Parent company of Freightliner, Sterling, and Western Star Trucks, and Mercedes-Benz Credit Corporation recently announced programs for new and used truck financing. The announcements were made during the Mid-America Trucking Show.

Effective upon the announcement, Freightliner offered buyers a choice of two interest rates for new truck purchases — 8.75% or 7.99%, both for a maximum of 60 months. The rates apply to select new model Class 8 tractors in dealer inventory. For those choosing the 8.75% rate, Freightliner will pay $100 on each of the first 12 payments to help offset fuel prices or other expenses during the first year of ownership.

This program only applies to stock tractors in dealer inventory and only applies to purchases financed through Mercedes-Benz Credit. Special interest rates apply to the base tractor. Other purchases will be financed at prevailing interest rates, resulting in a blended total rate.

For purchasers of used trucks for sale, Freightliner announced six programs to protect the residual value of trucks, to protect the investment of used truck customers, and to increase the demand for high value, late model used vehicles. Freightliner said it had created a new finance operation called FASTruck in partnership with Mercedes-Benz Credit. This program is for first-time owner-operators or other customers that do not fit a typical borrowing profile. FASTruck is designed to match credit and credit terms with the reality of trucking and used truck buyers.

In conjunction with FASTruck, Freightliner truck and Mercedes-Benz  truck Credit will open a network of remarketing centers throughout North America. These centers will concentrate on sales of repossessed vehicles and those returned from leases. The purpose is to move these vehicles through the system quickly. The remarketing centers will target users who are willing to purchase vehicles as-is instead of requiring the extra value added to a used truck by the Freightliner SelecTrucks network. The remarketing centers are seen as a way for financial institutions to avoid taking large numbers of vehicles to auction, thereby, cutting the resale value of all used trucks. Stabilizing used truck values should help protect the investment of all truck buyers.

In its third initiative, Freightliner announced higher loan amounts for small fleets and established owner-operators. Mercedes-Benz Credit has modified its guidelines to allow truck purchases with lower down payments.

The fourth new program is called Power to Succeed. It is designed to ensure new owner-operators a chance at success as a used truck buyer and later as a purchaser of new trucks. It includes a preventive maintenance package and a suite of other business services aimed at helping owner-operators found a successful business. Program benefits include a down payment of $999, a 24-month, 200,000-mile warranty on major vehicle components, 12-month, 100,000-mile coverage on other components, 10 new tires, a set of new Alliance batteries, a set of relined Meritor brake shoes, a preventive maintenance program that includes six PM services, an education program for first-time buyers, and a comprehensive set of business services.