Buying a truck from my employer?

6000.00 a year to insure a truck worth 9500.00 ? Don't seem right to me

My truck insurance runs 51.00 a month for collision bobtail is 18.00 !

 

just RUN

23% seems high, paying insurance on HIS trailer? no way... wouldn't pay for maintainence either, thats what the 23% is for. IF he gets paid? just run away.

 

He keeps 23% You get 77%-That sounds reasonable.
I am a little confused about the trailer. We are leased to a company that charges nothing for use of the trailers. We have to grease it twice a month and sometimes take it for repairs. We do not pay for maint,or insurance on their trailers.
I would think this guy could charge you rent on a trailer but,You are not buying the trailer so he should be paying for trailer ins.
Are you sure the $180 is trailer ins. It could be cargo ins. for the freight you are hauling. I could see that.
I am a little worried about this because you posted you have reservations about the deal. It is your decision. I would make sure you totally understand the deal and have someone you trust look over the deal before you sign anything.
GOOD-LUCK Keep us posted

 

23% off the top? He's pretty deep into your pocket as far as I'm concerned. If you weren't paying trailer rental or maintenance on that trailer, 23% would be more realistic, but still a might high in my eyes.

marmonman, I'm sure the insurance includes cargo and liability. That would make those insurance numbers more reasonable.

 

I am in agreement with Gears. For his 23% he should be taking care of trailer expenses. Also,if he has good freight it is worth him keeping 23%. If he can only get you cheap freight the 23% is too much.

 

You can find a good truck at that price everywhere, just look in truckpaper. They are selling late model Walmart trucks for 10 or 12 thousand then you can lease to anyone if you want or need too. Then a van trailer is cheap and you might as well get your own authority if all he does is get loads from load boards and pays when he gets paid. How are you going to know when he gets paid. And final thought you said you had " I do have reservations about trusting them with this" well I wouldn't do it. Just my 2 cents.

 

You didn't say what year the truck was but paying $8160 for truck and trailer insurance is a bit high. and everything being original with 830,000 how long before major overhaul what kind of condition is the truck in is it going to make it a 19 months and turn a profit or is it going to cost you more to keep it up than what you make.

 

Run! You stated you have worked for these guys for three total years. Indicating there has been a gap in there & 23% plus everything else you mentioned for using their authority sounds high. If he is throwing all those payments into your court now, probably wouldn't be long 'til you were having to find your own loads & paying for access to the boards as well.

 

If it sounds to good to be true, RUN. Listen to your inner self. It will not lie to you.