Currently leased but wondering g if it's even fair.

Discussion in 'Motor Carrier Questions - The Inside Scoop' started by Danh85, Jun 2, 2022.

  1. Danh85

    Danh85 Bobtail Member

    Joined:
    Jun 7, 2021
    Messages:
    29
    Thanks Received:
    21
    Location:
    Nampa idaho
    0
    Currently leased to a friend, I know big mistake. I pay 10%, my own fuel, repairs (sometimes they help with labor no money though as we are all handy), insurance, and they bought a trailer before I was ready and I agreed to make the payments. I make the trailer payment every month about 650. But in my honest opinion feel that 10% is a little much being that I pay for everything already. Yes, I do have my dot and mc just never got the insurance. I just never wanted to start a business again and when they found out how workman's comp was i just screw it I'll help get you off the ground. Now a year later we are still treading the same water. I have plans of putting a driver in a truck but hesitant as they may try charge the same 10%. So asking you guys if I am just being to naive or?
     
  2. Lyle H

    Lyle H Road Train Member

    Joined:
    Apr 16, 2014
    Messages:
    1,291
    Thanks Received:
    2,936
    0
    This is your truck right?
    You are buying the trailer too?
    10% for them supplying cargo insurance and lining up all the loads and collections is fair.
     
  3. Chieftains

    Chieftains Medium Load Member

    Joined:
    Jul 18, 2021
    Messages:
    362
    Thanks Received:
    896
    0
    It's more then fair. He tries to rent a trailer in this market. He is at 1k+ some even pay 1300 a month.
    10% is a little on the low side.
    That's the trade off on being leased.
     
  4. dngrous_dime

    dngrous_dime Road Train Member

    Joined:
    Jan 28, 2014
    Messages:
    3,150
    Thanks Received:
    5,765
    Location:
    Lansing area, MI
    0
    This guy able to lease on new drivers at that rate? I'd be all over it.
     
  5. Judge

    Judge Road Train Member

    Joined:
    Mar 19, 2014
    Messages:
    13,265
    Thanks Received:
    87,455
    Location:
    Arkansas
    0
    I don’t see the problem.
    10% is fair.
    Your truck, your fuel.
    You don’t have an ACTIVE dot number cause you never got insurance.
    I pay $720/month for my trailer.
    I’d say usually 80/20 or even 85/15 if he’s gotta find loads and wait 15-30-60 or up to 90 days to collect money from freight from brokers.
     
  6. Danh85

    Danh85 Bobtail Member

    Joined:
    Jun 7, 2021
    Messages:
    29
    Thanks Received:
    21
    Location:
    Nampa idaho
    0
    Sorry never got an email saying there was replies. I posted a new thread similar to this one. Sorry.

    No I'm not buying the trailer as they said rent.
    They do not supply any insurance.
     
  7. Danh85

    Danh85 Bobtail Member

    Joined:
    Jun 7, 2021
    Messages:
    29
    Thanks Received:
    21
    Location:
    Nampa idaho
    0
    I fi
    I find my own loads and pay my quick pay. But even then it can be 7-10 business days before being paid. Factored loads are the same way
     
  8. Danh85

    Danh85 Bobtail Member

    Joined:
    Jun 7, 2021
    Messages:
    29
    Thanks Received:
    21
    Location:
    Nampa idaho
    0
    Sorry didn't see any of this. The trailer fees are rentals. No they do not pay insurance. I find my own loads. Sontimes I use a dispatcher but it's rare
     
  9. Judge

    Judge Road Train Member

    Joined:
    Mar 19, 2014
    Messages:
    13,265
    Thanks Received:
    87,455
    Location:
    Arkansas
    0
    I was set up with quick pay for one broker out of MN, cause they pay between 30-45 days, i never used the quick pay, it was either 2.5 or 3% from smart freight funding/bulkloads.

    I’ve called that company several times over the years about loads, and last time was yesterday, but they always want to pay $250 less then loads I’ve hauled for others going to same destination.
    So i’ve yet to use them.
     
  10. Danh85

    Danh85 Bobtail Member

    Joined:
    Jun 7, 2021
    Messages:
    29
    Thanks Received:
    21
    Location:
    Nampa idaho
    0
    Yea we've been using the option when it's available. If we wait it is always 30+ days out before getting paid