First post with questions

tub335avow · Mar 6, 2007

Hello.. My first post here. I was just approved $22,000.00 for a truck through Capitol Solutions. I have ify credit and they would only approve me. Here is the deal. I need to put 2,500.00 down and they are allowing to but up my other colatrol I have.

I am going to viset Ellenbaum Truck Sales next week. If I do find a truck for 22,000.00 or under will it be werth it?? I am looking at running for one of the following companys.

BOLT

TRAN-Stewart

EXPRESS-1

I am a single guy and can run hard. Will I make enough running solo for the following bills?

1,100.00 Truck Payment
Insurence
Fuel
Other??????
I will be running SOLO. Any words of advise before I make a commitment... I have read alot so far.. I just want some honest words.... Thanks

RichM · Mar 6, 2007

Honestly you are pushing it. Obviously you are going to buy a used truck,think carefully about maintenance and repairs. Breakdowns occur at the worst possible moment,you may have to get towed (big Bucks) truck and you will be out of service until it is repaired. You may be stuck in a motel for a week. You can do it but you need a reserve to cover what I just said. I believe Capitol Solutions is a credit card company charging boo koo interest. Perhaps the dealer could finance you at better terms or some local(not National) bank.

If this dealer is willing to provide some type of warranty,give it a go.If you are still determined try to find an independent shop away from the dealer to give you an honest appraisal of gthe trucks condition. If the dealer won't go along with that say "Good Bye".

simplman · Mar 7, 2007

RE: also my first post

We have alot in common. I just purchased a truck from FYDA Freightliner and getting ready to start my new venture.Have been unemployed since December and had no luck finding a job in New York.I have tried to go into this w/ an open mind,and think you will get out of it what you put into it. Probably won't get rich but hope to pay the bills.I am signing on w/ FEDEX and have spoke w/ others.Good luck to you.

LDB · Mar 7, 2007

My advice to you would be to drive for an owner for a few months and DO NOT BUY A TRUCK NOW. Your financial situation is not only an open invitation to Murphy, it's in neon. The biggest drawback with your plan is the inevitable repair a $22k truck is going to need. A good friend of mine just bought a used truck. It gave him about a month and then had to have a new starter. I'm not sure if it needed a tow or not but it was down time and repair expenses. Where/how will you pay that without reserves?

Run someone's truck for 6 months on a 60/40 split with you getting 60 plus all of the fsc money and paying fuel and tolls only. Do not look at the game machines in the truckstops. Do not stop at any of the casinos you pass by. Do not buy a single cigarette. Eat meals from the refrigerator and microwave in the truck. If you avoid all those money thieves you will do ok. You will also learn some of the good areas as well as some of the bad without a truck note ticking every second you are sitting in the bad.

Some will disagree with me and say jumping in feet first with no lifeline is the only way, otherwise you aren't committed. I go for the cautious side when so much is at stake. Good luck.

Leo Bricker, 73's K5LDB, OOIDA Life Member 677319
Owner, Panther trucks 5508, 5509, 5641
Highway Watch Participant, Truckerbuddy
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cheri1122 · Mar 7, 2007

Good point: some who jump in feet first without a lifeline ought to BE committed, but for others, the fire under their behind that comes from burning the bridges is just the motivation they need to succeed - you should know which type you are. Good luck!

tmbm · Mar 8, 2007

$1,100 truck payment on a $22,000 truck? Can someone tell me if this is the standard, that puts 28% for 24 mo. I know he said his credit was iffy, but this sounds like a really high rate to me.

geo · Mar 8, 2007

-22,000 will not get you a very good truck, will have lot's of miles on , might be almost wore out, i would go driving for someone else and work your way into the truck

also if you can't get maintance records for the truck don't buy you will want to know what has been done to the truck and how well it was kept up

Deville · Mar 13, 2007

I Purchased my truck from Ellunbaum, I payed 26k for it teh Company Ellunbaum recomended for financeing with Iffy/first time buyer credit was CAG. I had to put 6k down.

The truck came with 355,000 miles on it and had NO warrenty, As John explained to me he des not warrenty trucks with over 200k on them. I took the chance & wound up throwing a rod and needed to rebuild the top half of the motor 3 months later at a $3,000 expense.

