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shadetree4u
Joined: 08 Aug 2003
Posts: 118
Location: Maine
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| Posted: Thu Sep 28, 2006 10:16 am Post subject: Repo |
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| I was a lease purchase o/o with Swift. (I know, I know) Been out of my trk since first of August. Got the letter from collections saying I have to pay the rest of the lease. Here is the question... How can Interstate leasing xpect me to pay for a trk that they resold for the same amount. I was the 2nd owner of it and now somewhere there is someone dumb e'nuff to get into it and become the 3rd owner. Lease purchase is setup for the driver to fail. You just get screwed. Does anyone know of or heard of how to get out from under this or just suck it up and try to deal with it. I heard that it will stay on my credit for 10 yrs. My credit is trashed anyways. So that doesn't bother me at all. Just wondering. Any info would be great. |
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marcel27208
Joined: 19 Aug 2006
Posts: 793
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| Posted: Thu Sep 28, 2006 4:04 pm Post subject: |
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| so you quit a lease purchase and they sold the truck..and they still want you to pay $ remaining on the lease?? OUCH!!!! Wish i could help...i will ask around though |
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LOAD IT
Joined: 02 Sep 2006
Posts: 614
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| Posted: Thu Sep 28, 2006 5:45 pm Post subject: |
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| Get you a copy of the Truth in Lending Act, a copy of your contract with Swift and a decent lawyer. Then file suit against them for things that they required you to do ie run illegal and other things you have to do to get the freight there. The suit will get them to settle out of court if you can make good enough case. Then file bankruptcy on repo if necessary. When I was an ops mgr, my company hired the driver from hell! He caused problems from orientation (flooded two motel rooms), ran truck out of fuel on I-80 at IN/IL line in the road, crossed scales and voluntarily showed DOT his screwed up logbook, had to be removed from the truck by local police when terminated. He filed a lawsuit that was so frivolous, we all laughed. The company settled out of court and later found out he had other suits pending with other trucking companies. I wish I knew his lawyers name to give you. |
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GMAN
Joined: 13 Feb 2005
Posts: 9779
Location: Tennessee
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| Posted: Thu Sep 28, 2006 9:10 pm Post subject: |
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| You will need to read the lease to find out whether you need to pay anything or not. It depends on how the contract is worded. You may want to get with OOIDA, if you are a member. They have a lot of experience dealing with these types of leases. There is no charge if you are a member. I would not consider bankruptcy except as a last resort. If you bankrupt, it will stay on your credit for 7-10 years depending on which type of bankruptcy you file. A collection item will stay on there for 7 years, I believe. You can probably work something out with them. The first thing to do is get with someone familiar with these types of leases. |
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tfmotors
Joined: 14 Apr 2006
Posts: 419
Location: Oregon
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| Posted: Thu Sep 28, 2006 10:40 pm Post subject: |
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GMAN wrote: You will need to read the lease to find out whether you need to pay anything or not. It depends on how the contract is worded. You may want to get with OOIDA, if you are a member. They have a lot of experience dealing with these types of leases. There is no charge if you are a member. I would not consider bankruptcy except as a last resort. If you bankrupt, it will stay on your credit for 7-10 years depending on which type of bankruptcy you file. A collection item will stay on there for 7 years, I believe. You can probably work something out with them. The first thing to do is get with someone familiar with these types of leases.
Since the amount owed is large and within SOL for collection. The creditor will most likely file suit against the OP. When that happens the creditor will obtain a judgement and this allow the creditor to garnish any future wages, bank accounts, and liens on any real property. Consult a BK attorney asap. |
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shadetree4u
Joined: 08 Aug 2003
Posts: 118
Location: Maine
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| Posted: Tue Oct 03, 2006 9:51 am Post subject: |
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| Problems always lead to more. No $$$ for lawyer, not a member of OOIDA. My mind was in $$$ mode and not save for rainy lifetime mode. Guess I am stuck with it on my credit and am pretty much screwed. I couldn't buy a 25 cent piece of gum right now. Thanks for the info I appreciate it. |
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BanditsCousin
Joined: 05 Jun 2004
Posts: 3322
Location: Chicago, IL
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| Posted: Wed Oct 04, 2006 12:53 am Post subject: |
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| Heres an idea...go back to Swift and finish the lease? |
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PackRatTDI
Joined: 29 Mar 2006
Posts: 1004
Location: Las Cruces, NM
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| Posted: Wed Oct 04, 2006 1:22 am Post subject: |
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| Why did you stop driving in the first place? |
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tweety bird
Joined: 24 Jun 2006
Posts: 434
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| Posted: Thu Oct 05, 2006 6:12 am Post subject: Re: Repo |
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shadetree4u wrote: I was a lease purchase o/o with Swift. (I know, I know) Been out of my trk since first of August. Got the letter from collections saying I have to pay the rest of the lease. Here is the question... How can Interstate leasing xpect me to pay for a trk that they resold for the same amount. I was the 2nd owner of it and now somewhere there is someone dumb e'nuff to get into it and become the 3rd owner. Lease purchase is setup for the driver to fail. You just get screwed. Does anyone know of or heard of how to get out from under this or just suck it up and try to deal with it. I heard that it will stay on my credit for 10 yrs. My credit is trashed anyways. So that doesn't bother me at all. Just wondering. Any info would be great.
I could be wrong, but "suck it up" is the right answer. I know several guys who went through this and that's the end result. Swift has a real gig going. A friend of ours found out it was on his credit report about 7 years after it happened. He tried to go after Swift and put a lot of energy into it- no one would do it. Plus, Swift had all the local lawyers on retainer.
I'm sorry they got you like that. Call OOIDA but they are going to tell you the same thing.
Lease Purchase Scam |
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