Eastern Wrecker Sales Inc Celebrates Fifty Years in Business – Since 1969
Same Owners, Same Vision
Clayton, NC. Eastern Wrecker Sales Inc was founded in 1969 by Billy Kornegay and Worden Price. 50 years later, the business is still owned and operated by the same two gentlemen — an unusual history in today’s world of quick profits and corporate buyouts.
Billy and Worden began selling wreckers in 1969 at the Clayton, NC, offices of Salvage Disposal Co. They incorporated the business in 1979 when Billy and Worden built and moved to a new facility of their own. The business has been in continuous operation ever since — same owners, same location, with the same goal of providing the best towing, recovery, and transport equipment available with professional, courteous service.
About Eastern Wrecker Sales Inc: Eastern Wrecker Sales Inc is the oldest active distributor in the nation of wreckers and rollbacks manufactured by Jerr-Dan Corp. Eastern Wrecker Sales Inc is also a leading distributor of the traveling axle trailers manufactured by Landoll Corporation.
So you think you might like one of the F650s, but you’ve never driven one? Maybe you’re wondering how the new Chevrolet 6500 rides? Not ready to buy a truck, but you’d like to drive one anyway?
Ok. Come drive one. It’s just that simple.
You might be the owner of the company – great! Or maybe you just work there, driving for the man. That’s fine, too! Either way, the more people who know which of our trucks they like, the better. Buy what you like. Or just take some good information back to the company. Operate the bed. Take photos. Take selfies. Play the radio really loud.
You’ve got to have the proper Driver License. Yes, really. That’s kind of important to the DMV folks. Anything up to 26,000 GVWR, a regular license; if it’s something heavier, 26,001 GVWR and up, you’ll be needing that dandy CDL.
The test drive is not Drive-It-Like-You-Stole-It. These trucks are expensive, and you’ve got to bring them back in 15/20 minutes. Plenty of time to see how they run, listen to the radio, make sure the seat fits the way you like it.
The souvenir may be something awesome, like an Eastern shirt. We can’t guarantee what we’ll have on a particular day, but we’ve always got people working on cool stuff.
Is it better to lease or finance your new truck or trailer?
Let’s start by clearing up some misconceptions about commercial leasing and lending —
Does leasing mean you don’t need any money out of pocket? Nope.
If you were hoping that leasing would keep you from having to make a down payment, sorry — that’s only true if you would also qualify for 100% financing, which our lenders offer all the time, but only for well-qualified customers with good time in business.
Whether you lease or finance, your down payment (or “advance payment” or “out-of-pocket money”, or whatever you want to call it) usually looks about the same — depending on your credit, your time in business, and all of that. Why? Well, for starters, because of the answer to this next question…
If you lease the equipment, do you just turn it back in at the end of the lease? Nope again — you end up owning it. (That’s a good thing.)
At the end of the lease for commercial equipment like wreckers, carriers, and trailers, you end up owning the equipment at the end — there’s a token last payment of $1.00 or $101.00, and the equipment is yours. The bank or lease company isn’t planning on recouping their money by selling off-lease tow trucks on the auto auction, like they do with off-lease Hondas and BMWs, so your commercial lease is based on you owning the truck or trailer at the end of the payments. (By the way, if you’re looking at buying or leasing a car, take a look at this article from Edmonds.com.) Which also clears up the next question…
Can I lease a wrecker or rollback or Landoll trailer for a short time, say 6 months, to see if it is going to work for me? Nope, again. Sorry, but you wanted the truth, right?
Again, the banks don’t want to be in the towing business, and they don’t want to own a bunch of commercial equipment that they don’t understand and that they don’t have a huge consumer market for. (Yes, we’ve seen a few short-term commercial lease deals pop up on the internet from time to time, but those deals are very…unusual…in this industry — “unusual” here having the meaning of something you probably want to stay away from.)
So — whether you lease your commercial equipment or finance it, your down payment and your monthly payment are going to look pretty much the same. Plenty of times we’ve seen approvals from our best lenders changed from a lease to a loan or from a loan to a lease — depending on the customer’s accountant’s advice — and all the numbers would stay pretty much the same. Same money up front. Same monthly payment. The differences are in how the agreement is written up, often in how the equipment is titled (leases, usually titled to the lease company and tags/registration to you; financing, usually titled to you with a lien for the lender,) and the token purchase amount ($1.00 or maybe $101.00) at the end of a commercial lease.
“If you finance your equipment, your accountant can help you depreciate the cost… You could deduct the entire thing from your taxes in the first year, saving you tens of thousands of dollars on your taxes…”
So what’s the difference? Which should you do? In our world, it mostly comes down to your taxes and your accountant.
If you finance your equipment, your accountant can help you depreciate the cost.That means that you get to reduce your taxable income by part of the cost of the equipment — maybe over a few years, maybe all at one time. That second part is key — many customers deduct the entire amount, the whole thing, in the first year.Buying a $95,000.00 carrier? By one calculation, you could deduct the entire thing from your taxes in the first year, saving you tens of thousands of dollars on your taxes — see the information available on Section179.org for example. Believe it or not, there’s also good information here on the IRS website.
