5 Year Contract in Exchange for a New Truck

Discussion in 'Experienced Truckers' Advice' started by Lohse, Jul 1, 2022.

  1. jraulpilot1998

    jraulpilot1998 Medium Load Member

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    Yes, I thought about that in my prior reply but did'nt want to Open a "Pandora's box". Unless he is thinking about selling the Truck at that time, for cash flow in 2027.
     
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  3. buddyd157

    buddyd157 Road Train Member

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    so basically, you are a company driver..??

    don't matter W-2 or 1099, it's still gonna be his truck since he's buying it..

    i'll bet you dollars to donuts, he's gonna want you to pay for things like PM's, fuel, etc....

    stay a company driver, tell him that you will gladly drive his new truck that he's buying for HIS company.
     
  4. roundhouse

    roundhouse Road Train Member

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    my thought exactly.

    Just ask for a $2000 a month or $24K yearly bonus for not quitting. and invest it in tangible portable stuff like pre 1963 silver coins and ammunition,
    same difference. and youre not an indentured servant with lots of complex issues that can and likely will pop up.

    what if the company goes bankrupt at year 4.75 ?
    what if the truck gets wrecked or totalled ?
    what if you get sick with medical issues at year 4.5?
    what if their business slows down to nothing ?
    what if the current administration in DC gets re elected and holds to their campaign promise of no new drilling, no new refineries, no new pipelines no new power plants etc? or just outright bans older trucks like california did ? or just keeps inventing and printing money like theyve done for the last 18 months?

    diesel will be $12 to $15 or more, and in that case those stories your grandparents told you about the depression will be live and in color on the news every night.
    etc etc etc

    right now, I wouldnt get locked into any 5 year contract thats as squishy as "you can have the truck in five years"
    just ask him what he thinks that will be worth in dollars, and ask for that in a monthly stay on bonus.
    because five years from now, the economy could be great, or it could be in shambles.
     
    Ffx95, Lohse, Boondock and 2 others Thank this.
  5. D.Tibbitt

    D.Tibbitt Road Train Member

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    Im not even sure where to start with this... Im not sure how one can remain a company driver and then at the end of 5 years the bosss decided to transfer the title to you just because... Instead of using that equipment to trade in to buy new or keep running it with no payment..something dont sound right here...

    If ur gonna be doing a lease purchase deal you need to read that contract very very carefully to see what is in it.. The company Will always protect themselves. They are not dumb. You eant to make sure if this is a lease purchase that he is also not the one controlling the freight ! You need 100% of control over where that truck goes and for how much.. That is non negotiable ! You are now a business owner and you need 100% control over your revenue, no questions asked... Do not lease a truck from the same person that is telling you where to go and for how much. It is your business not theirs! If you cant get that in the contract then you are setting yourself up for failure.
     
  6. tscottme

    tscottme Road Train Member

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    What protects you if you suddenly get fewer miles the day after you get your new truck or a month before the truck belongs to you?
     
  7. merv85

    merv85 Light Load Member

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    is it like a custom lease purchase thing?

    your boss will be making money from the truck as well as from the loads you take.

    either way you are going to pay for the full price of the truck

    atleast ask your boss for a nice ARI custom sleeper truck,
     
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  8. Lohse

    Lohse Bobtail Member

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    I appreciate all yall for taking the time to respond, alot of good advice and things to consider <3

    Couple people suggested having my own lawyer go over it with me, that's a fantastic idea which did not occur to me!

    I was planning to stay for at least 1 year, for 1 out of gratitude for him handing me a check to pay for school without a contract or anything and 2 because that's basically everyone's advice for a fresh off the boat driver anyway. 5 years is pushing it, I'll probably be bored out of my mind once year three or four rolls around and wanting to get out, but I can stick it out if I feel it's worth it.
    I've worked for him for 2 years at another company he owns, which is he working on winding down. I trust him, even in his more candid moments he's a bit of a boyscout.

    Money does change people, especially over long periods of time, stress too, I was married for 9 years to an abusive husband (he didn't start out that way), things can get real messy and suddenly power dynamics, legal and otherwise, in the relationship start being very relevant.

    He proposed this when we were having a conversation about how he had two previous drivers just up (leaving him with one driver before I started) and quit because they didn't care for OTR. I told him I was maybe considering buying my own truck, that's when he threw out that idea. His angle is most likely that he needs someone reliable who'll stay on for a minute while he's in this rather shaky, make it or break it period in his relatively new LLC.

    I figured I could either sell it if the price was good, say 100k or more, or keep it and use it as farm equipment to haul interstate. Then again if I'm doing well enough that I need a Class 8 vehicle and not just an F450 or something then I could probably just buy a new day cab that'll be under warranty.

    That's a really good idea, getting yearly or monthly retention bonus would actually benefit me more than a used truck at the end of the day. Money now being worth more than money later and I can throw that capital into my own business.
     
  9. 4wayflashers

    4wayflashers Heavy Load Member

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    The second you sign the contract you will be delivering running Brooklyn to Chicago lol.
     
  10. Siinman

    Siinman Road Train Member

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    You know the person you are dealing with better than anyone. I had worked for a guy for almost 20 years. If he would had offered me a deal like this it would had been to help me. Never anything to hurt me. He was the kind of man that would do anything to better a person if they was honest hard smart workers.

    if he had not got into bad times I would still be working with him. He was and still is like family to me. Has always been my biggest fan and helped support any decision I have had in my life. Even went to work for a competitiver of his and he was happy for me to try something different. It did not work out for me and I went back and he gave me my job back with open arms.

    a lot of people have never had anyone have their best interest for them. Cherish this situation if he is one of those people. Just my own experiences! Be smart regardless.
     
    Speedy356, dwells40, sevenmph and 2 others Thank this.
  11. Flat Earth Trucker

    Flat Earth Trucker Road Train Member

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    Administration? More like Abomination. This goes for either side of the border.
     
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