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You mean like put your hands on it [emoji6]

Only for tire related items is all and if you end the lease prior to completion the amount in tire fund stays with the truck, you don't get any of it. If you complete the lease you get whatever is left after that deduct the end of lease repairs from it.

 

The reason why Prime runs a tire escrow for their lease operators is that most people don't have the slightest idea about how to manage their money.

Leasing is not for inexperienced drivers. This is a business where pennies are important, and if you don't have experience, you're at risk for failure. 4 out of 5 don't complete their first lease.

 

You mean that very nice big paycheck I get I can't just go and spend it all at the truck stop on plastic things that will break in 5 days just because I have money to spend? But I thought that was why we leased so we can get bigger paychecks without any worries [emoji12]

I like the rollercoaster of "yay it's Friday I'm rich! Oh cr#p it's Monday I'm broke!".

Seriously though, as ironpony has stated before in his many posts, you need to set aside money from every paycheck into a savings account or have prime set up money going into an emergency fund. I take 25% of the net each week and put that into my savings account. Part of that is the oh ship fund and part of it is to cover taxes. But you need to always pay yourself something into those accounts before you do anything else with your paycheck or you are asking to go broke faster then a prime truck can drive down the road [emoji6]

 

im a company driver and even I know that the settlements your lease's llc brings in belongs to the LLC not the driver. The driver pays him/herself a wage or salary ftom the settlement.
if you get several loads that pay well and then you go home and buy a new pickup, you are essentially embezzling money from the LLC.

 

The LLC is just a way of declaring your truck is a business rather than an extension of the individual for taxation purposes. Its still the individual, so the money is yours LLC or not.

 

If it's done right you can use vehicles and other equipment as business expenses. You can even give yourself bonuses. It's when you draw money all the time out of the business account for personal use. If you use and LLC as a sole proprietorship then that's where embezzling comes in and you can no longer use the "security" of the LLC in a lawsuit. I've seen first hand a LLC save the business owner from personally being held liable and just being able to file bankruptcy then 2 yrs later that same business owner took all the cash as if it was his in all the accounts and went to prison for a few years over it.

Be legit when operating as an LLC or any other entity other then sole proprietorship. You can loose it all if anything messes up

 

I know Prime has many lease drivers, but if you don't want to lease will they continue trying to get you to lease? The company payrate seems generous enough to me that the only reason I'd ever want to lease is if I thought I could run my own business sometime down the line.

 

Never once pressured to lease, merely offered the option after upgrading to A seat

 

Thank you for the prompt reply.

 

I spent 3 years on the company side, and never heard about leasing after the 15 or so minutes spent describing the program during orientation. That was the last I heard about it from the company. I had to talk to drivers (lots of them) to find out more about it, and walk over to the leasing office to get ahold of the official description and an example copy of the lease before even considering it. In other words, if all you want is a truck and a paycheck, Prime will be happy to supply you with that for as long as you can stay out of trouble and are happy with the situation.