Help me find some financing on a Cargo Van!

brewster1958 · Oct 22, 2003

I guess I have the worst credit ever. Mostly due to owning to semi tractors. The first one, a 1996 Peterbilt 379 EXHD, caught fire while parked. The inspectors said it was a eletrical fire, and the insurance company totalled it, but did not pay off the whole note, leaving me with a bill, I cannot pay on driver's wages. The second one, 1994 WhiteGMC WIA64TTES, started leaking antifreeze into the oil. I had just got done putting new steer tires, 8 new recaps on the rear, new brakes, drums, etc., and had the front steering system rebuilt, depleting my maintenance fund. Thought I had all my ducks in a row, and then the antifreeze thing. I called the finance company, and they told me to have the engine rebuilt, and they would just add it to the loan. I only had three payments left on the truck, when the leak started. After the engine was rebuilt, the finance company told me, they could only go half on the repairs, so this left me with a $6400 balance, which after the truck was down for two months, I had depleted everything I had, and no one was going to lend any money against a truck with a loan already. So, to make a long story short, they came to the garage, paid off the garage, and took the truck. End of me being a owner operator.

I want to get into Cargo Vans real bad. They would be so much easier to take care of, park, manuever, and make much more money than the big trucks, after comparing expenses.

Please let me know if any of you have any ideas, I am almost to the end of my rope on this deal. I have been approved to come to work, at Panther II. I have 23 years of OTR semi truck experience, and getting tired of the trailers, and politics around a big truck.

Thanks Bruce.

fastman1us · Oct 22, 2003

Well what I did a few Years ago was hit up the buy here pay here lots till I found a van.Bought it and paid it off early.Now my credit is good enough to buy at a real dealer.I just bought a 03 GMC Savana.Good Luck

brewster1958 · Oct 24, 2003

Thanks for the information. Never thought of that. Will check into it next week. I told the bank, I wouldn't mind paying an extra high interest, because I would pay it off early, so the interest, probably wouldn't be a problem, anyway. Thanks again.

Lawrence · Oct 26, 2003

You may want to call Dan Tilley with Alumi-Bunk 866.799.2865 - I think they have leasing on some used vans.

Lawrence,
Expediters Online.com

-----------------------------------------
On the keyboard of life, always keep
one finger on the escape key.
http://www.expeditersonline.com/fastcomputer.gif
-----------------------------------------

brewster1958 · Oct 28, 2003

Thanks Lawrence, but Alumibunk is not a very good choice. It takes them so long to get back to you. I tried their Detroit office first, never heard anything back on them trying to get me financed. I called Dan Tilley. Same thing, I always had to call him back, he would never call me back, even after telling me he would. The Alumibunk thing is a very nice option. If you do not have spotless financing, hang it up, they will take your application, but you will never hear anything back from them, if you don't mean their criteria. I have found other vans that are new, but lack the sleeper berth, for $6,000 cheaper. I don't believe their package costs that much, but one seems to wonder.

I appreciate the thought though. I like their ad, there for a while, they had a pop up, and it said "good credit, bad credit, no problem", but I proved that all wrong.

Have a great day.

teacel · Oct 29, 2003

Seams to me you have terrible credit. I don't recall the ad stating anything about terrible credit!!!! A good credit score is 650 or higher. A bad credit score is 550 to 649. A terrible high-risk credit score is below 550. After all the people you took money from, how do you expect someone to loan you lunch money, let alone thousands to buy a van, that according to your own track record will not pay back? Can you honestly blame someone for not calling you back after checking someone’s credit such as yours???

Weave · Oct 29, 2003

I have to totally agree with Tony on this one. It does not look good when you default on a loan and $6400 on top of it. I feel for you, but unfortuneately lenders won't.
-Weave-

