Hey guys. New here. So I’m at a crossroad. And haven’t been able to find anything online about this. So I currently have a Ram 3500 dually that I’d financed personally couple years back. Well after all this covid and having to close down my construction business. I’ve decided to try hotshot trucking. I’m stuck though. I have the truck and trailer. But I can’t get commercial insurance unless I transfer my truck and trailer to my LLC. Covid has really impacted my credit score and I cannot refinance my truck to transfer the title to my LLC. How can I get around this? Can I just use my truck and trailer to work without having to transfer them to LLC? I’ll gladly transfer them if I can work to make the funds to just pay the truck off and transfer the title to LLC. But currently getting refinanced or any kind of financing is out of the question. What can I do to start working sooner? What are my options? Has anyone else experienced something like this? thanks in advance.
Hotshotting with my personal truck
Discussion in 'Expediter and Hot Shot Trucking Forum' started by Qbo707, Sep 9, 2021.
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You can draw up an agreement with your LLC to purchase the truck from yourself and pay you X amount a month maybe?
Or you can just "lease on" to your LLC just like you would hire an owner op to run under your authority? -
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No just lease the truck to your llc. A simple written lease stating I joe bob lease my ride to Joe Bob trucking LLC for X amount of dollars and Y amount of time. I ran and insured a truck from my father that way.
But I have to say starting a new business with garbage credit and little cash is never a great idea.
What part of the country you in? In my part of the world carpenter's, plumbers and electricians are all so dang busy they don't know what to do.LoneRanger, Lite bug, God prefers Diesels and 2 others Thank this. -
If you call OOIDA, they'll know exactly what you're talking about, and will email you a copy of a commercial lease agreement that you can fill out. I had to do it. It's not just for insurance. You have to carry that lease agreement in your truck with you. Took like ten minutes.
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I spoke to FMCSA and from what I understood they said I don’t need to transfer my truck to LLC. Once I get my own authority (DOT & MC #’s) my insurance policy will go on to my MC number. Then once I add my MC number to truck it’ll be insured with what the FMCSA requires. I’m still unsure if I’ll need a personal policy for the truck but I’ll call that OOIDA and see what they say or try and talk to the insurance department at FMCSA. If those fail I’ll most likely have to lease the truck to my LLC and go that route.
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Regardless of insurance, you have to lease your truck to your LLC, and you have to keep the lease agreement in your truck. I ran illegally for months before I found that out.
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Once your company acquires an MC number you have a certain amount of time to acquire insurance and have the BOC3 filed. One way or the other you will have to have commercial insurance. -
God prefers Diesels Thanks this.
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