How to properly lease my truck on to a company

I think the best course of action for you is to put the power of attorney questions on hold for the moment.

This site that you are on has more knowledge about the trucking business than anywhere you are ever going to find.

When you present your plan to group of people that know this business inside out and have decades and generations of experience, I think you should listen to what they have to say.

 

Hi and welcome. 1st, we realize you are serious about making something like this work, but if you came here, you have the experience of many drivers that did the same thing and failed miserably. Put it this way, most here have gone through similar ventures, and ended up selling the truck, for whatever, and start a clean slate with one of the DOZENS of great companies posted by our own recruiter extraordinaire, Chinatown. The words "trucking" and "power of attorney" scare most of us, and we've all driven for (ex) friends, it always ends badly. We're an opinionated bunch, but we mean the best for you. It's why this site exists. Keep us posted, eh?

 

All you need is a power of attorney for your friend so he can license it and get the insurance in his name. I would also have the agreement in writing with all you stated payment,maintenance who responsible for insurance signed and notarized.

 

No that's all wrong, he is leasing it to a company, the company is leasing it from the owner and not for occasional use. This is the problem, a POA allows the friend to have total control of the truck on behalf of the owner, including selling the truck.

The FMCSA doesn't reconginize a POA, they do have specific requirements for a lease.

That is a lease; it needs to be created for this specific situation and by a lawyer, not taken off the internet. The contract for a lease can be complicated.

 

Why can’t this friend just buy another truck of his own? Why does he need yours? And don’t tell me it’s out of the goodness of his heart. lol

 

B U S I N E S S
DO YOU SEEEEEEEEE THE WORD. FRIEND

 

Hmm, looks like we lost them. Unless we hear different, it's the same old thing, everybody is stupid except me. It's as if people want to get an opinion, but when it doesn't go their way, the advice seems meaningless. We all found out the hard way, and this person will too. Human nature, I guess. They don't have to sell the truck, nobody will buy it anyway, so there may be a bit of remorse there, but maybe keep the truck and mothball it, and maybe put it to work as a bootleg freight hauler. Fact is, I bet there's an institution that already handles outlaw loads because the megas can't cover,,( ding dong) Just a sec, Yes, who are you? Where are you taking me? HEEEEELLLPPP!!!

 

Where are you getting information from?A power of Attorney is a legal document the fmcsa has no choice but to recognize it.

I don’t know where you are getting information from.A power of attorney is a legal document the fmcsa has no choice but to recognize it.Now i don’t argue with involving a attorney to write an agreement since anytime you lend or lease a vehicle to someone else there is a risk for you.But the fmcsa has no regulations about who or how someone goes about renting or leasing or buying a truck they don’t tell you how to go about getting a truck there is no regulations on how someone gets a truck.they also don’t tell how a individual can sell or lease a truck.