North Mill Equipment Finance, a leading independent commercial equipment lessor located in South Norwalk, Conn., announced Thursday it has financed year-to-date more than 60 Class 8 vehicles with an exclusive Truck Master Warranty included in the transactions, a bundled program first made available in 2019.
Developed by Specialty Administrative Services (SAS), Truck Master is the company’s flagship warranty product. Given the many day cabs, sleepers and vocational vehicles financed, SAS fashioned a Truck Master Warranty specifically based on the needs of the customer and the underwriting guidelines set by North Mill, the companies says.
“We recognize the many hurdles that truck drivers are currently facing. A market notorious for its cyclicality is now plagued by falling spot rates and a glut in supply of both new and used vehicles,” says David Lee, chairman and CEO, North Mill. “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.”
Lee says when the Truck Master 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 four years old with an odometer reading not to exceed 500,000 miles. But add in the Truck Master Warranty, and the company says the age climbs to six 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,” says Rob Davenport, president, Specialty Administration Services. “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 Truck Master 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, the companies say.
