20k Upside Down

[EASYTRADER]

I think I have had enough of expediting - It looks like I'm about 20k upside down in my straight truck, do truck dealers roll upside down money into a new loan. I'll probably have to buy a used tractor for this to even be possible any thoughts?

 

[dhalltoyo]

If there is enough margin in the tractor to absorb the negative equity it is possible. It would most likely be a top of the line unit with a lot of high dollar options.

The payments will be steep, because you are paying "Full Sticker" plus 25-30%, which is the max overage allowed by a few lenders.

 

[davekc]

It can usually be done, but the side effects won't likely be pleasant. You would likely be better served to run it while it is for sale, and then purchase something else upon its sale.
A lot of trucks for sale or repoed right now so not many dealers are going to be enthusiastic to give you a great price unless like the Rev mentioned, you commit to a high dollar purchase.

 

[x06col]

Easy, I kinda feel for ya bro. But, wat happen? You buy a camping truck? You not run hard when it wuz there, an pay the truck down? Pay tto much? Interest rate? What?

Help your bro's here, like they would help you not make the same.... if they could, or, would. 20k on a 20k truck, or, 20k on a 120k truck? Thay be a diff!

 

[EASYTRADER]

I have had the truck 20 months, bought it new for 106k, have 82k left on note. Truck has 226k miles, we have been in service 90%
of the time, but to be frank I know I could have grossed more in a tractor with landstar driving as a solo than with FECC in a team
D unit. So that's basicly it.

I figured on buying a tractor, sending the wife home, and running general frieght on a percentage. I,m not terribly crazy about taking it in the shorts on a trade in.

I also thought about adding a Lift-Gate, and a tag axle to get my GVW up to 45k. However I don't want to put in the extra cash without knowing what my ROI would be. I figure a Tag and Liftgate should cost about 6k, so how many extra loads would that produce, and what would the rate increase on those loads be?

Frankly I,dbe surprised if the investment was worth it, especially on a dry box.

 

[nightcreacher]

lift gate would help, without reefer unit,you dont need a tag axle,so that would be a waist.Cant understand why your not doing better,in service that much.Does wife have class a cdl? H/W team in tractor.equals lots dollars.oh i see your out of california,are yo w/g? is your high in service cause yout home waiting for the loads or are you actually staying on the road.so many things can go wrong,if your not in right place.Really sorry to hear your troubles.i was thinking of getting married one time,thought about how i could save 50000 drivers wages,to spend 100000 on wife lol
good luck to ya,get her an A cdl if she hasnt one now

 

[EASYTRADER]

wife has class A but doesn't want to use it. She wanted to drive a straight truck.

We don't spend anytime at home. About 6 weeks total in almost 2 years,

The real problem is the Fed does't seem to have much actual
Team Frieght- at least in drybox anyway. I drive 80% percent of the miles myself, so sometimes its like she just along for the tax write-off.

We generate more revenue than the brochure I was shown, but I
did that as a solo tractor driver.

Anyway I know DaveKc is right we should hold onto this truck for another year and balance out the upside-downess.

 

[jaminjim]

You might also consider changing carriers. If your in service that much, and have not had major expenses with truck maintenance it could be that you and your carrier are not a good fit. That is not bashing your present carrier, whats good for some may not be good for you.

 

[Vinnie T]

No team frht?

Weird

I would look at Panther or Landstar

If you still owe 80K, maybe if you can make more money at another carrier you can pay down the principle a little more. If your payment is 1200.00 a month maybe you can make enough to pay 1500? Another thing..what's you interest rate on your loan? Maybe get another loan at a better rate before rolling the loss into another truck. Eithier way if you roll it inti a new truck with the current fuel prices being a single driver and no longer a team in a E unit...I see that as a bad mix and maybe being worse off.

In other words, try to better manage your current situation before doing something drastic like that ..my .02

Change carriers, better interest rate on your loan are two places to maybe start.
Good luck