lets talk factoring

Discussion in 'Ask An Owner Operator' started by pavrom, Jun 9, 2021.

  1. pavrom

    pavrom Road Train Member

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    I dont have this option at the moment !
     
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  3. pavrom

    pavrom Road Train Member

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    ...as i mentioned i rarely had any issues with them , just recently ...had them since beginning in 2018 , always same rep ...they try to fix it now and i am exploring other options at the same time ...i hate to switch or jump from one to another
     
  4. slow.rider

    slow.rider Road Train Member

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    What I would do if I had to factor is just factor what I need and let the rest flow naturally. Then once the rest becomes a regular flow, should be able to wean off the factoring.
     
  5. Wespipes

    Wespipes Heavy Load Member

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    Not really. I own my truck and trailer out right and have over 6 digits in the bank I factor for the ease of it. All the back office, invoicing, leveraging brokers to pay, running credit checks, accounts receivable. Being a one truck gig paying 2-3% is worth the peace of mind to me

    For the OP. I use Apex. Percentage is based on how they take to pay. Most is 3% been with them 2 years now. Haven't had a single issue. I've rarely called them. But when I do, my rep has always answered. I always do the next day payment as same day there is a charge. Once I did same day by accident, my rep called and asked if it was a mistake because I always do next day. Thought that was nice they caught that. No contract. No sign up fees.
     
  6. pavrom

    pavrom Road Train Member

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    I was actually thinking about it ...i think it differs from one factoring co to another ... I was actually wondering if i want to quit factoring lets say from today( i dont have contract) , can i still have release letter from them while they still have unpaid invoices and how its gonna work if i move a load for example from landstar tomorrow ... I guess w/o release they will still pay factoring co ... This question be better addressed to factoring probably
     
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  7. pavrom

    pavrom Road Train Member

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    Apr 29, 2012
    NE illinois
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    Talked to them ...offered 2.79% under 75k , 2.59- under 100k monthly ...i have friend with 1.5% and he is under 100k and i have seen it personally ...not sure how he got it so low
     
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  8. Jaebo74

    Jaebo74 Medium Load Member

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    I'm at 1.9% with transport clearings east. They're in Charlotte, I have absolutely no problems with them.
     
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  9. shooter19802003

    shooter19802003 Road Train Member

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    I will talk to my wife tomorrow to see who we use. I know if I get the bol in by 1100, I get paid next day and never had an issue. I use factoring because I have been burned a few times before. So the small percentage I loose by factoring, I gain in not loosing it by not being paid or filing on somebody's bond and getting paid pennies.
     
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  10. drlmi

    drlmi Light Load Member

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    I used Four Winds/Oak Hill Capital for about 3.5 years. I couldn't say one bad thing about them. Always answered the phone, the person that answered always, and I mean always had an answer to the question. I wanted to take one broker off the factoring once because I got a dedicated thing from them that was going to last about three months. It was about 2 minutes on the phone with the first person that answered and I had the letter in my email.
     
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  11. RunningAces

    RunningAces Medium Load Member

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    Careful following that youtube channel for anything he touts on it. Jeff is a generally a likeable character but he uses youtube almost entirely for promoting what gets him good kick backs.
    Thunder Funding is a big part of his sales pitch to his subscribers and while I do not factor myself I looked into it and was ultimately turned off from Thunder because you can get the same rate elsewhere without the reserve they take of your money.
     
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