Give me your thoughts on my idea. Adding a L/P driver.

Is the guy a personal friend you’re trying to help out?

 

You mean to say that you are happy with a 100 dollar income per month? On a whole tractor?

Sir, I would tell you before this and warn you that lease purchasing through a different party not directly motivated to do a good job is a bomb waiting to go off.

 

I wouldn't do it. Too many negatives that can happen and 40 months is a LONG time.

Let the megas rent him a truck.

 

30 months sounds better, but what IF he got burn out or something and 15 months in said hey c ya... there you are with a truck and no driver...

 

You should also talk to a good business CPA and contract attorney. Look out for #1 first then if there’s room, do what makes sense to help a driver work towards goals that are good for both of you.

 

Also. Keep in mind hundreds of OTR trucking companies offer “lease to own” plans but they have a very different model they are working with. They assume a single truck will go through 3-4 different contractor wannabes before it reaches it’s trade cycle. Many pay on a CPM model and in such a way to keep the contractor hungry and afraid of failure. They never pay them enough to be comfortable and secure with anything less than about 11,000 paid miles/month. They want them out earning revenue. Not at home partying 20% of the time spending their earnings from a “good and easy living”. As such they have to find that pay balance that’s enough to survive if nothing goes wrong, but not “too much” to where they’re okay parking the truck regularly.

 

Your question might be better answered by someone who has done what you’re thinking about doing.
Here’s two stories to think about. I’ll skip some details to keep it short.
Company A driver gets a dui 1800 miles from home. Owner flies out,bails driver out,goes to get truck out of impound. While paying the bill driver jumps in truck,takes off and lays truck over 30 miles down the road. Truck and trailer are a total loss.
Company B driver has own truck and is leasing trailer. He is taking cash advances on fuel card to the point that the company has to turn card off. Two months later they have no idea where trailer is.

 

Also keep in mind the driver has the biggest influence on whether the truck owner makes money or hemorrhages money, especially if they and the truck are not monitored closely for developing problems. Some drivers may or may not care that the truck will some day be theirs. They’ll trash it and abandon it somewhere distant if you ever have some sort of falling out.