Looking for facts on a simple lease/purchase

Discussion in 'Lease Purchase Trucking Forum' started by bigguns, Feb 26, 2021.

  1. bigguns

    bigguns Road Train Member

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    I have a guy wanting to do a lease purchase on a trailer I have. He pays all the upkeep and uses it as his own trailer. I am thinking that he should pay the insurance premium on the trailer until I sign the title over to him. Is this correct? In other words, any cost associated with using the trailer is his to pay until the trailer is payed off. Btw I have $10,000 down in hand towards the purchase.
     
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  3. slow pok

    slow pok Light Load Member

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    I would think do at this point your just a seller with financing right just a lienholder
     
  4. kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

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    I would put the title in his name with you and the lien-holder. I wouldn't want my name as title owner in case he has accident and someone sued. Make him carry insurance to cover loss, damage, theft, etc.
     
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  5. bad-luck

    bad-luck Road Train Member

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    Bad idea. If he doesn't make the payments, you are going to have to track the trailer down and repo it. Or, what if he damages it and then just gives it back to you?
     
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  6. ZVar

    ZVar Road Train Member

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    He's trying to use you as the bank because, I assume, he cannot get a loan out of a regular bank. Do you really want to take the chances the bank is unwilling to take with getting paid? He needs to either buy it outright or simply move on on the deal. The chances of it ending badly for you, well, the banks think it's not worth it.
     
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  7. slow.rider

    slow.rider Heavy Load Member

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    There's a guy on YouTube who leases out trailers in addition to driving under his own authority and running a fleet of 10 trucks. I think he calls himself stillhawgin or stillhawginTV. He might have some good info for you in some of his vids.
     
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