Love's Factoring?
Discussion in 'Questions From New Drivers' started by johnnyBIGtruck, Mar 27, 2020.
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...meaning?
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so let me see if I understand.
CompanyA accepts contract for service.
Company A sells contract to Company B to receive immediate payment at a discounted price.
Company B holds paper till completion of contract?
would it then be understood Drivers for company A take the hit for the discounted sale to company B in way less pay? -
Gary1263, LoneRanger, Dino soar and 7 others Thank this.
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I keep seeing these threads on factoring , I would say the only reason to use it is in a emergency. If you get to that point your probably living load to load and catastrophe is around the corner . By the end of the year the amount of money lost to factoring could have bought you new tires all away around and probably a full PM service than some .
Dino soar Thanks this. -
But but but “I can write it off” “I never wait for my money” “did you check the brokers credit” lmao and every other stupid ### response I get from owner operators that pay someone to get paid. Pathetic business I’m in. Now I am finally seeing why my dad tried to explain to me not to follow in his footsteps....... I clearly didn’t listen I love trucks and I’m hard headed.
Dino soar, D.Tibbitt, bzinger and 1 other person Thank this. -
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I'm not an expert. I'm sure some of you had experience with factoring. This one guy I talked to obviously a salesman but he did have a good pitch. 3% factor plus fuel card and the savings on fuel would make up the 3%
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Fuel card saving. Could be the difference between the cc price and cash price.
Aren't those load boards listed, free to everyone.
I used a factor a few years ago. My first couple years it cost about 12g per year.
I started using brokers that offered "quick pay" or paid full amount quick.
Took me 3 years to get off the factoring.
The company gave me a release to give to anyone that wants to see a release.
I still use their fuel card.
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Every month 400 people find a job with the help of TruckersReport.
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