Currently leased thinking of going on my own

Ok. First get some quotes for insurance, so you will know if your are able to afford it. New authority insurance depending upon experience, starts around $17k and goes up from there.
I would keep your current truck if it is mechanically sound, it's older and you will get a better insurance rate.
When you start with your own authority you can get quick pay, or use a factoring company and get your pay in a few days. I would recommend having 3 or 4 months of capital saved.

 

I did that. Ive parked my truck/reefer since February 28. Im at home waiting to go back , but I can't compete with you guy's rates. I don't know how much longer I can resist. but , im doing my part. I refused to haul cheap loads.

 

I would start factoring every load since it's a 7-10 day way to get paid on those. Then, once you've been paid for all the loads that take up to 45 days to get paid on take 10 days off. You should then have gotten paid for all your work. Then get out of dodge like a bat out of hell.

PS: don't think for a second your partner or person you're leased to or whatever won't take everything that is yours when you tell them you're quitting. Make sure you have EVERYTHING that belongs to YOU in your possession when you tell them you're leaving.

 

You know the numbers, you know the game. Working with, (or working for) this Partner is just causing problems. Get your Own Authority. You won’t regret it. Avoid adding any debt, try to keep the good habits up, paying bills early. You’ll do fine. I understand the hesitancy, because of a prior Bankruptcy. By not adding debt, and having equipment paid for, you really have nothing to lose, the only risk is the money spent on an overhaul, if you change your mind, decide to quit and sell the Truck. Might recover some of the cash through a higher selling price. Can’t count on that. Once it’s spent, it’s gone. Anything you get from a sale is extra. Trucks aren’t an investment. I don’t care how many tax write offs, or how much depreciation saves on a tax bill. They cost money to maintain, and lose value. Otherwise don’t complicate things too much. You already have all the anxiety and worry, magnified and complicated by the uncertainty of being subject to someone else’s decisions. I always say, I can screw things up just as good as anyone. In other words, how much worse can you possibly do than the current situation. Main thing is to work the Truck, make the money, and above all, collect the money. Using factoring at 3% or less for same or next day pay can be a great benefit, despite the obvious cost. Waiting 6 weeks can be a problem with steady bills due on a monthly basis, especially with high fuel prices. Have to spend money to make more. Not good, if waiting 6 weeks for money. Getting money now, paying up the monthly bills, along with a little extra on any existing debt, knowing exactly where your at financially at all times, making progress that you can immediately see, goes a long way as far as being in control of cash flow, and spending, compared to waiting on money. I know everyone says it’s not good. It’s obviously not ideal. Ideally you need to have no debt, a paid off house, all brand new equipment paid for in cash, 100k in the Bank, and Success is guaranteed. I won’t argue with that. Lol. Meanwhile in the real world, sometimes 97% in your pocket, can go further paying bills early, and some extra on debt. Making steady progress. Instead of having 6 weeks worth of money, maybe $50k or more tied up, never really collecting it all till you hang up the keys. Thats a start up investment in itself. The problems waiting on money arise when an unexpected repair, accident, or illness happens, and you only have one Truck and one Driver, You. Money trickles in slowly, while you struggle to pay bills on time. Making phone calls, and the money’s always in the mail yesterday. Somehow it takes 3 weeks to get 400 miles to your mailbox, while monthly bills always somehow show up consistently on time. Any savings start disappearing 20 times faster than it took to save. A Bankruptcy from one Carrier or Broker and your out 90% of the money, for that load, getting 10% if you’re lucky a year later, after the Courts do their job. Hopefully there’s some money left for fuel, when you finally get back to work. Then you start all over from scratch. Go for it, you’re already 90% invested. You may just find out you’re a lot better at running things than you ever imagined. You’ll surely be happier, without being subject to others decisions affecting you. Better able to focus on what’s best for you and your family.

 

I wish you the best of luck!

 

The ship is sinking and it's not going to get any better. I was in a similar situation several years ago. In my case it wasn't unusual for me to take off a few weeks at a time so that's what I did along with hounding them for my money. As soon as I got it I was gone. A friend of mine was at the same company and left before waiting it out for his money and they stole almost $5k from him. Good luck.

 

Excellent advice!!!!