What happens if you can’t make truck payment?

Hello! I’m thinking about financing a truck and then leasing on to company. What’s the worst case scenario if everything didn’t work out? I’ve seen comment of people losing houses when their business fail, how does that happen?

So if I let’s say finance a $100k used truck, $20k down. If I can’t make any payment, sell the truck and take the difference as loss. Anything else I have to add to the cost?

 

So does lease purchase actually make more sense if I want to start oo? For SFI, you pay more for the truck and you have to pay $11k to end the contract. Assuming you have the $11k saved up for emergency, you’re credit will still be good and you can walk away clean.

 

oh, by take a loss, I usually mean borrowing money from family to pay off debt

 

I was browsing through some company reviews here, can’t remember where I saw it. I think I do see a comment about losing house under Mercer’s review.

 

it definitely is. SFI “sell” their new cascadia for $250k, and used 300k mile for $140k. It’s a lot to stomach. But, with turnover rate so high and market right now, it seems like a good failsafe, if ending contract doesn’t break your credit. Still need to ask around about that.