$31,000 Brokers Commission?! The Importance of Finding The Right Finance Company

$31,000 Brokers Commission?! The Importance of Finding The Right Finance Company
_______________
Leasing trucks has quickly become one of the most common ways for drivers to go about purchasing their first unit. However, it has also become one of the most common ways that drivers fall for predatory agreements that causes them to spend more than they have to! Join Ronen as he breaks down one such case resulting in an over $31000 commission paid by the driver, as well as how to avoid it in the future!
_______________
📚 Chapters
00:00 Introduction
00:39 The Driver's Situation: Buying His First Truck
01:38 Ronen Breaks Down Interest Rate and Commission
02:30 How To Find The Right Finance Company
02:58 Finance Companies Hiding Interest Rate
03:58 How To Get Ronen's Personal Review on Your Financing Agreement
04:53 Final Thoughts
_______________
🚛 Ready to make your truck ownership dreams a reality? We've partnered with a diverse range of lenders, all eager to compete for your financing needs!
⬇️ Simply fill out this form and let them battle it out for your business!
⬇️ Don't miss out on the best deals - seize the opportunity today! 🌟🔐
🔗 www.ettransport.ca/commercial...
_______________
Join this channel to get access to perks:
/ @northamerican-truckin...
_______________
Subscribe to our channel for entertaining and informational content on trucking, and hit the 🔔 icon to get notified when we release a new video!
#Financing #LeaseOperators #Trucking
For all sponsorship inquiries:
[e-mail]
For all media inquiries:
[e-mail]

[@whiterunguard6319]

240k for a used truck? That's already highway robbery

[@tnhomestead]

It's a nice truck! Lol

[@NorthAmerican-Trucking-News]

I agree... that truck is steep

[@javedsmith8515]

Some people need to leave business the fuck alone and stick to employee because clearly he has no fucking sense.

[@NorthAmerican-Trucking-News]

Don't be too harsh. While he certainly made an ultimately and admittedly foolish decision, the fact is that information is not as accessible as it seems. A lot of people want to ensure that the industry shrinks instead of grows. Because of that, not a lot of people are still interested in mentoring and helping new drivers. Furthermore, it wouldn't be surprising if the company sold their finance program to him in such a grandiose manner that he thought he was getting a steal when he wasn't. This is a far more common experience than one might think. This is why unionizing is so important. We need more people helping support each other so that others might be aware of these predatory deals.

[@jt_dolla_signs]

In the two years following this channel I’ve never heard a single good thing about brokers and convinced brokers are not necessary

[@NorthAmerican-Trucking-News]

No, but keeping 5.2% just for making a connection between a leaser and a lease operator is ridiculous? 31K? Just for handling some information?

[@foltzenlogel]

They saw that fool coming from a mile away

[@jjones5818]

Yup, not going to waste my time watching the rest. Why aren't we learning who the broker is so we can collectively see them go under? This is why all brokering needs regulations similar to the banks.

[@NorthAmerican-Trucking-News]

Unfortunately, he didn't see them

[@NorthAmerican-Trucking-News]

The goal of the video was to bring attention to this issue on ALL accounts, not just with the specific broker and finance company in the video. This happens everywhere, and everybody needs to be able to be able to predict and protect themselves.

[@john4iraq]

$240k used truck with over 300k miles AND got ripped off for insanely high interest rate 🤦‍♂️ you should never call him an owner operator because he literally has zero knowledge.

[@NorthAmerican-Trucking-News]

Some people end up learning lessons the hard way. Not everyone has access to mentors or knows what to search in their quest for understanding. I wish we had heard of his situation in time

[@wrld-zu9yt]

That truck is worth 35k now lol

[@williamhodges3941]

Maybe less.

