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.
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
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)
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.
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.
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….👊🏽
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.
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
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.
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.
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
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.
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
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.
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.
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.
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.
Always put at least 10cpm in your maintenance fund. Great advice Ronen
Absolutely, so true, thank you JEFF
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
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)
Did no one teach you how to do a pre trip and to know what to look for when you started driving?
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.
This is very helpful information thank you for posting
Glad it was helpful!
I"m working on getting my CDL and this channel is my go-to for information. Quality all-around!
Thank u
Free Game! Thank you sir 👍🏽👍🏽
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.
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….👊🏽
Wow, thanks, love the positive feedback. im glad this information is helpful.
Thank You for explaing that was very informative Take
Care
Glad it was helpful!
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
Very true
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.
Valued video Rosen, thanks bro
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
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.
Brilliant advice, thank you.
NP
Glad u like it
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
Thanks for the great content!👍👍👍
My pleasure!
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
Hi Carlos
At least we’re they able to direct u on what needs to be done.
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
Never finance another rubber again. 🤣🤣🤣🤣🤣
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.
So true, no we dont.
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.
Totally agree
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.
Thank you so much for sharing
You are so welcome
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
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.
@@NorthAmerican-Trucking-News hmm, what is the HOLD BACK in your drivers' deductions used for, if not for such purposes?
Great video!
Question: why did your yard let the repo truck on the property l?
You know... good question
Suckers game, even worse if you can't afford tyres
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
What if you’re connected to a trailer?
Don't most carriers offer discounted tires and repairs
These financial companies are shark's with many Teeth's.🦈🦈🦈
Shouldn’t you truck yard be closed? Your truck yard is private property correct?
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.
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
Exactly, never buy tires at TA. They charged me $2,000 for ONE steer tire 😒.
Paying check is good?
Like I said another time , Where were you in the 70s , 80s ,and the 90s ?
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.
facts are facts, its about time Truck drivers know what some, not all Fiannce copanies do.
Now I can see why people go to prison
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.
Bottom line... If you go into business have that $20k that Brian recommended in another of their videos... done deal...
What a freaking Racket American Capitalism at its best..It’s a feeding frenzy on the Owner Operators..😕
If you are owner op and could not afford tires... then u should not be a owner op
Is it OK to finance CHROME?!?😜
Lol
😵💫😳
Should be illegal 😤 😒
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.
If you are an Owner Operator, and you haven't set aside a maintenance/repair fund, you're asking for trouble!
totally agree