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Financing Repairs, Mechanic's Lien, Getting Your Truck REPOSSESSED! ... ❌ Defaulting in Payments.

  Рет қаралды 9,922

ET Transport

ET Transport

Күн бұрын

Truck drivers BE CAREFUL when financing your repairs! What legalities can happen when you finance your truck repairs?
In this video, Ronen will discuss the DO's and DON'Ts when financing your truck repairs. Ronen shares a few stories that he has seen over the years where drivers defaulted in a truck finance payment and their career/credit score went South.
Take Ronen's advice, DO NOT finance your truck repairs.
Let us know if you learned something from this video! Please comment below and share a story with us if you have been in a similar situation as our owner operators.
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Пікірлер: 72
@RolfLongreach
@RolfLongreach 2 жыл бұрын
Beware of some of these shops. I had a situation with a pickup truck where they attempted a repo. I was expecting a good sized check from an insurance company they had settled and I was just waiting for them to cut the check they had told me it would be in the next 60 days. My transmission light in the pickup had been on, and I decided to get an estimate to decide if I wanted to repair the truck or sell it and get something else. I took it to a shop close to my home and explained to them I just wanted an estimate and didn't have the money to pay for repairs for at least 60 days and was not certain I wanted a repair in any case. They said no problem. We'll take a look and we can tell you tomorrow just leave the truck here. The next day I called to get my estimate. The mechanic told me $1,700 I had to tear it apart to find the problem and I won't put it back together unless you pay. If you want it I can pile the parts in the bed and you can have it towed from the shop. (Bad situation all I wanted was an estimate not a torn apart truck). I told him please wait to do repairs because like I explained yesterday I am waiting for insurance money. A month goes by and I finally get the insurance check. I also get a peice of mail that had been delivered to my neighbor and he had been meaning to bring it to me (USPS has been bad about this in my zip code, they mis-deliver/lose a large percentage of mail) that said since we have your truck and you refuse to pay for repairs we are reposessing the truck on this date. Well that date was 2 days from the day I received the letter. Lucky I had the insurance money in hand so I was able to go pay the bill and get truck back. The repair failed in 9 months and I had a 3 year warranty on the repair. When went to the shop the shop was gone. So I was in the same situation I had been in 9 months before but out 1,700, and had come with in days of losing the truck all together. They knew exactly what they were doing and lied to me the whole way. Just be careful what shop you go to as well.
@jaeinnmoon3279
@jaeinnmoon3279 2 жыл бұрын
If you have to finance your tire replacement, you need to examine to see if you should be an OO in the first place. You need cash reserve, you need to know if your charging/billing enough to grow your cash reserve. If you can't figure this out, do yourself a favor and do something else.
@thetruckerslearningchannel3211
@thetruckerslearningchannel3211 2 жыл бұрын
Cash flow has been the downfall of 1000's of people. Trucking or not. But it's even more imperative to maintain cash on hand as an O/O. These things cost money, lots of money.
@jeffsutton950
@jeffsutton950 2 жыл бұрын
Always put at least 10cpm in your maintenance fund. Great advice Ronen
@NorthAmerican-Trucking-News
@NorthAmerican-Trucking-News 2 жыл бұрын
Absolutely, so true, thank you JEFF
@cemamoprinting7132
@cemamoprinting7132 2 жыл бұрын
Ronen I am lease driver from USA, listing you're a God send to new, experience , OO and lease drivers. Honestly you saved me a lot from crazy decisions I was about to make. PLEASE MAKE A VIDEO ABOUT WHAT TO LOOK FOR ON DAILY BASIC TO PREVENT MESURE BREAKDOWN ON THE ROAD. THANK YOU
@NorthAmerican-Trucking-News
@NorthAmerican-Trucking-News 2 жыл бұрын
Thank you, i really appreciate the positive feedback, this gives me motivation to do more and speak more about topics that are not talked about. Drivers ned to know, then they can make proper decisions. (Ronen)
@John-kr7iz
@John-kr7iz 2 жыл бұрын
Did no one teach you how to do a pre trip and to know what to look for when you started driving?
