The Anti-Lease Purchase Program

Gman

All fees are included for the $1500. Their admin cost is actually $500.

The baseplate I am not sure if it was prorated and include or not.

Part of my business plan is also to include ALL documentation for authority. From filing for company registration, tin, mc number etc.

Insurance is estimates only for planning purposes and high I know. I spoke with three place and when I got all the quotes, the showed progressive. I thought it was scary in that sense. I talke to the bank and turns out the local branch also had an insurance office. They quoted me northland and they were close to same. 1,000,000 load and all federally required etc. All charge $35 to file notice of insurance requirements met or whatever thay called it.

It is well over 50 pages long.

I here what you're saying though. That why the business training in me says, "yeah, this is right". The company driver in me says, "you're kidding me, this is all it takes for authority?"

It's not rocket science

 

Even if they charge $500, it is high for the time involved. At one time my state issued base plates based upon the calender year. They now use the month in which you first tag your truck as your renewal month.

I don't know if you are incorporated or plan on incorporating, but it would be good to make that decision before having your authority reinstated. There is a fee for a name change, but everything should match. I can incorporate or file an LLC in my state for about $100.

Your insurance premium should probably run between $6-8,000 the first year and go down annually after that time as long as you don't have any claims. I have a friend who got Progressive and paid less than $4,000 when he reinstated his authority. Premiums vary according to your base state, where you run, what you haul and your credit rating. I have also found that premiums can vary with Northland, depending on the agent who submits the business. They have several underwriters around the country and it can make a difference as to which one receives the application. I don't remember my agent charging me to file my insurance with the feds.

When you reinstate your authority you will only need to go in and update your pcs-150. If nothing has changed then all you do is check the box that asks for reinstatement for your authority and pay your $80 fee.

There are services that will do your base plates and IFTA for a fee. I have a friend who pays about $75 for someone to walk through his base plates. You can buy software to track your IFTA or hire a service for about $25-35/month. Any money that you can save by doing it yourself is putting money in your pocket. Paying people for all these services soon adds up to spending a lot of money for services that you can do yourself.

Most states now require that you prove residency before they will issue your base plates and IFTA. Most will have a list of what you need to bring when they send you the forms to fill out. As long as you either submit or carry everything that they need with you there is no reason that it should take all that long to get your business with the state accomplished. To me it boils down to the value of my time. If I can spend a few hours of my time and save several hundred dollars, then I will save the money.

 

Sure, $125 a hour sounds about right to me

 

here's one thing that no one thinks of when you all talk about keeping the money on your pocket.

what doesn't get spent on the business, will surely get spent with the IRS.

i like profit as much as the rest of you all. but you all know that IRS won't have that.

 

G/Man,

Not that I appreciate your comments, but I get the impression that you think I have not done my homework.

Here is the table of contents for my business plan I am working off of.

Now, if I have it included here in the TOC, it's a good bet that I also have all the associated forms to go with it either filled out, or linked to where to go to get it done.

It includes all of that which you are telling me about.

And yes, there are others here I realize that might not know this information

 

You have a 40+ page business plan....are you planning on purchasing a small fleet or just one truck?

 

One truck.

When you sit down and look AT it though...

It's one page for the documentation to file for LLC.

It's one page to file for DOT number.

It's 2 pages for state authority.

etc.....

All of those documents are part of my business plan. If you have one truck or 100 trucks, it's all the same documents you have to file for authority, incorporation, insurance etc.

OK, maybe the CH Robinson stuff could be trimmed. But it describes the programs on how, as a vet-owned business I would be working with them. Same with the FedBiz stuff.

The bank asked me literally how I would be getting my loads for revenue. So I had to show them.

 

So your plan is to take this to a bank or other financial instituition?

*Edit*

Duhhh..I just read the last sentenance....Good luck everything I ever heard banks were hard pressed to loan money for trucking companies