

    Gordon A Medium Load Member

    384
    345
    Jul 22, 2013
    0
    Don't forget that your credit may take a hit. It is a debt your walking away from. That is why I say . Put A walk away clause in the contract. or being able to be able take truck and lease on elsewhere.
     
  5. Ubu

    Ubu Road Train Member

    1,252
    1,177
    Aug 25, 2012
    Rumored to be somewhere
    0
    It a lease, not a loan so it is not a debt. It is a contract but most lease contracts have conditions to allow for early termination.

    There is no credit hit if you walk away from a lease. On the other side of things there is no befit to your credit for leasing and completing it ether.
     
  6. Gordon A

    Gordon A Medium Load Member

    384
    345
    Jul 22, 2013
    0
    Your right UBU but I did say MAY take a hit. And not all leases are the same from company to company. But if they research in depth most lease purchases really do not benefit the drivers enough to take it on.
    I think a lot of the good - bad leases depend on the integrity of the company. I know not all companies are bad or dishonest but you seldom hear about those.
     
  7. KeithT1967

    KeithT1967 Road Train Member

    1,458
    1,542
    Nov 12, 2008
    Springfield, Ohio
    0
    I beg to differ. Go lease a car and turn it in early. It will be treated exactly like a repossession. On the other hand a lease purchase can be reported and br a benefit to your credit. My company does exactly that.
     
    JChors Thanks this.
  8. Treputt

    Treputt Medium Load Member

    564
    1,100
    Mar 15, 2013
    Sacramento, CA
    0
    My balloon payment is a dollar (IE: $1.00 USD). Although it may cause considerable financial strain on my budget, I plan on setting aside 1 nickel (IE: 5 pennies) a month to cover the balloon payment due at my lease conclusion. I haven't always been able to put away such a large sum of cash, so wish me luck!
     
    KeithT1967 Thanks this.
  9. AfterShock

    AfterShock Road Train Member

    6,645
    10,108
    Sep 19, 2007
    Inland Empire, California
    0
    The original poster mentioned that he is involved in a lease with Central Refrigerated/Swift. Some of the replies mention a Lease/PURCHASE. Has it been established that the Central/Swift lease is, in fact, a lease with an option to purchase at the end of the lease? Or, is it a standard lease where, at the conclusion of the contract's specified date, the leased equipment is returned to the leasing agent and the lessee just walks away?
    Not all leases are Lease/Purchase., or lease with an option to purchase at the end of the lease.

    Leasing a Big truck without an option to purchase contract is more like renting the equipment for a set period of time. Leasing with an option to purchase is still comparable to renting during the lease period specified in the contract. At the conclusion of a lease/purchase, the lessee has the option of purchasing the leased equipment for an amount set by the leasing agent, or just walking away with nothing, --- except for the satisfaction of completing the lease.
     
  10. boneebone

    boneebone Road Train Member

    2,230
    2,262
    Mar 13, 2009
    0
    Your brother might have never heard from the Phone Company again, but I'm sure his Credit Report already did.
     
  11. Drifter42

    Drifter42 Hopper Heartache

    2,141
    3,838
    Dec 4, 2011
    Seymour IN
    0
    And a collection agency will be next.
     
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.