Truck Lease
My husband has a semi truck lease, due to failing health he is no longer able to drive long haul. It is impossible to make enough income driving locally to pay the lease never mind have any income to take home. What are my options.
Posted from: Manitoba
There are a variety of options depending on other aspects of your situation, but the main ones are:
1. continue to make the payments on the semi;
2. send the truck back to the leasor, and make arrangements to pay the penalties due under the contract (which may be significant);
3. sell the truck and use the proceeds of the sale to satisfy some of the commitments under the lease, but be sure to contact the leasor ahead of time to ensure they will be willing to cooperate.
Once the truck is dealt with you may need to explore additional options of how to deal with any shortfall, but we will be in a better position to determine that once you have dealt with the truck.