Truck Bank
My husband just deposited a 38K check into the bank last month why would his truck get repoed last night?
I just asked the question about feeling guilty about my husband’s yukon being repossessed last night, and thanks for the info. it didn’t register that my credit will be affected since he purchased the truck before we married, but he just made a deposit into the bank and the check cleared, so why did he not make his car note, sorry but I cant ask him right now
He obviously does not have his priorities in the right order. Since you’ve been thinking that he’s cheating, then he’s probably spending his money on another woman or other women. You definitely need to speak to him to get to the bottom of things…then leave (having closure).
Truck Bank
Banking/lending Changes, Commercial Work Trucks and Construction Equipment
As the economy has weakened and defaults have occurred at all levels, lenders Have put themselves into a very difficult position how to do business. On one hand, the lender has taken back tremendous amounts of repossessions due to default of payments or non-compliance of terms with the lease. The lessee can’t afford to make payments when the revenue base isn’t there and the costs of doing business has sky rocketed. The lessee has either walked away from his obligation to pay the lender or the lender has taken back the acquisition. Either way, everybody is a loser and the future looks no brighter.
The lender must recondition these repossessed items and either re-lease them or auction them off at a discount. This isn’t a good scenario because the lender is losing time and dollars on every repossession. As this problem has leveraged itself, it has put some lenders into financial crisis. At the present time, some lenders have had to reevaluate their financial models and make dramatic changes. Their normal lending requirements have become more stringent and fewer prospects will now qualify for commercial trucks and construction equipment than one year ago. Many lenders will not lend on new acquisitions unless your personal credit score is above 650, 680 or higher. This has caused a problem on buyer acquisitions but also limited the lenders’ growth which might be his survival. Additionally, financially strapped lenders require time in business of at least two, possible three years. This additional requirement has eliminated a big pool of potential buyers of heavy equipment and trucks.
As the lenders normal credit models have changed, this has caused potential buyers to be cautious and/or nervous of lender’s intentions. Every week, information is in the news pertaining to a bank/lender and for the most part this information is damaging to the lending industry. In some instances, some lenders have transformed itself overnight into a different type of lender.
For the startup business, this has caused them to be almost locked out the trucking and construction industry entirely unless they have a personal credit score of 700 or higher. Additionally, the risk/reward factor that is presented at this level has required the lender to require a 15-20% down payment to consider a startup transaction.
One of the solutions that is available to the start up or the seasoned business without stellar credit is repos offered by these strapped lenders. These trucks and heavy equipment can be attractive to potential buyers because the front money may be minimal and the lender may be more flexible in its financing and credit requirements. This expanding market should be examined by all potential buyers because unique opportunities can exist for all different levels of the customer wants and needs. Seasoned businesses with stellar credit and time in business could be rewarded handsomely in the price, financing or both. .
This following types of work trucks and construction equipment is described in this article:
Dump trucks, bucket trucks, day cabs, concrete and cement trucks, boom trucks, water and vacuum trucks, articulated trucks, garbage trucks, tow trucks, excavators, bulldozers, forklifts, concrete equipment, concrete pumps, forestry equipment, backhoes, etc
In conclusion, when shopping for financing on commercial trucks and construction equipment, it is important that you acquire as much information pertaining to your lender. Times have changed and your contract that you signed must be carefully read and understood. These lenders that exist today may be completely change its lending model in a year or so and/or possibility Be out of business. Boy, times have changed..
Happy hunting for your acquisition and related financing…
About the Author
J.M Luna has over thirty years experience in the financial field. This includes accounting and taxes, leasing, hard asset money and commercial loans. U.S Corporate Capital Leasing assists the startup and seasoned business in all different types of industries. http://www.cclgequipmentleasing.com/lease_construction.htm
Can the bank take my truck..?
I financed a new truck in my name for my son and was recently told that if the bank found out they could take the truck away.
I was told Im suppose to be the primary driver which I am But I was told the bank could take the truck since I financed it for him and not me.
The truck is in my name only but he drives it all the time and makes the payments,he is insured as a second driver.
As long as you are listed as the primary driver and the insurance is in your name with him as a secondary driver, you should be fine. If your son tried to insure the truck in his name only, the insurance company checks with the lender to see who the truck’s “owner” is, and that would send up a red flag.
Think of it this way… how many 16-year old kids are driving around in cars financed by their parents and under their parents’ insurance? Right, quite a few. Do you think the bank will come and take their cars?
Truck Crushed under ATM Awning
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