Quote:
Originally Posted by rah1803
I am an owner operator eho currently is not able to work do to my truck being down for repairs. I contract my work out to an oil company and I deliver gasoline locally. Well back in July my truck broke down and the repairs were over 3K and I am able to pay this back to my company through installments.
Well a few weeks after I got my truck back on the road it broke down again. Now the diagnostic is stating that I need a crank. The mechanic told me a new one with labor was 9K and 2500 off of this for a used one. I am really up a creek because I cannot afford this at the moment.
Here are my options:
1. Fix the truck and drive company until I can afford to get it back on the road while still making my monthly finance payment for the truck.
2.Disregard my credit be late a few months and drive for another owner-
3. Try and sell the truck "as is" getting a little for it but not the entire loan. I still owe 12K the truck 1999 International Day cab that I purchased for 24K a year ago.
All advice is greatly appreciated!!!
operator.
If it is going to cost $9M to replace the crank, you would be much better off having the engine rebuilt while you have it down. Unless you have additional collateral, you probably won't be able to borrow that much on a 1999 International day cab. You might be better off to cut your loses and try to sell it. Even if you are able to borrow enough to rebuild the engine, you still owe on the other repairs. If you borrow to rebuild the engine or repair the crank, you will have three payments. My question would be whether the income you would generate from the truck would enable you to make all the payments and still have a decent income. You probably have a truck payment, repair payment and then engine repair payment. Sometimes it is easier to cut your losses and drive a company truck.
I have had 3 former owner operators who have worked for me the last 3 or 4 years who lost their trucks due to a major breakdown. They didn't have the money to pay the truck out of the shop. They lost their equipment and ruined their credit. All three told me that they made more money driving my truck than they did their own. Unless you either have the cash to make a major repair or credit where you can borrow the money, you are better off driving a company truck.