If you lease your equipment, your account can help you to deduct the cost of each lease payment from your taxes. If you don’t take advantage of the faster Section 179 depreciation, then you may be better off deducting each payment, saving less money each year but doing it consistently over, say, the life of a five year lease.
Full disclosure, here — we are not accountants. We don’t even play accountants on TV. We do, however, pay our own accountants a lot of money each year. (A lot. Yep. Makes us wonder if we should have gone to accountant school, or whatever you call it.) And yes, it is money well spent. You should try it. Go talk to your accountant, spend that time and money, and it will be one of the best investments you ever make.
Then come and get your equipment. New or used, financed or leased, we’ve got the trucks and equipment you need, and we’ve got the lenders to help you get it.
How do I get started? It’s easy.
Just pick out the truck you want. Our friendly representatives are glad to help — take a look at our Contact Us page. Then fill out our simple Credit Application and send it in to us.
Yes, we’re famous for selling fancier trucks with more toys and bigger price tags, but we also specialize in plain vanilla and chocolate.
Want a 22’ Jerr-Dan on a new Kenworth with high horsepower, the best trim level, and all the toys? We’ve got that. Usually in stock, ready to go.
Need a workhorse Jerr-Dan carrier on a chocolate or vanilla chassis at a low price? We’ve got that, too. Usually in stock, ready to go.
We put it together right.
You know these things come in pieces, right? This isn’t like buying a pickup truck— those things roll out of Ford or Dodge or GM already put together. In our world, there’s the truck chassis-cab, then there’s the body, and then there are all the toys that go on them.
Somebody has to put it all together, and not everybody does that the same. It’s not just a few bolts and plugging in some lights — we’re talking real welding, power take-offs, routing hydraulic lines, weather connectors on the wiring, and getting all of this to work with the onboard computer.
Building a new carrier or wrecker right is not easy, and you don’t want just any jack-leg doing it. (And there are plenty of jack-legs out there doing it. No offense to the jack-legs of the world, but let those guys paint your toolshed or clean up your scrap metal. Don’t let them build your new Jerr-Dan carrier.)
We build it right. Then we check it over a second time. And if we do miss anything, we’re right here to fix it. Which leads us to…
We’ve been doing this since 1969, with the same owners the whole time.
We’ve been operating in the same location, in the same buildings, under the same corporation, since 1979. We’re not planning on going anywhere.
If you need to find us, you’ll know where we are.
We try to make it easy, and we work with banks who will treat you right. Good lenders offering good finance rates—lenders we trust and who will not nail you to the wall.
There’s no shotgun approach. We don’t send your credit information all over the universe. When you send us your application, we look at your credit right here first, then we match your credit profile to one or two of our best lenders.
We make it simple. None of it is as fast as buying a new Honda — buying a commercial truck puts you in the world of commercial lending, which typically takes a day or two and may require more information like bank statements — but we make it simple.
You’ll like us.
Really. It’s hard to like everybody you meet these days — shocking, we know — but we’ll be nice to you. We’ll listen to you.
We’ll help you with your purchase, and we’ll do it in a timely and professional and courteous manner. These days, we’re not finding as much courtesy and professionalism out there — in any field, from selling french fries to doing brain surgery.
You will find courtesy and professionalism here.
We really have the truck we say we have.
If we say your truck is here and available, it really is. Here on the ground, our people keep track of which units are sold and which ones are ready to go.
We also try to keep the website accurate to within a day or so of reality.
We do special orders.
If you need something special, or a different color, we’ll order it for you. We have always done a tremendous amount of special order business, ranging from special colors or special options all the way up to large industrial carriers and equipment for corporate and government agencies.
If we can get you what you want, and do it well and safely, then we will.
You’ll get what you’re promised.
Many of our customers come from far away, driving or flying here from the Western US, the Northeast, all over the country and Canada. When we ask them why they come so far when other trucks were available closer to them, the answer we get most often is, “We felt like we would get what we were promised.” Wow. At Eastern Wrecker Sales, we’ve always viewed that as a given — we always make sure our customers get what they were promised, and a little bit more.
You’ll get what you were promised. And we’ll make sure you get a little more to go with it.
Financing is important. We want to make it as straightforward as possible.
Commercial credit is a different world than consumer credit. Most of us could walk into a car dealership and expect to drive away with a new car in just a few hours, with little or no money out of pocket.
Financing a new or used Jerr-Dan carrier or a Landoll trailer? Applying for a commercial loan? That’s a little different.
Commercial lenders have to play by different rules than consumer lenders. We all know that your new Jerr-Dan carrier will make you a lot more money than a new Honda Accord, but the Commercial financing will take a little longer.
You’ll like our lenders. We work hard to find the best Commercial sources out there, banks and other lenders who will give you good service, reasonable rates, and the respect you deserve.
Go ahead and pick out your equipment. We’ll work with you to make it happen.
Frequently Asked Questions About Commercial Credit, Financing and Leasing for Tow Trucks, Rollbacks and Trailers
Do I need a down payment? Probably, though maybe not. If you have excellent credit, if you have financed other similar commercial equipment before, and if you have been in business for several years, a commercial lender may offer you a loan or lease with little or nothing down. In most cases, commercial lenders do want some down payment—how much will depend on the particular lender and your credit history.