[@husantahirov8374]

Around $85k

[@wrld-zu9yt]

@@husantahirov8374 maybe if mileage stayed the same but he’s been running it since then

[@NorthAmerican-Trucking-News]

That 6 year depreciation is gonna hit hard

[@LovelyFriedEgg-el1sq]

So I purchased a 2021 freightliner. It had 180,000 for 120,000 with 10% down and 8% interest for 60 months. I will be done paying next June because I have made extra payments each week. I also just bought a 2016 freightliner with 500,000 for 12,000 and it needed some work. Oil tested great, I spend 6,000 on some repairs and now I have been running 2 trucks. Work smart then hard and everything else is in between. Something always happens in this business. If it not a right it’s a left.

[@810Batman]

You got robbed too!!!

[@NoName-ky2sb]

@@810Batman could've bought a NEW cascadia for that price!

[@LovelyFriedEgg-el1sq]

I bought my 2021 in 2022. At that time it was a good price.

[@NorthAmerican-Trucking-News]

I'll be honest... 120 is a bit steep

[@LovelyFriedEgg-el1sq]

It’ll be paid off next June lesson learned. All you can do is keep on learning. I’ll buy my next truck at Richie’s brother auction probably

[@maksimli6376]

In Russian we say « Без лоха и жизнь плоха» what means «you can’t build a good life using others as a dushbag»

[@NorthAmerican-Trucking-News]

That's a pretty good saying

[@Lil_Joey5]

Thank god for people like you! I’m new to the trucking industry. I’m super thankful for your channel.

[@NorthAmerican-Trucking-News]

Glad to help

[@theOnlydoubleP]

That poor fella wanted to punish himself! Self inflicted wounds!

[@NorthAmerican-Trucking-News]

You know... you might be right about that

[@robbalinski1606]

If I'd had only known how crazy 2020 was going to go I'd have never let my burgundy 388 pete go, I would have fixed the engine and been in the money with a 70k into a truck worth 150+K......hind sighs a B sometimes. Getting ontario plates is the biggest F around I think I've ever had to deal with.....

[@NorthAmerican-Trucking-News]

Hindsight does have 20/20 vision they say

[@jumpoffjoe6572]

And here I purchased my 4th truck to add to my small fleet, a new 2024 t680 163k at 7% from my own bank. As I always say, as evidenced by being out here on the road and seeing what's driving, a dam monkey can drive one of these trucks. But not anyone can run a business. Driving is the smallest part of the pie. And that example you gave proves that.

[@NorthAmerican-Trucking-News]

Congratulations on that truck! Wishing you well on your fleet!

[@kennethcrenwelge4971]

With $45,000 in hand he could have went to a RB or T&M auction and paid cash for a nice truck.

[@NorthAmerican-Trucking-News]

Exactly

[@ilkhomkhodjaev3050]

Here and there, problem on both sides. Now and only now gov responsible orgs start working, ftc and so on. They should control and work against this cheating schema and if deal didn’t worked even afterwards, customer has to have a chance to cancel it. Good and fair cancellation and return policy.

[@NorthAmerican-Trucking-News]

Agreed

[@janalbertholwerda5954]

Good video. But has the Peterbilt factory (Paccar) not his own finance devicion? How are these compair to other brands? I did see more of your videos. But i am happy with my Scania finance program.

[@NorthAmerican-Trucking-News]

Great point!

[@Countrycashflow]

Wow, that’s all I have to say

[@NorthAmerican-Trucking-News]

Honestly, same

[@Stanzatransport]

Fuck that… that is absolutely crazy

[@NorthAmerican-Trucking-News]

Indeed it is!

[@robertovillalon2841]

Damn! That sux!

[@NorthAmerican-Trucking-News]

That it does

[@Gunning-for-Trucking]

Damn, that truck today is probably worth less than his down payment on the truck…. Honestly he should declare bankruptcy at this point and start over. You can get better cheaper trucks now

[@NorthAmerican-Trucking-News]

Starting over after waiting this long would be maddening

[@Wasupup]

Dumb will be dumb, I can’t find them to work for me though but they’re born every minute.

[@NorthAmerican-Trucking-News]

Well, some people have to learn the hard way unfortunately

[@alpine6871]

I remember when I got my 2017 cascadia for $75k at 300k miles and I thought that was alot...damn

[@NorthAmerican-Trucking-News]

Exactly! He got ripped off big time!

