Company asking for $2500 down payment to be on their insurance

Discussion in 'Ask An Owner Operator' started by Gtrucking, Jul 28, 2021.

  1. M22 rockcrusher

    M22 rockcrusher Light Load Member

    Nov 21, 2020
    Lease on to landstar or mercer, until you learn the game then go from there
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  3. Rideandrepair

    Rideandrepair Road Train Member

    Aug 8, 2015
    None of that sounds good at all. Anyone that wants to Own the plate, or charge for Insurance etc. Should be willing to deduct it from future earnings. Anything more than maybe an escroll account to cover a $1000 deductible. Even that should be paid over time. Most deals like theirs, ends with them keeping your money. Stay away from them. Period. Too many red flags,
    Gtrucking and M22 rockcrusher Thank this.
  4. bad-luck

    bad-luck Road Train Member

    Nov 16, 2013
    Baltimore, Maryland
    Never heard of a down payment for insurance when leasing on. I recommend you get your own tags. If they decide to terminate you lease and take the tags off of your truck, you will be screwed. $150 a week is not unheard of. $410 a week is VERY high, you would be paying over $19,000 to be leased on to someone.
    Gtrucking Thanks this.
  5. Ridgeline

    Ridgeline Road Train Member

    Dec 18, 2011
    This is my point, not cutting the op a break, these crap companies screw all of us over and make it hard to find good drivers and owners because many of them fail with these crap companies and they leave or become crap drivers or owners.

    the op could go to LS or Mercer or a number of other large companies, take advantage of their programs to get it together and move on once he has a good reserve built up and experience how to work a system. This is what a lot of new owners do and are successful, but a majority of them dont go on forums, they are working and enjoying life.
    M22 rockcrusher Thanks this.
  6. ridin_rough

    ridin_rough Bobtail Member

    Apr 26, 2021
    I just hit my first year with Landstar after 16 years of car hauling under my own authority.
    I can tell you first hand, I have significantly more money left at the end of the month running 1 truck at LS than I did with 7 car haulers.
    The discounts on tires, parts, repairs, fuel, insurance, etc are well worth being here. Plus, the financial backing... getting paid for EVERY load EVERY TIME. No charge backs or getting stiffed by brokers. This is as close to having your own authority as it gets without the bologna involved with your own authority. We schedule our loads, negotiate rates, run when and where we want. Go home, don't go home. Shack up with 16 hookers in Vegas for 3 weeks.... no one cares. No charge for van trailer usage. I bought a reefer... I get an extra 10% on ALL loads I haul. I do mostly hazmat... about 1 in 5 loads is just boring dry van. 1 in 10 loads is reefer. I rarely move for less than $2.50/mi TO THE TRUCK.... after LS gets their cut. My deadhead is very low also. They have a few rules that you can't bend or they will cut you but it is no big deal.

    Long story short.... 17 years otr, this is by far the absolute best move I have ever made. My old business partner is leased on here also. He works 3-4 days a week and is home every night. I run coast to coast for 6 weeks then 2 weeks home.... you call all the shots.

    It is a really bad deal for you. Seriously. There's lots of companies that don't charge all that money. And for 20% they had better be doing something to earn it.

    Your weekly costs over here will cost less than $100.... LS finances just about anything and everything. Once you have been here for 90 days.... tires are cheap and they do 10 week financing. I put 8 Bridgestone tires on my trailer 6 weeks ago. $2590, $300 per week. First payment came out today. After 1 year if you need an engine or in frame.... yep, they'll finance that too. Transmission, rears.... yep.

    Lots of benefits to help you along.

    But, if you choose to get screwed and struggle to make 50 cents with Vladimir Bolikov and comrads .... best of luck.
  7. God prefers Diesels

    God prefers Diesels Road Train Member

    Jun 26, 2020
    South Texas
    Jesus, you've about got me convinced to hang up my authority. Not kidding.
  8. jamespmack

    jamespmack Road Train Member

    Mar 25, 2014
    Run, that is a joke.
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  9. Shgabare

    Shgabare Bobtail Member

    Jul 30, 2021
    Look into a company called Mag Carriers out of Dearing Ga. They pay 90% of the load and $150 per week for trailer and $122 insurance per week no money's upfront.
    Speed_Drums and Gtrucking Thank this.
  10. Concorde

    Concorde Road Train Member

    Jun 29, 2016
    West Melbourne Florida
    The demand for an insurance deposit should be a red flag…I’d walk away as soon as I could get up off the ground from laughing
    Vampire and Gtrucking Thank this.
  11. Gtrucking

    Gtrucking Bobtail Member

    Nov 18, 2014
    High Point, NC
    I msged u
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