What happens if you can’t make truck payment?

If you cant make a payment you immediately contact lender and request a deferral. Stay in contact until you can pay. If you are in default and lender does not hear from you they’ll repo in a heartbeat.

I do know a fellow who kept on trucking without making payments for a full year before bank snagged his B61 but this was decades ago.

 

Looking back I realize how bad a deal I agreed to when I leased at Prime. The only thing I can be thankful for was it wasn't Schneider. It's like either joining a cult that will let you leave vs one that forces the kool-aid poison mix down your throat.

 

Public Shame and Stick beatings.

 

I don't disagree with this, but if someone can start out in this market and actually survive, then they should be able to thrive when the tide turns to the good.

But man, I think it'd be tough...

 

I just don't see someone starting out in the current market with a truck and trailer payment, and survive on the spot market.

Someone recently posted an article that rates were lower than operating costs.

 

I know a guy who didn’t make a payment for a year, the bank finally come down and got it.

They told him to make an attempt and they’d just extend the note, he wouldn’t, niw he drives for another guy, $25/hr for 40 hours/week.

 

I would always recommend having at least 50% or more of the price of the truck in your bank in this market. Never leave yourself short of money. Personally, I never would of bought a truck otherwise and always had a plan b though 'D' just in case. My 'A' plan timing wasnt going to work as you aee the current market so going to 'b' worked out with a carrier able to obtain reasonable paying loads in this market. Its night and day compared to 2021 going into 2022. Its become a nickle and dime business that a O/o who doesn't have a majority of direct custom base is probably better off leasing onto a carrier who does and has an abundance of work. Diesel isnt cheap and the truck needs to roll and not sit for days. The dealership I bought mine from is asking me if I'm interested in another. Not in this market until something turns around. Interest rates are way higher when i purchased mine yet load rates are less with fuel cost higher. I believe were close to the bottome with $1.27 cpm average loads so make sure you have a substantial residual in your bank before that purchase.

 

Take your $20k to the auctions right now. Find a couple pre emission trucks that look good mechanically with decent tires. If you don’t know what to look for, bring someone that does. Auction prices are reflecting the current market. Put the big payment in your savings account along with your maintenance payment and only take any out if absolutely necessary for repairs. Worst case in this situation is losing your $20k, not more and your credit.

 

If you don't have a few years experience as a company or W-2 driver don't even consider leasing a truck. Nothing in any contract requires the trucking company or truck leasing company to give you enough freight to make enough money to pay for the lease and pay your other bills. You are signing a contract that obligates you to pay the expenses of the truck regardless of how much work is available. They are leasing the truck to you because it guarantees someone else will pay the bills for it. Why not just be a company driver where 100% of your paycheck is profit?

 

Four points:

1) You do listen to Dave Ramsey every evening, right?

2) The big problem for most youngsters is garnishment of wages. If you're gonna try to scam a bank, then you need to be in one of the four states which traditionally did not allow garnishing of wages [which traditionally used to be Pennsylvania & Texas & the Carolinas, South & North]. But you need to study the current statutes & current Common Law interpretations in each of those states to make absolutely certain that you'd be safe one of those states. And every time you leave a safe state, and enter a foreign unsafe state, you might be creating legalistic problems for yourself.

3) Another yuge problem is if you actually own anything of value. For instance, if you own a farm which has been in the family for 200 years, then that farm ain't making it to 201 years, because the bank is gonna tell the judge to order the sheriff to seize that farm [so as to sell it and thereby pay off your debt to the bank].

4) You do listen to Dave Ramsey every evening, right?