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

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?

 

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.

 

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.

 

This guy able to lease on new drivers at that rate? I'd be all over it.

 

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.

 

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.

 

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

 

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

 

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.

 

Yea we've been using the option when it's available. If we wait it is always 30+ days out before getting paid