Running % of loads..how do i know if they are real rates?

Should be what they tell you. Nobody lies in trucking! My love for trucking is because all the straight shooters I deal with.

 

A legitimate company will allow you access to their freight bills. It is the law under the truth in leasing laws.
I can look a my company's freight bill on my computer when ever I want.

 

@Old Man Thats some really good nugget of knowledge there.

I guess this is similar to "Truth-in-Lending" paperwork in real estate or loan applications?

 

There are a lot of rules companies have to follow when leasing on trucks. But how many do what the law says?

 

http://www.ooida.com/EducationTools/Resources/leasing-regs-qa.asp

 

Hate to break the news to you, there is no truth in leasing laws, it is a regulations, not a law.

Leasing isn't difficult, what is difficult is learning when to walk away from something.

Here is the section that may help the OP.

Another reason why if you are going to be doing this as a business - get a lawyer before you have issues.

I would actually read the entire 376.12 section if you want to know what is the regulations on contracts.

§376.12 Written lease requirements.

(g) Copies of freight bill or other form of freight documentation. When a lessor's revenue is based on a percentage of the gross revenue for a shipment, the lease must specify that the authorized carrier will give the lessor, before or at the time of settlement, a copy of the rated freight bill or a computer-generated document containing the same information, or, in the case of contract carriers, any other form of documentation actually used for a shipment containing the same information that would appear on a rated freight bill. When a computer-generated document is provided, the lease will permit lessor to view, during normal business hours, a copy of any actual document underlying the computer-generated document. Regardless of the method of compensation, the lease must permit lessor to examine copies of the carrier's tariff or, in the case of contract carriers, other documents from which rates and charges are computed, provided that where rates and charges are computed from a contract of a contract carrier, only those portions of the contract containing the same information that would appear on a rated freight bill need be disclosed. The authorized carrier may delete the names of shippers and consignees shown on the freight bill or other form of documentation.

AND another thing I need to mention, there is nothing you can do beyond the carrier you are leased to.

 

Things can be done against a carrier,
OOIDA can file a lawsuit and the trucking company will change their lease from 2 pages to 30, change a few things about pay , both sides spend millions and years in court and I get the cost of powertrac loads withheld at actual cost not rounded up to 2%.

 

I agree, but it is best to be informed right from the start than to deal with a problem from some idiot at a carrier.

By the way, I have had to threaten one carrier I had a truck leased to because of this issue, they made an agreement which when it came to the settlement it was $1100 short. They claimed that the shipper was misquoted and they adjusted the rate downwards to please the shipper. It would have been ok but they didn't tell anyone about it so I asked for a copy of the actual bills but I was told I wasn't entitled to it so I had the lawyer guy call them up and before he could file in court, he had a copy of the bill and a check for the lost revenue. I pulled the truck a week after that happened. The bill by the way worked out being the same one the driver agreed to, but the customer was a 3pl broker and I suspect they were the ones who made the real money.