Capital Solutions
Deal Of The Week
Customer wants to get his Kenworth out of repo.
The Problem: Customer Needs To Get His Truck Out Out Of Repo
We get this on a regular basis. The customer's lender repossesses his truck before he has a chance to make it current. It usually involves an over zealous lender being aggressive. We know of no lender in the country (other than us) that will work with a customer in this situation. The reasons for lenders are obvious. The problems for the customer are the following:
- He's out of work. Without a truck he has no income plus he stands to loose whatever contract he had
- He will loose the equity he had built up in the truck. In most cases that's tens of thousands of dollars
- It will ruin his ability to get truck financing in the future. Most of these repo's are involuntary which will scare away any potential lender
Dealers don't see this very often in the normal course of their business but it's a pretty common problem in this economy.
The Solution: This Customer Had A Second Truck To Put Up For Collateral
As you already are aware by getting additional collateral we can get around almost any issue. This customer was able to put up his second truck and had a good story behind what happened. Here are the highlights:
- The customer was only two months behind in payments. The lender was being way too aggressive
- The missed payments was due to a blown motor. He was out of the game for six weeks so he didn't have the income
- He had a strong contract to haul for a national company
The collateral with the story made this deal happen. We were able to fund the deal within a week.
We are in the business of finding solutions to peoples truck financing problems. If you have a deal you would like to discuss please give us a call 520-760-3648.