I was able to puchase and ESC warrenty though Catipilar they have various types of warrentys, That migh be the way to go.
I would say that my overall experiance with Ellunbaum was a positive one, but John is no dummy either, hes not warrentying anything, he knows these trucks like the back of his hand, & most of them have well over 200k on them.

My truck is still going, strong I think. keep up with the maintence, but I have replaced the following

Starter
Altenator
clutch
rear tires
rebuild top half of motor
rebild oil cooler
replaced fuel tank
repaired temp Gauge
have had 3 shorts repaired
all involving the same prolbem
I've put about 11k into the truck.

Tennesseahawk · Mar 13, 2007

That's an awful lot to replace. How many miles do you have on it now?

-Vampire Super Slooth Trucker!!!

Turtle · Mar 13, 2007

If you don't want to start out driving for a fleet owner first, if you are hellbent on getting your own truck and doing it for yourself, with an $1,100 a month note (yikes!) then don't even turn the key to start the engine unless you have a minimum of 5 grand in the bank. I mean it.

There will be all kinds of startup expenses that you haven't thought of, and that's just to sign on with the carrier (escrow, lettering, Qualcomm), the list is ##### near endless, or so it will seem. You go to sign on, start the orientation and paperwork, blink twice, and, "Where did my $2000 go?"

And after all that, you have to eat something for the first 2 or 3 weeks before any money starts coming in, and then there's that $1,100 note due in a week.

And like others have said, it's not a matter of if you'll break down, it's a matter of just how soon after you take possession of the truck will it break down.

If you don't have 3, 4, 5 grand laying around, you're gonna be in a world of hurt. Murphy is ruthless, and relentless, and he shows no mercy.

Blunt honesty, you're better off driving for someone for a year or so, and then paying cash for that truck, or putting that $22,000 down on a better one. But then again, I'm assuming an awful lot here, and you know your situation better than I do. Whatever you choose to do, I, and probably everyone else here, absolutely wish you the best.

dieselphreak2K · Mar 13, 2007

Those payments sound a little out of touch. I paid $21,000 for my KW, my credit was in the toilet, and I pay $700 a month. I put $1K down.

And yes breakdowns happen. My truck ate $10,600 last year counting parts, tow bills, repairs, etc. Be prepared for it, it will happen even to the best maintained ride. Hotel stays add up quickly too, as does the missed revenue.

Deville · Mar 13, 2007

>That's an awful lot to replace. How many miles do you have
>on it now?
>
>-Vampire Super Slooth Trucker!!!

434k

the truck nickels and dimes you to death

Tennesseahawk · Mar 13, 2007

80,000 miles and all that happens? YIKES! My condolenses.

-Vampire Super Slooth Trucker!!!

Deville · Mar 14, 2007

Aside from throwing the Rod everything was orginal so its like normal for these things like alternators starters and clutchs to be repalced.
isnt it?

antdub33 · Mar 15, 2007

Hey tub did they ask for land or your home as collateral? I have heard they usually want something like that for even the less expensive of trucks?

Broompilot · Mar 16, 2007

Turtle's advice should be read over and over again. $5K is exactly the advice I would give for a min. 10K is more like it. How does one save that up, well its gona probably take a year but get a full time job and deliver Pizza at night or work at UPS.

I disagree a little about an older truck, there can be some good ones to be found but one needs the advice of someone who knows these and not a salesman. I did it and the older truck has actually had less spent on in the way of repairs than my one and half year old truck at the same time did, and its still performing great today.

If you do decide to go forward, every load needs to have the first $100 pulled off the top for a reserve repair account and thats all that can be used for or else you will be doomed. Its not if it will break only when.

Good luck but please take Turtles advice, you reading Turtle?

Broompilot · Mar 16, 2007

Collateral, NEVER EVER USE ones house to buy a Truck. It would be bad enough to loose the truck, but ones house as well?

jeffman164 · Mar 19, 2007

I would NEVER EVER EVER put my house or any real estate up for collateral .There are other ways around that little matter. As for older trucks - that's the only route that I would go. Bought mine with 340,000 miles on it for $20,000 and in in the 100,000 miles since , Iv'e replaced a $5.00 hose . Oh, I should mention that the $5.00 hose cost me $230.00 cause it was a road side service call repair. (go figure). Life's a crap shoot and just figured the plder truck was the better choice for me. Now all that I have to do is wait for those costly repairs to start happening cause they WILL happen.