How about a lease? I’ve heard of leases with zero down—is that available on this kind of equipment? Again, as with the first question above, only if you have the years in business, very good credit, and existing comparable commercial credit that the lenders want to see. We’ll work with you to find your best deal, based on your individual credit.
I can walk in a car dealership and get approved right away on a new Honda or Chevrolet or Ford with no down payment. Can I do that on a Commercial Vehicle like a tow truck? This is one of the most often asked questions, and one of the most frustrating for us and for our customers. As we have said in answer to the previous questions, maybe you can get a Commercial loan or lease with little or nothing down, IF you already have a good relationship with a Commercial lender, or IF you have the time in business and comparable Commercial credit they want to see. Here’s the thing that is so aggravating: Commercial equipment actually helps you make money, but it is easier to get a loan or lease on consumer items like a Ford Explorer. The automobile industry is huge, and consumer lenders have both the volume of deals and the tools to make it easy for them to finance and, if necessary, re-market items like a Honda Accord, Toyota Camry, or even a BMW or a Mercedes. The volume of Commercial loans for work trucks is much smaller, there are fewer tools available to Commercial lenders, and the guidelines are different. Bottom line? Most of us can walk into a Lexus store and drive away with a fancy new car—that will earn NO money for us at all—far more easily and quickly than we can walk in here and get approved for a loan or lease to buy a new Jerr-Dan carrier. No, it doesn’t make any sense, but that is the truth of how Commercial lending is different. That being said, we are here to make the process as easy, painless, and profitable for you as possible.
Which is better, a loan or a lease? That really depends on a wide range of things, and you should talk to your tax advisor about leases vs. loans—there are different advantages to each. Even if you are more inclined to traditional loans, keep an open mind to both. If your credit is challenged, you may find that some lenders are a little more inclined to offer you a lease.
Do I have to fill out a credit application? Yes, we have to get a written application—that is part of the better consumer protection laws in place today. A lot of times we can get a lender to consider your loan based on just the application. Depending on how long you’ve been in business, etc, it is possible that a lender will request additional information. For example, if you’ve been in business less than 3 years, you will probably need to submit your 3 most recent business checking bank statements.
What kind of rates are available? This is almost impossible to answer, since it depends on your credit, what you are buying, the amount of money involved, and what the current bank rates are. Our lenders offer the best rates available today.
How long can I finance my truck? Again, the answer depends on many factors. We often see 60 month terms on new trucks, sometimes 66 or 72 months. Used equipment might qualify for anything from 24 to 60 months, depending on the lender.
Do you have financing available for new or start-up businesses? Yes, we have some lenders willing to consider applications from businesses with less than 3 years in business. Generally, the newer the business, the larger the down payment the lender will require—if you are just starting a business or have just gone into business in the last year or two, the lenders will probably want to see at least a 25% down payment.
Can I get a short term lease? Can I just turn in the equipment at the end of the lease? The financing and leases we see advertised for new cars and light pickup trucks are very different from the financing and leases offered for Commercial and heavy duty equipment. There are no short-term, temporary leases for towing and transport equipment. At the end of the lease term there is usually a simple purchase agreement for a determined price—such as $1.00 or $101.00, depending on the state you live in—and the equipment is yours to keep. Always read and understand the terms of the loan or lease that you accept.
Do you send my credit information all over the world? No, we do not. Our approach is simple—we are going to treat your information like we would treat our own. First, we’ll take a look at your credit background so that we can determine which of our lenders will be the best match, then we start with that one. Generally, we approach lenders one at the time for you, not sending your information to several sources at once. We want to get you the best deal possible while limiting the number of lenders who access your information. If we see that we cannot help you, we’ll let you know quickly.
How long does it take to get an approval? These days, it varies a little. If you have a good credit history and time in business, it may even be the same day. More often, it can take a day or two. If there are some credit issues, a lender may come back and request additional information to support the application, such as copies of business bank statements, etc. If your business is new or your personal credit history is limited, they will almost certainly want to see recent business bank statements at the very least.
Where do I find more information about starting my new business? How do I form a corporation or LLC? One great source of information in North Carolina is here at the North Carolina Department of Commerce website. Another good source of information is the corporations division of the North Carolina Secretary of State website, where you can find information about starting your North Carolina corporation or LLC—it is much easier than you think. If you are in a different U.S. state, check the website of your Secretary of State office. Believe it or not, there is also a lot of helpful infomation on the IRS website–really! Canadian citizens may find helpful information at the Industry Canada website.
Remember—always read and understand the terms and conditions of your particular lease or loan. Beware! There are some unscrupulous lenders and equipment dealers out there in the world!
Welcome to the new Eastern Wrecker Sales Inc website.
We realize that many of you, more than half our website visitors in fact, are looking at our site on small screens–mobile phones, etc. This new website has been designed especially with you in mind.
We’re still adding more information — more manuals, more information. If you have ideas about things you’d like to see–a particular brochure we may have missed, photos of a particular item, that sort of thing — please post a reply and let us know!