Leasing at Prime

For team drivers , is the truck payments split in half ?

 

Im thinking that since we both in a truck, and the truck payment is about $1,000 , we both pay half

 

I'm sure ppl will disagree with me but in my opinion there is no money to be made team leasing unless its a husband wife team where all the money goes into one account .

 

The only ship that doesn't sail is a partnership. I have never leased before with a carrier but I have experience with llc's and partnerships and I would recommend never forming a partnership. If something happens between you and your partner you end up losing everything. Best recommendation I would have for you is be the only one on the lease and whoever your partner is hire them on as an employee. You can make it as simple as you both split the net income after ALL expenses have been taken out. Nice part about this setup is if after a year in an a 10x10 box together you need to go separate ways, you just fire your employee instead of trying to figure out how to split the business up or you trying to come up with money all of a sudden to buy out your partner.

Not trying to be negative about partnerships but a lot of them don't last more then a year or two and it can ruin friendships and family relationships. Hope that helps.

If you do decide to form a partnership, spend the money and sit down with an attorney to write up the partnership agreement that spells out each partners roll and how the partnership will be dissolved if things don't work out.

Good luck!

 

I had went to Prime as a company driver but had to quit right after orientation, because I got really sick, and then serious personal stuff popped up all at the same time. Even though the recuiter was misinformed about a couple of things Prime wasn't that bad. I guess it wasn't the right time. I decided if I want to stay a truck driver, I feel that I'm better off being an O/O. Reading about being an O/O and actually doing it are two different things. How would I know if I can handle being an O/O without taking a huge risk? I think a walk away lease is the answer. At least that way if things don't turn out as planned you can walk away. If I find out "Hey I can Manage this" I'll end the Lease (because you don't own the truck), use the money that I saved to take out a loan with my bank and buy my own truck. Prime would be one of the companies I would consider leasing with to start. Rookies get snowed because they want that pipe dream of owning a truck and don't know of all of the expensives involved. Right now all of my debts are paid I don't owe money, all I need to do is to save enough for a "back up fund". I'm thinking it'll take me a year.

 

Question: how do repowers work as a lease operator? Do they count against you? What determines how much you're paid if one of your loads is repowered?

 

for a repower they are going to take the amount the load pays divide it by total miles including your deadhead miles to come up with the mileage rate and that is what you will be paid for the Niles you run of it ( example if a load pays 1000$ for 500 miles that means 2$ per mile you run it 300 miles and hand it to another driver you make 600$ ) now there is a little more math that goes into the process because of fuel surcharge and other little things that determine what a load pays but that is the basic way its done