I have the credit, hubby is the driver, how does is work?

It can be done I seen others that done this. Can not tell you how it was done just seen it been done before

 

You will have no problems....

 

If it were me, what I would do is set up a company in your state and register yourself as the owner of said company. Then, you could list your husband as your employee and driver, and then lease the truck into another company using their authority.

You'd have to do some legwork on paying him a salary and such, since he's an employee, but having the company in your name can benefit you some because there are a lot of tax breaks and incentives for businesses owned by women, as well as more financing options.

I don't believe you'll need your own authority, since you're leasing on with a company and you'll be operating under their authority. All you're really doing is registering a company name instead of using your own name for tax purposes, and then listing your husband as the CDL driver.

That would be my basic suggestion. There may be some additional details involved that others here may know more about, but I'd consider doing it this way just because of all the tax breaks and such involved when it comes to a female owned business.

Either way, I wish you and your husband the best of luck!

 

If it was me & my girl in your shoes We would not buy a truck trough a bank yet we would go to a no contract lease and that can be tricky some of the big known trucking companies out there are as bad as a company gets.
No contract lease/buy is the safest way i know of. If you make it you get the truck for a buck @ the end of the lease No credit checks No obligations to keep working for the company if you don't want to. And you can brake the lease if you wish. I have heard some sad stories about most of them but The only company that had a consistent good reputation was KLLM I have never tried to work for them or anyone else for that matter for a few years now but i have met a few O/O that bought their trucks from KLLM and they all had the same answer they were happy and they looked happy.The only negative thing about this kind of lease is you will be tempted to sign up for a new truck and new trucks have big payments and big insurance premiums/every week which means working like a mule until the truck gets paid off. So if you can get a slightly used truck from KLLM with payments of around $400/week you may be safe to try it anything over that amount you are just Adding more stress to your situation but if you drive team you should be able to make it Like I said before NO contract lease is the way to go this way you maybe able to finance it together check this out if you have not already
http://tinyurl.com/mt8w7rj

then if you decide to join them check them out here

http://www.kllm.com/

And as far as the IRS you can file Joint Return or start an LLC which means more money to start

Good Luck & happy 4th

 

Since you're the owner of the company, you should be the one to make the call. And be honest about your situation, just say that you and your husband have your own trucking company with one truck and you're interested in finding someone to lease on with. I don't see you having any issues.

And if you can avoid bank financing, I would recommend it. Go with a lease purchase like the above poster said. By doing that, you have the option to walk away with no problems if it doesn't work out. They don't check credit, and they don't report to the credit agencies. No down payment, and you typically lease for 3 years and have a balloon payment at the end (although some companies don't), after which you own the truck outright. Plus, the company you lease from will force you to pay some money each week into a maintenance fund to pay for repairs to the truck, which is a good thing, because sometimes it's hard to save money for things that may or may not happen. And finally, leasing with a large company means you get you use their fuel network, which means big discounts on fuel - your biggest controllable expense.

 

Just do a LLC and make him a Partner, your tax liability will determine the percentage of ownership.
If you make him an Employee and not a Partner, you will need to do payroll and tax withholdings.

 

If you are financing a truck you have to accept whatever terms they offer,try a different lender or walk away. If they are telling you that you will be the owner(your name on the loan and the title) it is probably because the loan couldn't get approved if your husband was applying along with you or by himself.

As far as the recommendation of doing a lease purchase using your credit, that sounds like horrible idea IMO. The allure of most lease purchase programs is you don't have to have money up front or good credit. Along with the easy qualifying you get a high probability of failure. If for some reason you decide to go with a lease purchase, have your husband do it on his own. If your credit is good enough that you can qualify for a loan at a bank even when you won't be driving the truck yourself, you don't want your name on a lease purchase contract and screw up your credit rating when it doesn't work out.

Do you and your husband have a specific company in mind to lease to? If not, finding that company should be your next step so you will know what their requirements for a truck are, and what you can afford based on revenue projections.

Once you have found that company you can start putting the rest of your plan into action.