lets talk factoring

Discussion in 'Ask An Owner Operator' started by pavrom, Jun 9, 2021.

  1. pavrom

    pavrom Road Train Member

    3,015
    6,839
    Apr 29, 2012
    NE illinois
    0
    I dont have this option at the moment !
     
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. pavrom

    pavrom Road Train Member

    3,015
    6,839
    Apr 29, 2012
    NE illinois
    0
    ...as i mentioned i rarely had any issues with them , just recently ...had them since beginning in 2018 , always same rep ...they try to fix it now and i am exploring other options at the same time ...i hate to switch or jump from one to another
     
  4. slow.rider

    slow.rider Road Train Member

    2,005
    4,739
    Apr 4, 2017
    NYC
    0
    What I would do if I had to factor is just factor what I need and let the rest flow naturally. Then once the rest becomes a regular flow, should be able to wean off the factoring.
     
  5. Wespipes

    Wespipes Road Train Member

    1,037
    1,813
    Jul 14, 2019
    0
    Not really. I own my truck and trailer out right and have over 6 digits in the bank I factor for the ease of it. All the back office, invoicing, leveraging brokers to pay, running credit checks, accounts receivable. Being a one truck gig paying 2-3% is worth the peace of mind to me

    For the OP. I use Apex. Percentage is based on how they take to pay. Most is 3% been with them 2 years now. Haven't had a single issue. I've rarely called them. But when I do, my rep has always answered. I always do the next day payment as same day there is a charge. Once I did same day by accident, my rep called and asked if it was a mistake because I always do next day. Thought that was nice they caught that. No contract. No sign up fees.
     
  6. pavrom

    pavrom Road Train Member

    3,015
    6,839
    Apr 29, 2012
    NE illinois
    0
    I was actually thinking about it ...i think it differs from one factoring co to another ... I was actually wondering if i want to quit factoring lets say from today( i dont have contract) , can i still have release letter from them while they still have unpaid invoices and how its gonna work if i move a load for example from landstar tomorrow ... I guess w/o release they will still pay factoring co ... This question be better addressed to factoring probably
     
    slow.rider Thanks this.
  7. pavrom

    pavrom Road Train Member

    3,015
    6,839
    Apr 29, 2012
    NE illinois
    0
    Talked to them ...offered 2.79% under 75k , 2.59- under 100k monthly ...i have friend with 1.5% and he is under 100k and i have seen it personally ...not sure how he got it so low
     
    Wespipes and slow.rider Thank this.
  8. Jaebo74

    Jaebo74 Medium Load Member

    433
    1,864
    Feb 4, 2021
    0
    I'm at 1.9% with transport clearings east. They're in Charlotte, I have absolutely no problems with them.
     
    pavrom Thanks this.
  9. shooter19802003

    shooter19802003 Road Train Member

    5,654
    42,106
    Feb 8, 2010
    Idaho
    0
    I will talk to my wife tomorrow to see who we use. I know if I get the bol in by 1100, I get paid next day and never had an issue. I use factoring because I have been burned a few times before. So the small percentage I loose by factoring, I gain in not loosing it by not being paid or filing on somebody's bond and getting paid pennies.
     
    mwhjr1988, pavrom and slow.rider Thank this.
  10. drlmi

    drlmi Light Load Member

    76
    85
    Aug 8, 2008
    Ypsilanti, MI
    0
    I used Four Winds/Oak Hill Capital for about 3.5 years. I couldn't say one bad thing about them. Always answered the phone, the person that answered always, and I mean always had an answer to the question. I wanted to take one broker off the factoring once because I got a dedicated thing from them that was going to last about three months. It was about 2 minutes on the phone with the first person that answered and I had the letter in my email.
     
    shooter19802003, pavrom and slow.rider Thank this.
  11. RunningAces

    RunningAces Road Train Member

    1,174
    2,377
    Jul 2, 2017
    0
    Careful following that youtube channel for anything he touts on it. Jeff is a generally a likeable character but he uses youtube almost entirely for promoting what gets him good kick backs.
    Thunder Funding is a big part of his sales pitch to his subscribers and while I do not factor myself I looked into it and was ultimately turned off from Thunder because you can get the same rate elsewhere without the reserve they take of your money.
     
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.