@wilfredorodriguez4309
@wilfredorodriguez4309 2 жыл бұрын
Good info, Ronen. A couple years ago I learn about one of our owner operator that his truck was repo, but his real story wasn't clear, because every ones rush to judgment, incluring myself.
@rednecksandhammers66
@rednecksandhammers66 2 жыл бұрын
If you are an Owner Operator, and you haven't set aside a maintenance/repair fund, you're asking for trouble!
@NorthAmerican-Trucking-News
@NorthAmerican-Trucking-News 2 жыл бұрын
totally agree
@mrgarrettscott
@mrgarrettscott 2 жыл бұрын
I"m working on getting my CDL and this channel is my go-to for information. Quality all-around!
@NorthAmerican-Trucking-News
@NorthAmerican-Trucking-News 2 жыл бұрын
Thank u
@ShannanThomasTrucking
@ShannanThomasTrucking 2 жыл бұрын
This is very helpful information thank you for posting
@NorthAmerican-Trucking-News
@NorthAmerican-Trucking-News 2 жыл бұрын
Glad it was helpful!
@frassite
@frassite 2 жыл бұрын
Hey Ronan I don’t have a story to tell……but I will comment firstly loved the intro at start of video today, secondly the efforts you and your team put in with these videos to educate new and season truckers is out of this world 👍🏽. If anyone gets into trouble after listening to well that’s on them. Anyways good job keep them coming….👊🏽
@NorthAmerican-Trucking-News
@NorthAmerican-Trucking-News 2 жыл бұрын
Wow, thanks, love the positive feedback. im glad this information is helpful.
@cesarchavez507
@cesarchavez507 2 жыл бұрын
Free Game! Thank you sir 👍🏽👍🏽
@andrewbarnett4621
@andrewbarnett4621 2 жыл бұрын
Never finance another rubber again. 🤣🤣🤣🤣🤣
@stephenhenry7300
@stephenhenry7300 2 жыл бұрын
i bought a set of tires last week, 2800 bucks gotta have cash set aside to pay for anything, if youre broke you dont need to own a truck
@NorthAmerican-Trucking-News
@NorthAmerican-Trucking-News 2 жыл бұрын
Very true
@rickjones1208
@rickjones1208 2 жыл бұрын
Thank You for explaing that was very informative Take Care
@NorthAmerican-Trucking-News
@NorthAmerican-Trucking-News 2 жыл бұрын
Glad it was helpful!
@willarddevoe5893
@willarddevoe5893 2 жыл бұрын
Wonderful episode, except for a fatal flaw. Subordination. Any mechanic's lien is subordinate to a first lien to finance the truck. If a second lien could not get permission to subordinate the first lien, they are subject to it = second in line. If you have extended collateral beyond the truck, then you have bigger problems. Kooky business decisions mean that the trucker should hire an accountant and listen to him. Suckers beware. Foolish loans are a stick of dynamite.
@cheasomphors293
@cheasomphors293 2 жыл бұрын
Valued video Rosen, thanks bro
@cemamoprinting7132
@cemamoprinting7132 2 жыл бұрын
I can't thank you enough for all you do, but I am happy to be the 3nd and 1st person to watched, liked and comment on this video
@NorthAmerican-Trucking-News
@NorthAmerican-Trucking-News 2 жыл бұрын
Appreciate the positive feedback, Makes me want to create more good content, :) Drivers need to know. if you are able to, please share the content.
@christianponopp8756
@christianponopp8756 2 жыл бұрын
The law need to be changed to give truckers at least 8 weeks time because a lot of truckers are 3+ weeks on the road before returning home.