brewster1958 · Oct 30, 2003

I DID NOT DEFAULT ON THE LOAN. DID YOU READ EVERYTHING I SAID? MUST NOT HAVE. DID I MENTION I SPENT ALL MY MONEY FIXING UP THE TRUCK, AND THEN HAVE THE UNEXPECTABLE HAPPEN. THE FINANCE COMPANY SET ME UP. I ONLY HAD THREE PAYMENTS, UNTIL PAID OFF. WHEN THE ANTIFREEZE STARTING LEAKING INTO THE OIL, I CONTACTED THE FINANCE COMPANY WHICH TOLD ME TO HAVE THE ENGINE REBUILT. I DID WHAT THEY TOLD ME, AND THEY SAID THEY WOULD JUST APPLY THE COST OF THE REBUILD AGAINST THE LOAN OF THE TRUCK. THE TRUCK SPENT THREE MONTHS IN THE SHOP. I WORKED SMALL JOBS TRYING TO MAKE TRUCK PAYMENTS, HOUSE PAYMENTS, FEED MY FAMILY, AND HOPEFULLY HAVE MONEY TO GET BACK ON THE ROAD. WHEN THEY FIXED THE ENGINE, I CALLED THE FINANCE COMPANY, AND THEN THEY INSTRUCTED ME THAT THEY WERE ONLY GOING TO PAY HALF OF THE REBUILD. I WOULD HAVE TO COME UP WITH THE OTHER HALF BEFORE GETTING THE TRUCK OUT OF THE SHOP. NO TRUCK, NO MONEY. AT THAT TIME, IS WHEN NO ONE WAS LENDING MONEY ON A COMMERCIAL VEHICLE BECAUSE OF ALL THE REPO'S THEY HAD SINCE THE RISE OF FUEL PRICES. WITH TRUCK PAYMENTS OF $1200 A MONTH, AND A $6400 REPAIR BILL OVER MY HEAD, AND THE REPAIR SHOP WOULDN'T RELEASE THE TRUCK TO ME, WITHOUT THE AMOUNT PAID OFF, I HAD NO CHOICE BUT TO CALL THE FINANCE COMPANY AND TELL THEM I DID NOT HAVE THE MONEY. THEY CAME AND PAID OFF THE BILL, AND GOT A TRUCK WITH ONLY THREE PAYMENTS TO GO, AND A NEW ENGINE, WITH MY NAME ON IT. NOW I BELIEVE BEFORE YOU DROP JUDGEMENT ON ME, YOU OUGHT TO GET ALL THE FACTS. I HAVEN'T FILED BANCRUPTCY YET, BECAUSE I WANT TO GET GOING ON THIS VAN THING, SO I CAN MAKE EXTRA MONEY, THAT I AM NOT GOING TO MAKE ON A REGULAR JOB, TO PAY OFF THIS HEADACHE. THIS IS THE ONLY THING I HAVE OVER MY HEAD. I OWN MY OWN HOUSE, CARS, TRAVEL TRAILER, A MOTORHOME I HAVE FOR SALE, AND A DRAG CAR. ONLY THING HOLDING ME UP, IS THAT ENGINE PROBLEM. I HAVE 23 YEARS DRIVING TRACTOR TRAILER, AND 10 YEARS OWNING MY OWN. THIS ONE PROBLEM HAS CAUSE ME A GREAT DEAL OF PAIN, AND YOU ALL ARE NOT HELPING ME OUT. ALL I ASKED FOR WAS SOME HELP ON HERE, AND ALL I HAVE GOTTEN IS CRITICISM.

IF A COMPANY LIKE ALUMIBUNK, CAN'T CALL SOMEONE BACK, THEN THEY AREN'T MUCH, BECAUSE EVERYONE ELSE HAS AT LEAST CALLED ME BACK, SO DON'T THINK THAT EVERYONE THAT LOOKS AT MY CREDIT DOES NOT CALL ME BACK, BECAUSE ALUMIBUNK IS THE ONLY ONES.

Weave · Oct 30, 2003

We weren't passing judgement on you whatsoever. But, you can go to many places online and check the status of your credit for a small fee if you are wondering if or why it's bad. Now, when the finance company came and took the truck, did they tell you all was well and good with the debt left on the truck? I'll bet they didn't. Correct me if I am wrong after reading both your posts twice, but you had 3 $1200 payments left, that's $3600, and a $12800 repair bill you left the finance company with, for a total of $16400. Did the finance company give you anything in writing saying you were released from your responsibilites for this debt? It doesn't matter if the loan co. told you to have the engine rebuilt, YOU signed the work order for the reapirs to be done, right? For the help? Do yourself a favor and check your own credit to be sure it's good. And if other places are calling you back and all is well, than don't bother with Alumi-Bunk if they don't want to work with you. Or you can wait until you sell off your toys, and buy the van without taking out a loan. Getting loans nowadays for trucks is difficult, even with clean credit. One good thing is if your credit was messed up by the truck, there is a statute of limitations on that so it won't show on your record forever.
-Weave-

teacel · Oct 30, 2003

What kind of motor home, and what year? What other toys are you selling. If they are in good shape and worth it I will buy the motor home and or others that equal the cost of a new or good used van. In fact I will buy the van and trade you even up. Post some pictures for me to see!!!

