Kwexpress wrote:
"I use owner finance but its not for the weak at heart and would not advise you doing this unless you drive the truck yourself and if the truck isnt paid for when you lease it make the payments to the lienholder yourself and know how much is owed on the truck.
The only reason your gonna find owner finance is cause the guy is in over his head and its his last ditch effort to save his credit or file bankruptcy.
Now thats as far as I see it if the guy is an indivdual with a truck thats fed up with the trucking industry and wants out today.
There are people who make a living just leasing trucks because they dont want to have to pay workmans comp or do alot of work under the table.
if you do it this way just remember if he fails you fail so keep in mind hes not gonna want to hear I couldnt make your payment this month becuse I only had 2 runs and I need to pay rent.cause chances are he wont have the money to cover the payment or you wouldnt have his truck"
Kwexpress, if this is an opinion that is one thing, but it isn't very accurate factually.
One may drive for a fleet owner and decide he wants to own the truck. One may contract with a fleet owner (owner willing) to lease-purchase said truck and be on one's way.
This happens a lot. I've read it in these forums.
Truck dealerships arrange for financing also. One may google for finacing as well. The bottom line is to read the contract for lease-purchase or have an attorney explain it to you.
You do have to make all your payments on time, that's a given. Don't buy a truck unless you have capital set aside for emergencies. I wouldn't buy a truck in late fall or winter without money set aside.
There are scenarios as you described, but I would question the maintenance schedule on said truck. If money is tight or the owner is fed up, usually maintenance is the first to go..
One last thing, PLEASE, it is not gender specific, it is called Workers Compensation........
