Fuel Costs Exact Toll in Truck Financing
Truckers overwhelmed by high fuel costs are falling behind in payments on their vehicles, and finance companies are seeing an increasing number of “voluntary repossessions” in which equipment is returned to lenders because operators think they can no longer make money by driving the truck.
“There are fewer finance options,” said Kevin Adamson, a regional manager for National Market Reports, publisher of the Truck Blue Book and other valuation guides. “For the owner-operator without a lot of experience, it’s tough. And it’s hard to find someone willing to finance marginal credit.”
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While the number of delinquencies and repossessions is unknown, the trend has led many companies to re-evaluate their lending criteria and to raise interest rates.
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A year ago, because of a flood of late-model used trucks on the market and low fuel prices, almost anyone could get money to buy a tractor, Adamson said.