Whiterabbit · Oct 30, 2003

Sorry to here of your problems...yup your good time stuff may have to go, i had to do it,my credit got trashed to but someone stole my id yrs ago,when no one cared...sold it all ! Had the best millitary arms collection this side of the mississippi ! All gone but a few,even my m14 had to go ! Sold my 59 semi custom hand built sporster 3 mo ago... tommorrow a guy is driving 300 miles to pay cash for my 70 near mint sporty,sold it for 2500 friggen dollars ! Sold my bu coin collection i had since 68 ! Not to mention my peter max poster collection ...that hurt,

...But i still got my house (an wife!

)...got me enough of a downpayment for a newused cargovan (low miles) and start work in bout 2 wks ...yup toys are gone but oh well their just things... just tryin to help like you asked for ...ADVICE get the downpayment ,get one of those glossy add papers ,you see em all over in resteraunt lobbys ,ya know? find a lot that will finance for a high credit to "anyone with a downpayment"...........and dont worry bout the sleeper berth,many of van drivers dont have that luxury,......put a cooler or whatever between your seats with some padding of course ,and stretchout and count your blessings my freind!...heck most loads are small and youll have plenty of room in the back cargo area... and if all else fails Con Way has a list of owners lookin for drivers for that 60 40 split thing ,straight trucks tho. yup some times ya got to dig your claws in and hang on but in a few years youll be ok! *make sure the van is usable tho like no windows and a good rear door width etc etc etc* hoping things work out , (its just what worked for me ) If you dont have a job now tho it will be tough to get any credit...Sorry, then go with the "if all else fails" thing above...hey prayin might help also

Whiterabbit · Oct 30, 2003

Weave · Oct 30, 2003

I apologize to Brewster for sounding like a stink-bomb, but I don't want to be a pollyanna and color one's world sunshine yellow either. Even when things aren't what you want to hear, you have to find a way to move on regardless. Brewster stated "I haven't filed bankruptcy yet,..." He surely must have an idea that creditors know he is close, and lenders are not going to loan money to people in that situation. Time to sell the toys.
I have a good question for you Brewster. You had 3 payments left on the truck when the engine blew. You knew what the engine rebuild would cost, right? Common sense would say to me to sell that truck for whatever I could get for it, which probably would have been more than the $3600 you owed on it even with the bad engine. The engine rebuild did NOTHING to add to the market value of the truck, period. What existed was a 1994 White/GMC tractor that was worth maybe $8-10k in good condition. (Looked in some sales flyers I have.) It was then made into over $16k of debt. The engine rebuild made no sense with what little money was left on the loan. Still, I would have found some way of coming up with the $6400 needed to get that truck on the road no matter what it took. You could have done the work with that truck, now in good condition, to pay off the debt. I am not a financial analyst, but this looks like some common sense stuff here.
It seems to me that you want to borrow even more money to buy a van thinking you will be able to miraculously rack up a ton of money with it quickly and your financial situation will be back in order. Again, not to sound like a stinker, but you might want to rethink your plan before you possibly make your situation worse. I read your postings about 5 times, and gave you a very realistic un-pollyanna reply here.
Take Care, and I hope things go well!
-Weave-

