Freymiller and own authority...

"No money down and no credit check?" Sounds like a losing deal before it even gets started. If your credit score is a problem and you don't have any money - I have to wonder how many miracles it would take to make this plan a success.

 

iv had a lot tell me there after expenses profit and what they are really giving is what there making after fuel not after all expenses. and then they normally inflate that figure as well to make themselves feel good

 

I'm sure that's often the case, EZ, like fishermen. A little embellishing makes the truth a little sweeter. But not all. Like speaking with recruiters, lease sales, and dispatchers, you gotta use some kind of cut to get you through the smokescreen.

If you see a nice shiny, clean truck with lots of chrome, lights, stacks, so on you might think: "that driver really has it going on," right? Who knows? That driver might be in hock up to his eyeballs. Or if you come across a work truck, not that clean, a few items of fun, maybe you think: "That guy is running right on the edge, barely making ends meet," right? Who knows? That guy might be making bank, hitting the savings account, buying more trucks, income prodiucing properties, you just can't tell from looking. The only safe test if if a driver has to give up his truck, he's too far behind.

I bought a truck in 2013, paid it off 3 months early. It still makes money for me. (when I drive it) I will say this. I'll never go back to being a company driver. Never. That should tell you something, EZ, a lot of owners feel that way. Too many rules, procedures, and often ineffective chains of communication. Too much overhead to support. And forced dispatch? What a joke. Work 4 weeks and get 4 days off, including the days you get home and the day you get back in the saddle, so many times you're really off 2 full days. In a month. Let's just say, no thanks.Anyway, if you're careful with your money, (both how you get it and how you spend it are important) drive 10K miles/month or more, you should be OK.

 

I'd thought about doing this for one or two of our trucks...simply trying to find something that would take up less of my time (I'm supposed to be retired but working more hours than ever)....but keep our authority for a couple of the o/o we have leased on and a couple of lease/purchase guys, which take up much less time as they book their own loads. My understanding is it's $1.26 + FSC or 82% with trailer (76% without); you have to have $250,000 cargo insurance; plus the aforementioned qualcom expense. Understand the reasons why people are saying why have authority and lease on....but, gave you mine, which in my case are valid. Whether Freymiller is the right place, I don't know, but seems better than most I've seen, though curious to know how someone in that situation is doing OR if someone has a better suggestion.

 

Why not drop that truck off your insurance and lease on to a carrier like mercer or landstar? I just don't see running for 1.26+some piddly amount of fsc while carrying the ins and dot compliance under your own authority when you could easily average 1.75 leased to a good carrier and save on the over head costs of ins plus compliance.

 

Some carriers, Landstar told me this, require all of your equipment due to insurance issues. Cannot have one truck leased there and have any other equipment insured under another carrier. At least what I was told....but, I agree with you - good lease contract can pay as much as one where you're under own authority leased to another carrier, never could figure out why.

 

The only way they would even know you had more than 1 truck is if you told them. For what is worth, mercer has no problem with you only putting on some of your trucks instead of all. And I'm sure there are other carriers that would not care.

 

That's a company thing. I know a fleet owner who runs 26 trucks and 6 are under his own authority and another 5 are with one company, 5 at another and 10 at a third company.

 

He must have a fantastic accountant

 

Landstar got back to me again - can't be an approved carrier and a lease operator, too.....someone mentioned Mercer, we have dry vans or reefer, so not sure that would be best for them. Have to see who I can find that will work the best