What happens when the lease on my truck is paid off?

So you keep working for them, since you paid the plate? Or you move and you might get some money back on the plate. Some states will give a partial refund on the plate. Some don't.

 

Does not matter what state you live in UNLESS you run under you own authority. IF you lease on to a different carrier, the registration and crapola will be thru what ever state they are based in. I STRONGLY suggest that you carry your own insurance for bob tail and liability just in case a carrier decides to drop your lease.

 

It depends on what mo.your base plate will be good till, on the amount you'll get back and in the small print in the LP you signed on weather or not they must transfer tag to another truck in the fleet before you'll get the money back, if you can ride out the next few months before you start filling out applications to lease on to another co. Then wait till they can pay off the bank that the company you are leasing the truck from pays it off, you can bet that they have $ borrowed against it in a loan with everything else they own, as long as the fuel cards are working and they are paying your $ for the amount of loads Del. each week - your leasing payment every week even though it's slower than normal, then use the $ you were going to use to pay it off earlier to wait for the title to arrive in your hands witch it may, They may have a party for you on the completion of your L P that around here is rare to finish one? Then wait until you find a co. you picked to lease the truck on to before quit them, it's easier to get leased on while you have truck leased on to a co. than out of work with the truck not leased on, but getting your truck ready to change over the bobtail and full coverage insurance can be be done by joining a group like OOIDA or one of the others truck ###. To make a clean change over?

 

I, for one, am impressed that you stuck it out. Keep that truck for sure.

As a company driver, I am useless for advice, but I really wanted to congratulate you. Please let us know how your transition worked out.

Girl Power!

 

He clearly didn't read....

In a typical lease purchase, the truck will be paid off at end of the lease unless there is some balloon payment owed at the end but I assume you'd know that if it were the case. Anyway, the best thing for you to do is to talk to the company you're leased through.

Anyway congrats on paying it off, it's rough rod doing it via a lease purchase. I know a few people who did their full lease purchase deals and ended up with their trucks via Prime. It's a rough way to get a truck but as long as the company isn't crap then you'll get the truck.

 

Do you know what is required to have the title signed over to you once you satisfy the lease agreement?

 

I would review your copy of the lease agreement as well, make sure there is no type of clause in it to cause you problems.