brewster1958 · Oct 31, 2003

I appreciate all your comments. When someone said something about working the truck with the new engine, that is what I had in mind, but couldn't get the money up to get it out of the garage. Yes I should of came up with the remainding three payments, and paid it off, and planted flowers in it, out in the front yard. I probably could have got enough money back to pay it off, parting it out, but did not know what to do at the time. Like most things, and we all have had these moments, I wanted to get it fixed without thinking it through. Lesson learned, but I am afraid too late. Yes I am selling all the play toys, except the drag car, because for one, it does cost anything to keep it in the garage, and if I got rid of it, it would cost dearly to get another one back to its condition now. The motorhome, is a 30 foot 1976 Executive. 440 Chrysler, twin a/c, 6.5 Onan generator. Very nice condition. Asking $6,500. Have a fairly clean 1987 Chevy G20 Sportvan Conversion. $1,500. My wife doesn't want me to get rid of the travel trailer, its only a couple of years old, only costs $137 month. Well, I am checking on some of these e-loan companies, and some of the buy here, pay here dealers in the area. None of them have any vans now, but have given them the details for what is needed. I will probably have to pay in upwards of 25% interest, but still want to do this cargo van really bad. Tired of the big trucks, and trailers, sliding the tandems. Getting in and out any more gets to be an hassle. Governed speed limits, scales, log books, truck stops, could be history. Well enough said, and sorry if I have made more ememies, than friends. I am green, and need help, not slander, and criticism. Thanks.

Weave · Oct 31, 2003

Looks like you are heading in the right direction. But, before you commit yourself to buying a van and paying outrageous interest, get the vehicles sold to have cash on hand. Might want to put them on E-bay for quick sale or have them sold at your local auto auction. Just set the reserve at what you want for them. They look to be in nice shape, and you might actually fetch more than what you want for them on E-bay.
Then you have $8000 cash for a down payment. If you find a $20000 van you like and have 40% as a down payment, I'm sure you'll have no trouble getting someone to finance the balance on that, esp. on a new or 1-2 year old van that can be used as collateral. The way the banks will look at it is like this: A 20000 van that only 12000 is barrowed on, which is less than the market value of the vehicle. Not a problem if we have to repo it, as we (the bank) will loose little if anything on it. That big down payment will help you tremendously, believe me

I hope this helps!
Best wishes,
-Weave-

brewster1958 · Nov 4, 2003

Thanks Weave, I really appreciate the information. There is a fella coming over this weekend from Indiana, to look at the motorhome. My nephew wants the van. Probably sell the van cheap to him, but all will help. Thanks again.

Whiterabbit · Nov 4, 2003

brew...i still have that contact for using older vans for local stuff seven days at 1400 bux...that was three weeks ago...your old van if shes still reliable may work...theyr in ferndale i think your from the motor city are you not?...hoping things work out.im rootin for ya!

teacel · Nov 5, 2003

Hey Brewster!!!
I just saw a TV commercial about car loans. It said everyone deserves a second chance. There is the # 1-800-BAR-NONE. Good Luck!!!

RichM · Nov 5, 2003

I just read through all of the posts on this sad story and I wonder why someone would go out and buy nice toys rather then keep their business in the black. Instead of making that $137 rv payment why not put it on your original loan payments so you can get ahead. One of the most important things anyone who makes payments can do is to get one or two payments ahead of the schedule. This way when things go south you have some time to recuperate from your bad luck or bad decisions. Too many people do not build reserves but think those big checks will always be there. Your most important payment is for your business vehicle,next is having a reserve for maintenance, the very final bucks go for the lifestyle pleasures you want.

brewster1958 · Nov 12, 2003

As far as the toys go, I had those already, before the loss of the tractor. If you read my letter, I clearly stated, I had a reserve fund, in which, I got the truck up to snuff, with new tires, front end work, and other odd and ends. You see, this truck was being driven by another driver, I had hired, until my Peterbilt burnt up. Then he quit, and left the truck in shambles. He was paying me weekly for the truck, then decided to give it up, wore out. I had spent the money, hoping to have a good winter, with the new tires, and front end work. I know all about reserve funds. I am probably the tightest person out there to save money. Ask my wife. The toys as you call them, like I said were already here. The drag car, I have had since 1989. The motorhome was purchased in full, but had to put a lien against it, to get my Peterbilt's Cummins engine work done on it. See one shouldn't comment on such things until they know the whole story, whether sad or not. The travel trailer at $137 a month is ok. I just wanted to get back into my own truck, but will still keep driving the eighteen wheeler. I gross $915 a week with it, and am home every day. Paid health, medical, dental, and optical insurance. 401K plan. I must be crazy to want to want to become a cargo van owner. You have seem to talk me right out of the idea. Thanks for all the help.