truck financing

After my second week of under 1300 I started looking into to it. Most weeks are around 1500. Recruiter told me 1700+, but I don't know how much of it is the freight is slow rumor I hear. Own Authority isn't scary per se, thanks to the DY thread and the OOIDA seminars.

 

If you really get out there and look you'll find numbers you can lease on for 10%. Seems like a lot for the numbers themselves, which don't cost much to get, and a drug testing plan, which again, cheap.

 

What bank?

 

Where'd you get financing? Which bank?

 

Bank of the West

 

I got mine thru Do We Screw'em and How financing co.

 

A local community bank, where I live. It wouldn't do you any good.

 

The fact that the IRS doesn't recognize an LLC is a good thing and has nothing to do with protecting your assets.

Your assets can be protected by an LLC without any regard to the IRS. There are many sites that will show what you must do to protect your assets with an LLC.

Basically you need to separate your personal finances from the LLC assets. Treat the LLC like a business.

Just google: how to protect assets with an LLC. ALSO: just because the IRS treats an LLC differently than a corporation (no corporate taxes) doesn't mean the states do the same. Some states will double tax you. tax the LLC and then tax you.

 

A lot of these places don't want to sell the truck, they want to lease it to you and they hope you don't own a calculator to see how badly you're getting screwed.

 

Exactly. I was talking to a guy I know today. He bought a used MACK a couple of years ago. It was all he could afford and qualify for. The local dealer hosed him.

Not only did he pay too much for the truck and finance rate, he's dropped over 50k in repairs.

His credit cards are maxed and he told me today he didn't realize the loan has a 3k dollar residual at the end of the loan. Which tells me it was a lease purchase contract.

On top of all this he told me his wife didn't do any quarterly tax withholding in 2016 and is expecting to owe the feds and state a junk of change.

Some guys would be better off remaining company drivers, just sayin'.