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some leasing details?

Discussion in 'Ask An Owner Operator' started by skeeter11, Jul 6, 2015.

  1. Jul 6, 2015 #1
    skeeter11

    skeeter11 Bobtail Member

    10
    4
    Dec 16, 2013
    southeast louisiana
    0
    Driving for others 6 yrs now, just making a check. Found a good small outfit to lease to and bought a truck and trailer (cash, title in hand-only way I'd do it). I'll be otr, pulling flat.
    Live in La., carrier in Tenn. I'll title the equipment in my home state, and carrier's gonna get base plates and IFTA in Tenn. Do I register the truck in my state, or will getting the base plates elsewhere sort of automatically register it there?
    The carrier gets the liability and cargo insurance and I get bobtail ins. Do I need to get the bobtail insurance in the state where it's plated, or does it matter? And is it customary or not for carrier to pass the cost of the liability and cargo insurance on to the lessee?
    Will it matter if I tag the trailer in my home state when the tractor is tagged elsewhere?

    I want to thank you guys for the knowledge I've gained from this community, and I hope someday I'll be able to pass it on as well as y'all do.
     
    skeeter11, Jul 6, 2015
    skeeter11, Jul 6, 2015
    #1
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  3. Jul 6, 2015 #2
    Ruthless

    Ruthless Road Train Member

    8,312
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    Aug 28, 2010
    The City.
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    Plates come with reg.

    Bobtail would be in your home state I expect.

    Some carriers pass along cost of ins to OO some don't. It'll be in the contract.

    Tag trailer where it's cheap. Idk the area you're talking about. So idi which is cheaper.
     
    Ruthless, Jul 6, 2015
    Ruthless, Jul 6, 2015
    #2
  4. Jul 6, 2015 #3
    Ruthless

    Ruthless Road Train Member

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    The City.
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    *idk
     
    Ruthless, Jul 6, 2015
    Ruthless, Jul 6, 2015
    #3
  5. Jul 6, 2015 #4
    Old Man

    Old Man Road Train Member

    4,597
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    Apr 3, 2009
    Oklahoma City, OK
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    Title your truck at home, tag trailer at home, company will get apportioned tag for you.. My truck is titled in Oklahoma and tagged in Illinois, trailer is tagged in Oklahoma.
    Bobtail insurance can come from the carrier or you can buy your own if it meets their requirements.
    State don't matter, you can buy from OOIDA , I get mine from first guard in Florida. You need insurance on the truck and trailer even if it is paid for unless your willing to take the loss if something happens to it.
     
    Old Man, Jul 6, 2015
    Old Man, Jul 6, 2015
    #4
  7. Jul 6, 2015 #5
    315wheelbase

    315wheelbase Heavy Load Member

    783
    600
    Oct 26, 2014
    0
    tag your trailer in Oklahoma,,Legal for interstate trucks and living in an other state,,One time life time tag for $43 and no sales tax,,do not buy insurance thru OOIDA a rip off,,contact Daily Underwriters in PA or Northland Ins for a local agent you will save money,
    Bobtail and physical damage ins runs about 4-5% of the value of the equipment,,
     
    315wheelbase, Jul 6, 2015
    315wheelbase, Jul 6, 2015
    #5
  8. Jul 6, 2015 #6
    Old Man

    Old Man Road Train Member

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    Oklahoma City, OK
    0
    Oklahoma tag is not one time, you have to renew every year,$7.56 (not $6), they found out a few years ago that the big boys were not renewing and went after them. JB has 25,000+ trailers so they did quite well collecting for several years.

    From OK web site:
    What is the cost? Commercial trailer fleet registration and processing fees total $48 for the first year and $6 for each subsequent year for each commercial trailer.

    http://www.occeweb.com/TR/CommTrailer.htm#Cost
     
    Old Man, Jul 6, 2015
    Old Man, Jul 6, 2015
    #6
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