Governing lease trucks illegal

Are you saying you don't know if you signed an equipment lease and an operating lease ... or am I misunderstanding you?

 

He does not know, they just had him sign a bunch of papers. Probably did not even read half of them. Lawyers and sales people are the only ones that can sum up a page of small print into one or two sentences verbally.

OP, for something to be illegal there had to be a law against that action. I think it is time for you to hire a lawyer.

 

Trust me, that was far and away from a smack down answer... lol ... Stick around and you might read a few... LOL

You asked a question about 1099 and @scottlav46 was explaining why the truck is not a 1099 issue... And how to gain more control of how you run your truck.... By financing it and signing on to a different carrier.

As I newbie myself, I thought he summed it up rather nicely...

Now, "Are You Ready To Rumble"... Then let the smack downs begin!!!

Stay Safe,
MD

 

Oh and by the way, who started the name calling first eh? Gaining mega points there my friend... Just saying.

 

In a former life, I worked for a company that "leased" equipment to others... It was never their property and we had expectations of how the equipment was used and could cancel the lease at any point for failure to honor said lease.

We were never "financing" their equipment unless they wished to purchase the equipment from us... Some paid cash, others financed it through us but it was two separate processes.

Leasing is not, in my opinion, the same as Financing. Just my two cents worth.

 

Now why do I doubt that?

 

Still doesn't mean you own that truck. Play by the rules that you agreed to or find another game in town... If you want total control over your truck then buy it out, but even then others will maintain some control over it... Feds, Banks, Insurance, etc.

"Buttholes"??? Must work on your people skills sir... Just because someone give an answer in opposition to what you hoped for does not make them a "butthole"... You sir are the only one here calling names. {shrug}

 

But but but... I wanna rainbow crapping unicorn too... Mine unicorn only drops Skittles... Is that close enough???

 

There really are 2 issues that come into play regarding control, that is FICA taxes and workers' comp. We are seeing case after case regarding mis-classification. The government, both federal and many States want to classify independent contractors as employees so they can collect FICA taxes and unemployment insurance at gross instead of net.

Workers' comp, the amount of control determines who is the employer, and thereby who has liability for injury.

An ic who is leasing from the carrier is referred to as a lease purchaser, lp, by the carrier, and the carriers make a distinction between lp and o/o. As far as the difference between owning and leasing, your payment has principal and interest. Ownership, only the interest is deductable. Leasing the entire payment is deductable. If, as an owner, you made half your payments, and the value is greater than what you owe, if the bank takes it, and sells it for what it's worth, they owe you money. If you give a lease back to the bank instead of making the last payment, you get nothing!

 

Everything you stated is true BUT the piece of the puzzle you keep missing is that are not controlling you as a 1099 employee... They are controlling a piece of equipment that they own and you signed an agreement to lease which probably has the legal lingo that they can set the equipment to their standard.

Or, when you became a 1099 for them you signed an agreement to run under their rules... as it relates to safety, equipment must meet their standards, etc.

If you don't like what you probably agreed to, then seek out options and find another game.

Stay Safe,
MD