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I'd say it's more market conditions over anything else. Truck drivers generally have poor credit - they're not going to be able to come up with ~400k otherwise. As a result, you get lenders that charge more.

Also, repossessing trucks across the country is kinda an issue. You might need to drive hundreds or thousands of miles to claim the truck which is a nightmare that carriers deal with on a daily basis.

Probably because it's a cut throat business and truckers operating on razor thin margins are more likely to default on their loans when they get into trouble. The second hand value of the trucks is not enough to cover that risk. A two year old truck has a value of course, but it's nowhere near the new value of the truck.

Correct! It’s like rent to own homes, when the operator knows the renter will default and won’t take ownership. The profit is the transaction duration.

(family member is a truck driver)

> easier to re-posses

It can be difficult to locate a tractor when the operator who is in default on the loan/lease has all of the lower 48 to make it disappear.