@NorthAmerican-Trucking-News
@NorthAmerican-Trucking-News 2 жыл бұрын
Totally agree
@thetruckerslearningchannel3211
@thetruckerslearningchannel3211 2 жыл бұрын
Really agree with this comment 100%. I got home to a late tax bill, 2 months after the first letter was mailed out. It was a minor amount. But they wasted no time letting me know they were about to put a tax lein on me.
@55018
@55018 2 жыл бұрын
Brilliant advice, thank you.
@NorthAmerican-Trucking-News
@NorthAmerican-Trucking-News 2 жыл бұрын
NP Glad u like it
@hhsstergios9126
@hhsstergios9126 2 жыл бұрын
Hi Ronen; this video - although true in some circumstances - is not true for all repair finance companies. I have been in finance for quite awhile and the current truck repair finance company I work for provides great rates, payment arrangements during difficult times and the only time we had to take a recovery measure in 15 years of operation was due to a bankruptcy of one of our owner/operators. In fact, during COVID (while we were basically shut down and working from home) we sustained ourselves from return customers. Customers we value. And having worked for the banks, I can tell you our business is much different. FYI. Thank you.
@dieseltech139
@dieseltech139 2 жыл бұрын
Thanks for the great content!👍👍👍
@NorthAmerican-Trucking-News
@NorthAmerican-Trucking-News 2 жыл бұрын
My pleasure!
@matthewmassago6004
@matthewmassago6004 2 жыл бұрын
As a subscriber I value all the info your channel gives to drivers both company and owner operators but if you as an owner operator do not have the financial backing of say 6 mos with no wheels moving than I would reevaluate being an O/O that being said why would any O/O need to finance repairs of any kind if you have done a complete business plan than you would know the total cost of operating your tractor unit including repairs and down time
@carlosvital5805
@carlosvital5805 2 жыл бұрын
Thank you Mr Ronen I did apply for a truck loan they didn't give it to me I am better of hahaha I got your name right this time thanks again
@NorthAmerican-Trucking-News
@NorthAmerican-Trucking-News 2 жыл бұрын
Hi Carlos At least we’re they able to direct u on what needs to be done.
@carlosvital5805
@carlosvital5805 2 жыл бұрын
Yes I was told that I need to wait 6 more months for my authority mature hahhahaha but by then I will have more than enough money for down payment
@pepsonautotransport1322
@pepsonautotransport1322 2 жыл бұрын
Have something in the bank some guys use the 10 cents per mile thing. I always have a minimum of 20 grand in the bank just incase. I know alot of companies with lease operators will require you to put so much in a maintenance account or if you have a problem they will help out financially. Do you guys do this.
@NorthAmerican-Trucking-News
@NorthAmerican-Trucking-News 2 жыл бұрын
So true, no we dont.
@jessereese2576
@jessereese2576 2 жыл бұрын
I m an o/o for a small company ever driver is encouraged to put something in escrow ever week it is a life saver I put 500 in every week some companies might offer something like this for you It doesn't hurt to ask
@NorthAmerican-Trucking-News
@NorthAmerican-Trucking-News 2 жыл бұрын
Yes, thats a good way to force yourself to save for that rainy day. we do it here for a few owners that have requested it.
@malyshevvasiliy9541
@malyshevvasiliy9541 2 жыл бұрын
@@NorthAmerican-Trucking-News hmm, what is the HOLD BACK in your drivers' deductions used for, if not for such purposes?
@jupj1
@jupj1 2 жыл бұрын
Thank you so much for sharing
@NorthAmerican-Trucking-News
@NorthAmerican-Trucking-News 2 жыл бұрын
You are so welcome
@robertovillalon2841
@robertovillalon2841 2 ай бұрын
Great video! Question: why did your yard let the repo truck on the property l?
@NorthAmerican-Trucking-News
@NorthAmerican-Trucking-News 2 ай бұрын
You know... good question
@elgansito1552
@elgansito1552 2 жыл бұрын
What if you’re connected to a trailer?
