Trucking issues

[Jlktrucking]

My name is Jay. I began my Trucking company in the beginning of the year. I bought my Truck in March. I have a loan on it, but after 5 months it has problems that's not worth fixing. It's been almost 3 months my truck been off road. The car note is now due and I'm stuck on if I should pay it or not. Right now I'm trying to trade it in. Can someone steer me in the right direction

 

[mndriver]

It’ll take about $25-30k in the first year for the repairs just to get a used truck reliable.


Good luck

 

[Jlktrucking]

This repair is too expensive for me at this stage. It's the dpf box. He said for the box alone it's $16,000. I only had the Truck 5 months

 

[mndriver]

NTP (premium2000) would have been a reasonable purchase with the truck in that case.

I put it on both my Volvo’s and it’s paid for itself both times.

 

[Mike]

This repair is too expensive for me at this stage. It's the dpf box. He said for the box alone it's $16,000. I only had the Truck 5 months

Used Freightliner, and you got hit with the one part that comes with a massive cost .

Pay for the repair, and odd are in your favor that you will be able to continue forward with no major issues.

Or......

Engine could go, resulting in another $40k, give or take.

How many miles on the truck? Any oil samples done to try to verify engine condition?

In all honesty, I would view this decision based on how I see freight rates over the next 3-6 months. As for me, I see them tanking severely, if you see the same, you have a big decision to make.

Just remember, your credit is on the line, so walking away isn't always the best decision. Do you owe money on the truck, or did you pay cash?

 

[Jlktrucking]

I owe money on the truck, and I have a Trailer I have to pay for as well. I'm trying to trade it in to the place I bought it from.

 

[Jlktrucking]

Used Freightliner, and you got hit with the one part that comes with a massive cost .

Pay for the repair, and odd are in your favor that you will be able to continue forward with no major issues.

Or......

Engine could go, resulting in another $40k, give or take.

How many miles on the truck? Any oil samples done to try to verify engine condition?

In all honesty, I would view this decision based on how I see freight rates over the next 3-6 months. As for me, I see them tanking severely, if you see the same, you have a big decision to make.

Just remember, your credit is on the line, so walking away isn't always the best decision. Do you owe money on the truck, or did you pay cash?

What do you suggest I do. If they don't accept the trade in, I was thinking voluntarily have them repossess the Truck and trailer. These are all the codes. I only had the Truck 5 months

 

[Mike]

What do you suggest I do. If they don't accept the trade in, I was thinking voluntarily have them repossess the Truck and trailer. These are all the codes. I only had the Truck 5 months

I can’t even begin to diagnose it.

What you do really comes down to where you are financially and how deep in debt you are with the equipment.

If you allow it to be repossessed, your credit is screwed until you pay for whatever the loss is on the truck or go through bankruptcy and the time that takes to recover.

The only time I would have been able to make a suggest is before the truck was purchased.

 

[mndriver]

I’d suggest you go talk to your mechanic AND finance company and explain the situation.

You WILL end up in a bad situation on all of this no matter what..

Go talk to premium 2000 and have them give you a shop that can inspect the truck and perform the work needed to get it accepted into the warranty program.

Talk to the shop and have them give you a best case deal to put the truck on the road. Understanding that the future working relationship means all future repairs are theirs.

Take ALL this back to the finance company and explain you are doing ALL you can to NOT default on the loan but will need (what the shop gives you for an estimate and what premium 2000 says to start monthly payments) $XXXX on top of what you have financed.

If that can’t be done, then your risk of defaulting will grow exponentially.

The warranty will be put in place to protect the future and not have this kind of mechanical problem.

Yes, premium 2000 does have that kind of warranty.

Yes, I have rolled that into my truck financing

And yes, the bank was agreeable to that expense just as I explained it because it protects both theirs and mine investment in the equipment.

And yes, I have my mechanic on my speed dial and I’ll text him all the time if I have issues with the truck.

They’ve now done not one, but two $8000 repairs on my truck under warranty. It’s getting ready to go in again for a hard emissions fault code I’m not able to clear… my warranty was $8700 the first time. I just renewed it for another 36 months to take me to retirement for $11,000. It covers stupid shit like a waterpump and alternator as well now.

“Hey mechanic, these are the codes; I’ll be dropping it off around 11/2. You can have it until 11/14”…

“Good deal, you’re on the books. Those faults are all covered repairs…”

 

[Jlktrucking]

Thank you for your time, and explaining all that. I'm new to the Trucking world, and I'm learning as I go.