Love's Factoring?

Discussion in 'Questions From New Drivers' started by johnnyBIGtruck, Mar 27, 2020.

  1. johnnyBIGtruck

    johnnyBIGtruck Bobtail Member

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    Mar 27, 2020
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    I just received a call from Love's the truck stop about factoring. I didnt even know they did factoring. Has anyone tried it? I do like loves.
     
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  2. jbgrim72

    jbgrim72 Bobtail Member

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    Apr 18, 2017
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    Yes they do offer factoring. I currently factor with them
     
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  3. pavrom

    pavrom Road Train Member

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    ...3.75% ...? They called me with their offer
     
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  4. Blackhorse77

    Blackhorse77 Light Load Member

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    I considered them as well. But I already started the process with someone else. Do they pay the flat fee, at 3.75%?
    Do they have the documentation fee? And when the late timeframe kicks in? What’s their recourse? Can they actually take money from your account after the broker won’t pay them? If broker does not because he doesn’t want to, are they going to take the money back?
    Do they charge for each invoice and to wire money?
     
  5. pavrom

    pavrom Road Train Member

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    I just heard 3.75 ...i hope heard it right ... I stopped the sales and said i have it at 2% and so far very happy ..
     
  6. 6wheeler

    6wheeler Road Train Member

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    Factoring companies put a UCC-1 lein on your business. They have the legal rights to your accounts receivable.

    Your brokers/shippers/ customers will get a Notice of Assignments(NOA) that legally tells your customers not to pay YOU! And to send the money to the factoring company.

    There is no way out of a factoring company contract unless the factoring company provides you with a "Release"
    You can be held hostage by whatever terms the factoring company has over your broker's and shippers.

    They can drive you out of business if you ever decide to quit factoring
     
    Badmon Thanks this.
  7. woolybully35us

    woolybully35us Light Load Member

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    I asked a lawyer friend about them . he said to stay away from factoring company's most of them is ran by a bunch of crooked lawyers that have lost the law license
     
  8. Deere hunter

    Deere hunter Heavy Load Member

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    Does anybody stay in business over a year after you start factoring! Plus they own you and from what I’ve seen if you try to get rid of them they near put you out of business . nobody will load you Until you get rid of them and get a letter that clears you by then you’re too broke to get it done! This is just my observation and if I’m wrong please help me out.
     
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  9. pavrom

    pavrom Road Train Member

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    I work with factoring since sept 18 ...i had some small issues but nothing crazy , i dont have reserve account , no contract ... I wanted to switched couple times when i was mad they told me they need notice by 21st of any month ( started date ) ... I know lot of guys will tell how much i loose but i have other projects i do that outperform the money i ioose with factoring co . I have good friend who did quit using factoring company over year ago - all good , everyone happy
     
  10. 1badtruckdriver2c

    1badtruckdriver2c Bobtail Member

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