@CosgroveNotts
@CosgroveNotts 2 жыл бұрын
Suckers game, even worse if you can't afford tyres
@randyrudder2451
@randyrudder2451 2 жыл бұрын
I would suggest a truck owner either manage your money and not borrowing from the wolves but if you must got to your local bank you do business with
@Chris.christiansen.84
@Chris.christiansen.84 2 жыл бұрын
Don't most carriers offer discounted tires and repairs
@spiderbrandt4066
@spiderbrandt4066 2 жыл бұрын
Like I said another time , Where were you in the 70s , 80s ,and the 90s ?
@andrewbarnett4621
@andrewbarnett4621 2 жыл бұрын
These financial companies are shark's with many Teeth's.🦈🦈🦈
@albertvasquez6207
@albertvasquez6207 Жыл бұрын
Shouldn’t you truck yard be closed? Your truck yard is private property correct?
@freedomworks3976
@freedomworks3976 Жыл бұрын
Debt free is the way to be. Have been 100% debt free for a few years now and without any payments you have more $$$ money. Have been able to pay cash for a new truck. Won't buy a truck because money is much better then a truck.
@jeffreyjeanis3958
@jeffreyjeanis3958 Жыл бұрын
Now I can see why people go to prison
@andinetkassito1493
@andinetkassito1493 2 жыл бұрын
Paying check is good?
@asdhfaskjhdasldhjdfash3034
@asdhfaskjhdasldhjdfash3034 2 жыл бұрын
could anyone answer me a question. if yourr Truck or anything else for that matter gets repossessed do you get bought out of what you already paid or is it basically just legal theft where if you are even 50dollars short they can just take something you have already paid 100k+ for and give nothing? ive never had anything repossessed so wondering how it works.
@mattmatt2096
@mattmatt2096 2 жыл бұрын
Bottom line... If you go into business have that $20k that Brian recommended in another of their videos... done deal...
@Davidw301
@Davidw301 2 жыл бұрын
First Where they do that @🤣😂😂😂. Recaps Baby Recaps!!! $220 A Piece Put On Price. $350 on the Steer at the Most. None Chinese $600 a Piece 🤣🤣🤣🤣🤣🤣🤣Also Why would you buy a Virgin at $600 in Canada it -10 out there. Recaps are Perfect for that Weather
@heavyjr1
@heavyjr1 Жыл бұрын
Exactly, never buy tires at TA. They charged me $2,000 for ONE steer tire 😒.
@Nihil2005
@Nihil2005 2 жыл бұрын
Great video, but I'd be scared of making these types of videos. I imagine some of those scum financing companies constantly send you hate or threatening messages.
@NorthAmerican-Trucking-News
@NorthAmerican-Trucking-News 2 жыл бұрын
facts are facts, its about time Truck drivers know what some, not all Fiannce copanies do.
@dell7054
@dell7054 2 жыл бұрын
If you are owner op and could not afford tires... then u should not be a owner op
@katman8714
@katman8714 2 жыл бұрын
Is it OK to finance CHROME?!?😜
@NorthAmerican-Trucking-News
@NorthAmerican-Trucking-News 2 жыл бұрын
Lol
@cedthetruth1311
@cedthetruth1311 2 жыл бұрын
What a freaking Racket American Capitalism at its best..It’s a feeding frenzy on the Owner Operators..😕
@solomio2518
@solomio2518 2 жыл бұрын
😵‍💫😳
@chriswoodward5368
@chriswoodward5368 2 жыл бұрын
What BS if you can not pay from your repairs from your bank account your running to cheep walk a way from your trucking company and per haps trucking industry as well. You should be putting money a side every month to pay for future repairs. If not you are going broke you just don’t know it yet. This Chanel is full of really bad advise if you are making good money for what you are doing you will never be in this position.
@pepsonautotransport1322
@pepsonautotransport1322 2 жыл бұрын
Should be illegal 😤 😒
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