[@davidowen9671]

There is a sucker born every minute. But maybe also a Hell-bound usurer. But changing the subject, what do truckers think their once new truck will be worth after 72 months of hard charging? Ronen and others online are talking about 11,000 or even 13,000 miles per month as being normal. So readers, what would you pay for a truck with 792,000 or 936,000 miles on it? Was/were the previous driver(s) also night-idling slobs? I doubt I would even risk $20K even after a good lookover by MY mechanic. And you?

[@NorthAmerican-Trucking-News]

All great questions!

[@davidowen9671]

@@NorthAmerican-Trucking-News Thanks

[@810Batman]

I hope it's a condo sleeper, 4, or 5 axle truck with a 13pd or higher!!!!

[@NorthAmerican-Trucking-News]

It had better be!!

[@katherinewhitt6899]

Do you need a VA to help you with your daily online tasks for your business? like managing and helping you with SMM, video editing, lead generation and more

[@NorthAmerican-Trucking-News]

Send us an email to [e-mail]

[@johndonovan7018]

major dealers should have no issues financing it for you through their lenders; no different than how cars work. you can also go the business loan route through an institution of your choosing. that will generally allow you longer terms but may require some collateral since they may decide truck is worth nothing in 5 years but your loan is for 10. it can get complicated.

[@NorthAmerican-Trucking-News]

Yupppp

[@Rammstein1961]

I pay 40k 2009 for my 07 columbia and still running without rebuild,is a money maker (cat engine)

[@NorthAmerican-Trucking-News]

Impressive!

[@bgaineybg]

Why protect them? Expose the finance company and the broker!

[@NorthAmerican-Trucking-News]

We'll keep that in mind!

[@djbolandTrucking]

can't fix stupid with duct tape. People just sign and not read contracts .

[@NorthAmerican-Trucking-News]

Being stupid and not being aware of certain things aren't synonymous. While he certainly should have done ample research on this, not everyone has the foresight and oftentimes they are prey on by companies who present the features of their program in such a grandiose manner that customers fall for it and think they are getting a phenomenal deal when in reality they aren't

[@michaelgillespie6850]

People or crooks If you are a homeowner with good or great credit, most of the time you can get financing with 0 down . I’m just like you I don’t understand why people are giving there money away it’s to hard to come by.

[@NorthAmerican-Trucking-News]

Truthfully

[@kevinkingston2411]

Brand new 2025 freightliner is 187000 (505 horse power) planing to put 80K down, for rest $107K finance company giving me %10.75 interest rate $2300 monthly I will ended up paying $138 in 60 months. I have decent credit and I had bankrupcy on 2019. İs this a good/decent deal? My company new, first time buyer.

[@NorthAmerican-Trucking-News]

Finance wise, that's a good percentage. As long as you're positive that you'll be able to earn in this industry, it's all good

[@williamhodges3941]

They saw him coming...

[@NorthAmerican-Trucking-News]

He shoulda hid

[@rce8540]

Good advice rowen. Some people don’t listen to shit. Lots of brain dead people out here. Take care.

[@NorthAmerican-Trucking-News]

They had better start listening up if they want to survive this downturn

[@jaeinnmoon3279]

Anybody buying a truck with that kind of money to lease under someone else's authority should never bought a truck in the first place. My goodness, ET transport cannot possibly have you make more money than running your own truck with your own authority. C'mon man, this is ridiculous.

[@NorthAmerican-Trucking-News]

Huh? We didn't lease him this truck

[@jaeinnmoon3279]

@@NorthAmerican-Trucking-News - never said you did. What I am saying is, the guy should've never gone into purchasing his own truck while thinking he was going to run under someone else's authority. This is what AB5 is saying you shouldn't do. California knows running your truck under someone else's authority is a disaster for 99% of the people in the long term. Unless you have what it takes to run your truck under your own authority, you should never be thinking you are going to be successful running under someone else's authority, this is the very recipe to go bankrupt.

