lease purchase

what are you asking?

 

so let me see if im understanding this
you are being offered a L/P and want to know if you put the truck and insurance in your name?

 

im not sure about the ins under your name. far as the title he is correct, at this point its like making a car payment. the bank/company owns the truck, you make monthly payments of 1200/month(picking a number), truck purchase price is 40k. until the 40k is paid you dont own the truck, compoany/bank still does.

once you own the truck(paid the 40k) then yes title/ins/reg/ifta/etc is al in your name

 

You have to read what is going to be in your contract. Whatever he has in there is what you need to go by. legally, it depends on what the deal is and if you accept it. A company can put in there that it will stay in their name, their insurance, and you pay them 3800 a month for a 2000 freight shaker. If you SIGN it, guess what your going to have to pay? And guess who keeps the truck if you do not pay and will have a legal document with a total balance that they can sue you for?

The best thing if you are not versed in reading through legal documents is to take your lease agreement and have it viewed by an attorney to see if your going to get screwed or not. If you can not afford a consult from an attorney because you think your getting screwed, than I don't think you will have the business capital to start your own L/P. There are some lawyers that will do free consults on business transactions.

 

lcfd15 think you nailed it

 

Read what lcfd15 has posted...

The OP needs to get smart about the business of trucking, and hopefully he has something in the neighborhood of $5,000 cash to finance his new business. It takes money to make these deals work. As far as insurance is concerned, the OP will be running under his bosses authority for a L/P deal... the carrier provides the insurance - liability and bobtail, usually as an integral part of the truck payment. Cargo insurance will be on the carrier's dime.