North Mill Finances Over 60 Deals with Truckmaster Warranty
JUL 22, 2019 - 6:25 am
Independent commercial equipment lessor North Mill Equipment Finance has financed year-to-date over 60 Class 8 vehicles with an exclusive Truckmaster warranty included in the transactions, a bundled program first made available in 2019.
Developed by Specialty Administrative Services (SAS), Truckmaster is the company’s flagship warranty product. Given the many day cabs, sleepers and vocational vehicles financed, SAS fashioned a Truckmaster warranty specifically based on the needs of the customer and the underwriting guidelines set by North Mill.
“We recognize the many hurdles that truck drivers are currently facing,” said David Lee, chairman and CEO of North Mill. “A market notorious for its cyclicality is now plagued by falling spot rates and a glut in supply of both new and used vehicles. As a lender with a sizeable stake in the space, we want to help the independent driver sidestep any additional expenses brought on by circumstances they can’t control.”
According to Lee, when the Truckmaster program is added to the deal, a driver can choose a unit that’s older and has more miles accrued than would be allowable without the warranty based on North Mill’s asset specifications. For example, North Mill normally requires a Class 8 sleeper truck be no more than 4 years old with an odometer reading not to exceed 500,000 miles. Add in the Truckmaster warranty and the age climbs to 6 years and the mileage to 700,000.
“Our partnership with North Mill is a win-win for anyone looking to finance a truck and protect their livelihood and investment,” said Rob Davenport, SAS president. “North Mill’s dedication to helping its customers obtain the financing they need to operate, along with a high level of customer service not common in the industry, aligns perfectly with our core mission of putting the customer first and offering the most value-packed plans in the industry.”
In addition to augmenting North Mill’s standard asset guidelines, the Truckmaster warranty offers coverage for 24-months and 240,000 miles along with 24/7 roadside assistance. Moreover, the price of the warranty, which is added to the purchase price at ZERO markup for North Mill, can be financed as part of the deal.
Headquartered in Norwalk, CT, North Mill Equipment Finance originates and services small-ticket equipment leases and loans, ranging from $15,000 to $300,000 in value.
Specialty Administrative Services offers affordable extended service contracts for new and used class 3-8 vehicles through its flagship product, the Truckmaster warranty.
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