[@SK-dp3nz]

Even if you get the brand new truck free of charge, you can’t really survive, how do you pay someone 4k a month and be in business ? JS

[@NorthAmerican-Trucking-News]

No clue what he did but he did

[@abdulafro3283]

I get 2016 freightliner 300000 miles I paid 15k

[@NorthAmerican-Trucking-News]

See...

[@jasmuzik9183]

I'm dealing with the same shit right now. Later find out my interest rate is 24.6 percent whiles I knew my interest rate was 12 percent. Later I find out the middle man is keeping 10 percent

[@cristiansilva4008]

Get a lawyer

[@NorthAmerican-Trucking-News]

24.6- Oh heck no

[@truckingwithcliff]

That shit is criminal

[@NorthAmerican-Trucking-News]

Truthfully!!

[@iammofo]

240k in this market is robbery… a truck at 400k miles is going for 45k on average at any Ritchie brother auction …smh … he could have had a paid off truck instead he got taken advantage of because he was ignorant…. Have to arm yourself with knowledge …. Also he probably could have gone to Ryder and purchased one of their buy one get one half off deals for their equipment…

[@NorthAmerican-Trucking-News]

That's why knowledge is power!

[@iammofo]

@@NorthAmerican-Trucking-News and that’s why I watch your channel… packed full of knowledge 💯💪🔥

[@Nestonj1]

Live sessions with u , but am assuming is not for free I bet.

[@NorthAmerican-Trucking-News]

Time is valuable after all

[@tdackjordan5873]

If you are paying interest in the payments for running truck and you're a sucker Usury is a scam

[@NorthAmerican-Trucking-News]

I mean it's in the definition at this point. Unreasonably high part I mean

[@yyuguy]

Dude was robbed for sure!

[@NorthAmerican-Trucking-News]

No doubts about that

[@dagboynumberone]

WHOA

[@NorthAmerican-Trucking-News]

Whoa indeed

[@user-ws4pc5dh3q]

Do not over pay lessons wow

[@NorthAmerican-Trucking-News]

Many lessons to learn

[@monsterpke857]

No, this is not Canada. The Interest rate should not have been over. 3% s*** is way too high. As it is now. And technically, if you really have good credit, if you would have went to his own bank, it should have been zero percent

[@NorthAmerican-Trucking-News]

I mean, there's that too

[@NDXmedinaQQQ]

That's why I purchased mine cash at 42k including fees from auction 2020 cascading 500k moles... fk all that

[@NorthAmerican-Trucking-News]

It amazes me so much because the down payment alone could have purchased a used truck

[@whoisjohngalt7655]

Driver is so stupid for paying 240.000 for used truck I would pay 150.000 for new truck hopefully defend people learn lessons

[@NorthAmerican-Trucking-News]

He had to learn somehow. Unfortunately, he didn't seem to have a mentor that could have predicted this and helped him out

[@garyroach3479]

So how much u taking from rate con before u give it to driver is what I be asking bc u are taking at lease 30% of rate con for ur cut and ur not really doing to much to earn 30% of rate con and he doing it correctly bc he can take that truck to other companies that's not going to take at lease 30% of rate con from the owner operator from the very beginning

[@JimmyD6977]

Your grammar explains everything

[@NorthAmerican-Trucking-News]

That's not exactly the issue at hand. The issue at hand is that he's just spent 6 years financing a 200K+ truck that already had a large amount of miles on it and still had a broker add 5.2% interest when it could have been avoided. The link we provide isn't for a lease program from US. It's to assist YOU with having finance companies compete to finance YOUR truck WITHOUT the need of a broker

[@Salimnahee]

Wow another negativity vdo if trucking was so bad why dont you jusk quit dude

[@NorthAmerican-Trucking-News]

The news as a whole is negative. We report truthfully on what is presently occurring. If the situation is negative, the news is negative. Rather than complaining about us making a negative video, why not utilize the advice we're giving and spread it around so people can avoid the situation and create a better situation for us to report on?