Partner on 18 wheeler

Discussion in 'Questions To Truckers From The General Public' started by Lgaff, Mar 21, 2021.

  1. Lgaff

    Lgaff Bobtail Member

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    Hello, I'm new to this trucking thing, and I have a question. I went in half with my friend, financing an 18 wheeler. Both of our names are on the paperwork. He has signed it to a trucking company & it has been running for 2 weeks now. The payments are automatically deducted from his bank account. So far he has not paid me anything on the truck & will not take my phone calls or explain any expenses, costs, etc. to me. The one time I questioned him, he called me & started yelling at me. I know he is busy, but no one is so busy that they can't make ONE call.
    Yes, I know I shouldn't have done business with a friend. I can do without the "you're dumb" responses. I really need to know what my legal options are. I really don't want to have to send this guy to jail, but I don't want to be out 10 grand either. How long should I wait before acting? Am I over-reacting? A little communication goes a long way. If he just simply didn't have it, I'd rather him say so, instead of letting my mind wander.
    Thanks for any advice
     
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  3. GoneButNotForgotten

    GoneButNotForgotten Heavy Load Member

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    OK, let's get some clarification. First, I guess you are not a driver, correct? Second, it sounds like you and a buddy bought a truck, and you paid $10,000 of it, correct? Apparently there is more to be paid on the truck and your buddy is the one making the payments, correct? Are you on the hook for part of the future payments, or was your part just the $10,000? Are you supposed to get a piece of the profits from this venture or just get back your $10,000 plus some interest? Are you on the hook for any operating expenses?
    Maybe you can see we need a little more clarification to your story before we can give some advice.
     
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  4. Lgaff

    Lgaff Bobtail Member

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    nope, not a driver. Yes, we bought a truck (financed) together. I am responsible for half the payments, insurance, maintenance, operating costs, payments to driver, etc. We split everything 50/50. Costs & Profits for the life of the truck, not just to recoup my $10,000 (it wasn't a loan). Hope this helps! :)
    Thanks!
     
  5. JonJon78

    JonJon78 Road Train Member

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    How long prior to this business agreement were you guys friends for?
     
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  6. GoneButNotForgotten

    GoneButNotForgotten Heavy Load Member

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    I know it will seem like we are drilling you, but the more you tell of the story, not just what we may ask, the faster you will get some definitive answers to your situation.
    Was your buddy an experienced O/O or L/O prior to this deal? If you are on the hook for half of the ongoing operation, how does he get your part from you? Is he one one paying for fuel, tolls, tire repair, etc.? Did your deal have any written agreement, or was it just verbal?
    My initial guess from you saying that he yelled at you might be an indication that he is in over his head and things are not going so well.
     
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  7. Lgaff

    Lgaff Bobtail Member

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    yeah, sure - no problem. Yes, he has been running his business as o/o for 2 years now. Our truck is his 3rd truck. I paid cash initially & I am assuming now he is getting my payments by not paying me at all. I'm not sending him any more money. We have a financing contract, everything else is emails & text messages. Nothing formal other than the financing paperwork. I have watched him build & operate this business for a year now. I have always seen him be professional & been successful. He showed me all his accounts. He WAS very transparent with his dealings...
    I assume he yelled at me because he is stressed out as well, however, that is not professional. Neither is the not paying me or not answering the phone. :p
     
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  8. REO6205

    REO6205 Trucker Forum STAFF Staff Member

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    What does your partnership contract say? You and he do have a written partnership contract of some kind don't you?
    If not, you may have a hard time getting your money back. A financing contract doesn't always fix a situation like yours.
    Friendship and trust are great things. Until they're not.
    I've seen a lot of friendships blow up over business dealings. What's happening to you is not uncommon.
    Talk to an attorney. He'll tell you what, if any, legal remedies are available to you.
     
  9. Lgaff

    Lgaff Bobtail Member

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    No contract unfortunately. :(
     
  10. REO6205

    REO6205 Trucker Forum STAFF Staff Member

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    Okay. Talk to a lawyer but be prepared for his fees to eat up most of whatever recovery he can make for you.
    Most lawyers won't take a case like yours on contingency because the dollar amount is so small. If they do agree to taking your case for a percentage of the recovery make sure your contract (there's that word again) spells out who is responsible for the litigation costs.
    If the lawyer takes the case for billable hours you can bet that he'll give you the best service your money can buy...until your money runs out.
    I wish I had better news for you.
     
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  11. not4hire

    not4hire Road Train Member

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    Two ways to learn a person's true character:
    1. Live with them.
    2. Loan them money.
     
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