TRUCK REPO

Soon to face the repo on my leased truck. What can I expect besides the obvious... truck going back. I did not put up any collateral except a deposit which will be gone but has anyone out there had the leasing company try to go after the house or other family members? in my case , I was in it alone.

Soon to face the repo on my leased truck. What can I expect besides the obvious... truck going back. I did not put up any collateral except a deposit which will be gone but has anyone out there had the leasing company try to go after the house or other family members? in my case , I was in it alone.

I would think the truck is the collateral. They will take the truck. I don't think they can get anything else, UNLESS you listed it as collateral for the truck. You have to go over your contract.

Dave

If its a lease thru a trucking company, they take the truck...and thats all. If you are in a lease purchase thru some sort of financial company, the truck has to be in the same shape as it was when you got it, except the mileage...If there is anything they fix, replace, or whatever, they will go after you for it. It really is a case by case thing. But the down and dirty is...the only one they go after is the one who signed the papers...they can get a judgement and put a lien on any real property that is in your name, but even that may be different state by state....just wait em out, they will tell you how it will shake out.

I've never leased a truck myself so I'm going to leave the answering to the ones who know more than I do about it.

Guyjax, one of our longest-running members, leased a truck for a few years. He'll be in here before long with some advice and information for ya I'm sure.

Sorry to hear things didn't go as planned with the lease but I'm guessing you'll be a company driver now and be much happier. Trucking is brutal enough without trying to keep a business afloat on top of everything else. Time to drive someone else's shiny new truck and enjoy those nice paychecks comin in. Let someone else handle the headaches of running a business

Thanks for the kind words.

Time to move on and turn the page..............

What Starcar said is true and you will be lucky if they only take the truck back. Some companies will also sue for the price of the lease since you did agree to their terms and conditions. Depends on the amount still owned. I do know if they sue and win, and they will win, they will garnish your bank account and your checks from any job you have in the future till the amount is paid off. Main thing is not to ignore them. That will really **** them off. Work with them anyway you can.