Will Your Truck Get REPOSSESSED?! Don't LEASE a LEASED Truck!

Will Your Truck Get REPOSSESSED?! Don't LEASE a LEASED Truck!
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There are many companies offering a variety of lease purchase programs and with that is the growing concern of the legality behind leasing a leased truck.
Join Ronen as he explores the implications behind subleasing leased trucks by companies currently going or have already gone under, contractual agreements in place as preventative measures , repossession, and more!
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📚 Chapters
00:00 Introduction
01:18 Repossession of Trucks
02:25 What Happens To The Owner Operator If The Company Fails To Meet Lease Payments?
02:40 Signs That Companies Are About To Close
04:15 What Can You Do When Companies Are Going Under
05:44 Key Factors Behind Companies Such As Pride Going Under
06:25 Consulting A Transportation Lawyer
06:45 Closing Remarks and ET Dispatch Course
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#leasing #leaseoperator #trucking
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[@ShakeDaUniverse]

I like the way you do business Ronen! Clear, Concise, Honest, and to the point. You’re going to be in business a long time.

[@NorthAmerican-Trucking-News]

We appreciate the words!

[@victorforeman7056]

Thanks Mr Ronin for educating us all across the industry from company drivers, lease operators to owner operators. I enjoyed your shorts as well they’re hilarious

[@NorthAmerican-Trucking-News]

You are most welcome!

[@buyletugandalimited2118]

Ronen companies are going under because their highly leveraged. When revenues are growing, payments are made with comfortable surpluses and additional debt is acquired to take advantage of market opportunities. But now that revenues have dropped considerably they can't meet their obligations and operational costs. Case in point is Pride group

[@NorthAmerican-Trucking-News]

True that

[@MythLeatherCo]

Pride Group had 1.6 BILLION in debts! Whoa, man! 🤯

[@NorthAmerican-Trucking-News]

And they definitely have to repay it soon!

[@jasondangelo4life]

I just found out that the company I just started leasing with 2 weeks ago is currently in bankruptcy court under chapter 11. Time to get going before I get stranded 😩

[@williamcovel9100]

When Arrow went under lease drivers had trucks repossessed at truck stops while they were inside leaving drivers stranded.

[@NorthAmerican-Trucking-News]

At truck stops????

[@williamcovel9100]

@@NorthAmerican-Trucking-News That is correct was a big push to get those trucks back from any place they could find them.

[@Johnny-xn2ou]

Hey Ronan make video about how Companys stealing money from the owner operators. Example: Load is 2,000$ they give to the driver for 1650$ I think you gonna be first to do that on youtube. Explain what is foward mail to the people

[@JimmyD6977]

Dont haul it. No need to do a video

[@Johnny-xn2ou]

@@JimmyD6977 There is a people who driving for years in companys like this They need to hear that.

[@NorthAmerican-Trucking-News]

I'll send it over to Ronen and try to get a video done!

[@Johnny-xn2ou]

@@NorthAmerican-Trucking-News Thanks! Companys read this coment and pray for NO video😂

[@Countrycashflow]

Sounds like every truck in Chicago

[@NorthAmerican-Trucking-News]

Yikes man

[@yyuguy]

I’m actually figuring out which is best right now. Leasing through a dealership or lease company or just buy it from the used dealership?

[@NorthAmerican-Trucking-News]

Gotta weigh the pros and the cons and come to that decision based on your own personal circumstances to be very honest

[@yyuguy]

@@NorthAmerican-Trucking-News That’s the truth, I’m running as a team, so I’m definitely leaning towards getting something with 100 - 150k miles with low engine hours and maintain the hell out of it. I’m looking at dropping 100 - 135k right now on a Volvo 860.

[@ISACJONNY]

What about Pride truck sales went bankrupt and im still making payments to them and my truck is financed, is there any chance the companies pride own money can come after the equipments?

[@foltzenlogel]

Pride Truck Sales and Pride Transportation is two completely separate companies.

[@ralphsnow2337]

Question is the title in your name with someone or company as a lien holder ? Then you are safe if the answer is yes if the answer is no you might have a serious problem.

[@classicxl]

I would imagine your truck is financed through one of their lenders not pride them selfs. I would contact who ever your loans with through pride and ask them what happens if pride closes their doors what would happen to your truck . I would think as long as you keep making payments to the lender nothing should change As long as prides name isn’t on the owner ship as the trucks owner you should be ok

[@Smoothq82]

Leasing a truck is the worst way into trucking. Work for a company or owner op,save your money and finance or buy one cash. Leasing a truck is a trap

[@ralphsnow2337]

I never buy a truck paying cash or financing. I always lease through a leasing company not a trucking company. That way I can write off the entire payment because it's a lease payment not a loan payment .

[@nicolagaballo3120]

​@@ralphsnow2337I assume that s what the leasing company told you. Altough It s techically true that You don t write off your "payment" completely when You purchase, in practise You do because You ll get to write off the truck depreciation that You won t be able to with a lease. On top of that You build equity. Lease only if You cannot afford to buy. But keep in mind that long term it s not the best option.

[@ralphsnow2337]

@@nicolagaballo3120 you can write off 100 percent of the lease payment there fore you write off 100 percent of the cost of the truck. There's usually an option to buy the truck for $1.00 at the end of the lease. What I do is I then take that truck and trade it in at the dealership. Then I lease the new to me one through the leasing company. I never buy brand new I always buy used.

[@andrenero8308]

Don't play with fire is the message and it goes both ways. Big boys burn too.

[@NorthAmerican-Trucking-News]

Yup!

[@TheBigOrangePumpkin]

I never did and I will never lease the truck from the trucking company . No way

[@NorthAmerican-Trucking-News]

Valid, valid

[@Austin.8150]

What about kllm?

[@NorthAmerican-Trucking-News]

Huh?

[@Austin.8150]

@@NorthAmerican-Trucking-News kllm trucking business do they sub lease?

[@ralphsnow2337]

The first thing I tell anyone who is considering a lease purchase . if your name is not on the title and the company as the lien holder . do not lease that truck. I then suggest that they save enough money for a down payment and buy a truck that way.

[@NorthAmerican-Trucking-News]

Cash is never a bad way to go for any form of payment!

[@lifeisahighway1534]

A lot of things to know they have your own truck

[@NorthAmerican-Trucking-News]

Mhmmm

[@r3medy5]

PRIDE hasnt closed down, they are in CCAA protection. Theres a difference. We get they are in your backyard and are your competition but facts matter. Get it right.

[@johnmclean1482]

Don’t get butt hurt over it

[@NorthAmerican-Trucking-News]

They are going under regardless, unless they manage to fix the 1.6 billion dollar issue