Question

[The Godfather]

A friend of mine requested me to ask, since he isn't a member and its just more convenient for him. Anyways he bought a truck with a liftgate recently, and has been trying to get it into the delivery business - however for almost a year he has no luck. And the truck is just sitting there doing no work. He is now however unable to pay for it, its a brand new truck barely used. So he wonders what will happen to his credit history, bank reputation, or payment options if he returns it? How will it be affected? And what are his other options? Its a $30,000 truck. This is in the state of GA btw.

Thanks.

 

[olds]

If he put down $15,000, probably very little.
If he is upside down, he won't be buying a new vehicle on credit for a couple of years.

 

[jpeyton]

You can't just 'return it'.

He can try selling it and paying off the loan (even if he takes a loss); that will keep his credit history in good standing.

If he doesn't sell it, and stops making payments, his credit history will take a hit. Eventually he may be able to settle the debt through repossession, but the hit on his credit will remain.

 

[LikeLinus]

Has he tried to sell it????

 

[Wheezer]

Originally posted by: The Godfather
A friend of mine requested me to ask, since he isn't a member and its just more convenient for him. Anyways he bought a truck with a liftgate recently, and has been trying to get it into the delivery business - however for almost half a year he has no luck. And the truck is just sitting there doing no work. He is now however unable to pay for it, its a brand new truck barely used. So he wonders what will happen to his credit history, bank reputation, or payment options if he returns it? How will it be affected? And what are his other options? Its a $30,000 truck. This is in the state of GA btw.

Thanks.

6 months is not a lot of time to try and develop a business off the ground.

Has he done everything it takes to get going?

Flyers, news paper ads, bulletin board postings (in popular stores), Craigslist?

I hate to see someones dream of owning/running their own business collapse in such a short time.

 

[The Godfather]

Originally posted by: Wheezer

Originally posted by: The Godfather
A friend of mine requested me to ask, since he isn't a member and its just more convenient for him. Anyways he bought a truck with a liftgate recently, and has been trying to get it into the delivery business - however for almost half a year he has no luck. And the truck is just sitting there doing no work. He is now however unable to pay for it, its a brand new truck barely used. So he wonders what will happen to his credit history, bank reputation, or payment options if he returns it? How will it be affected? And what are his other options? Its a $30,000 truck. This is in the state of GA btw.

Thanks.

6 months is not a lot of time to try and develop a business off the ground.

Has he done everything it takes to get going?

Flyers, news paper ads, bulletin board postings (in popular stores), Craigslist?

I hate to see someones dream of owning/running their own business collapse in such a short time.

He has a side business, this was just adding on.. Delivery on weekends. And he's had the truck for a year, sorry my mistake. Anyways, yeah so the truck is just pulling him back, his other business is going swell. For the deilvery he's tried everything. I even helped him get a website up. He posted ads. A couple of companies actually worked with him but it turned out to be in his loss, and he couldn't find a steady driver.


Thanks for your replies.