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.
5 Year Contract in Exchange for a New Truck
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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.
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.
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.
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,
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'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.
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.
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