Mixed results for ex-Arrow drivers with lease-purchase deals

Discussion in 'Arrow Trucking' started by Mike, Jan 13, 2010.

  1. Mike

    Mike Well-Known Member Staff Member

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    Greg Werner had eight months left on his lease-purchase agreement with Arrow Trucking before he was supposed to own his truck.

    For four years and four months, he had been paying nearly $500 per week toward his 2006 Kenworth T600. Werner’s records show he only owed $14,000, plus a $100 fee at the end of the lease to change the title over into his name.

    However, when Murphy-Hoffman Co. – or MHC – contacted Werner after Arrow’s chaotic collapse on Dec. 22, 2009, he was given a different amount that was owed on his truck.

    “I was told that ‘Yes, this is a bad situation, but that we need our trucks,’ ” Werner told Land Line.

    Werner said he was told that Arrow bought the trucks in groups of three and that a total of $130,000 was still owed on those three trucks.

    “I was told they divided what was still owed on those three trucks and given a new amount I could finance my truck for,” he said.

    The new amount was for approximately $48,000, plus interest. Werner had already paid Arrow more than $126,000 for his truck.

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  2. rebel

    rebel Well known, by a few Supporter

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    That's just wrong!
    Lemme guess, they used the same accountants that Wall St. did, devising derivatives.

    I guess that's one MORE question to ask when doing a lease purchase.
    "Am I liable for any other truck lien besides this one?"
    You wouldn't think you had to ask that question, but this just proves you do. When I saw the headline for this, I thought maybe it was some other Arrow debt that he was getting screwed for. Better ask that too.
    "If the company goes bankrupt, will I be liable for any and all debts associated with that company? i.e., power bill, phone bill, insurance, etc.?"
  3. boone315

    boone315 SPACE TRUCKING

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    maybe somebody can start a letter writing campaign to get these l/p rules changed, right now there is no protection for the driver
    I personally think that with the effort to purchase a truck that way is far harder then to run your backside off for two years or so, save every penny you can, then take the $30,000 you can save, go and buy a well cared for truck, work your backside off for another 8 months, get that truck paid for, then trade for the truck of your choice, in as little as three years(if all goes right) you can be holding title to a brand new truck with reasonable payments or a late model used truck with a warranty and escrow , I have never heard of a lease purchase program that is less then three years and if you manage to pay off, the truck will be used up, you will be broke, burned out and divorced.
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