hi guys i need put the truck by my name when i get a lease?????
i need put the insurance truck by my name ???
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Discussion in 'Lease Purchase Trucking Forum' started by vaqueroyoyo, Oct 6, 2014.
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I go get a lease that my boss offer me and i want to know if i do the lease purchase i have to put the truck by my name and the inssurance too???
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so let me see if im understanding this
you are being offered a L/P and want to know if you put the truck and insurance in your name? -
I want to know if by the law i have to put the registration under my name or not bcs he offer me the L/P BUT HE TELL ME THAT THE TRUCK STAY UNDER THE COMPANY NAME UNTILL I PAID IN FULL
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I smell something wrong
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im not sure about the ins under your name. far as the title he is correct, at this point its like making a car payment. the bank/company owns the truck, you make monthly payments of 1200/month(picking a number), truck purchase price is 40k. until the 40k is paid you dont own the truck, compoany/bank still does.
once you own the truck(paid the 40k) then yes title/ins/reg/ifta/etc is al in your namevaqueroyoyo Thanks this. -
You have to read what is going to be in your contract. Whatever he has in there is what you need to go by. legally, it depends on what the deal is and if you accept it. A company can put in there that it will stay in their name, their insurance, and you pay them 3800 a month for a 2000 freight shaker. If you SIGN it, guess what your going to have to pay? And guess who keeps the truck if you do not pay and will have a legal document with a total balance that they can sue you for?
The best thing if you are not versed in reading through legal documents is to take your lease agreement and have it viewed by an attorney to see if your going to get screwed or not. If you can not afford a consult from an attorney because you think your getting screwed, than I don't think you will have the business capital to start your own L/P. There are some lawyers that will do free consults on business transactions.vaqueroyoyo and damutt Thank this. -
lcfd15 think you nailed it
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lcfd15 Thanks this.
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