Please help me clarify this ICOA contract.. can I move this vehicle to another carrier??

Its seems you have to buy the equiptment outright before you leave the contract. Otherwise it stays right where it is and you go away in default.

 

Get a lawyer and get out of the lease, it is a bad thing.

 

Yes you can move the truck as long as you meet all the requirements in that section or you will be in default. Of course it also says that it’s up to the lease company to decide if the trucking company you’re going to meets their requirements. The new carrier must have an excellent safety rating of 85% or higher. The tricky part is finding a carrier willing to make your payments directly to the lease company electronically. Most carriers are not going to want to get involved in that. Your truck payments are your problems, not your carrier. It’s kind of insulting if you ask me. They’re basically saying that they don’t trust you to make your payments yourself. They think you’re a little idiot that must have your hand held by someone more responsible than you making your payments for you. It’s the equivalent of your mother putting mittens on you and pinning a note to your coat when she sends you to the market for bread and eggs. My advice is just to stay with the original carrier until you complete your lease purchase agreement. If you have so little confidence in this carrier that you’re already thinking about the possibility of leaving them before you even started then don’t bother. Find a carrier that instills confidence in you and go with that one. If there’s one thing I’ve learned after 20 years in this business is that the grass is rarely greener on the other side.

 

Actually that’s not what it says. Purchasing the equipment out right is the first option. The second option is to meet all the requirements in the four following paragraphs. He must also pay a $500 fee for this privilege. It seems like you stopped reading after the first paragraph.

 

I read nothing on this page they would indicate it’s a “bad deal”. I don’t like having to get their permission to go to another trucking company or the fact that the trucking company must agree to make my payments directly to the lease company each week electronically on my behalf. It might be a bad deal but you can’t tell from this page. We would have to know the value of the truck and the total of the lease payments to see if it’s really a bad deal. I also see nothing on this page that would indicate he would need a lawyer to get out of it. The vast majority of these hand hold lease purchase contracts are walk away leases.

 

First part I read was that company also has to be in the same city. Birmingham.

 

No you do not get to tell me where or what I did or did not read.

I see the OP asked one simple question.

"Can I take this truck elsewhere?"

As soon I reached that particular part of the contract that allows him to take the truck elsewhere provided he buys it outright.

The rest of the contract consists of several paragraphs that I will leave it to others to debate. My goal is over simple on this forum, find a question and see if there is a provision to move that truck elsewhere.

I read everything sir. Most of it is heavy weather boilerplate in favor of the existing company that has the truck with several options dictated by them. OP has nothing really. Except the ability to walk away leaving the truck behind.

 

I will tell you. You are 100% wrong. Those 4 paragraphs that you refer to as boiler plate are extremely important to the OP. They dictate the details necessary to take the truck to another carrier. There is nothing to debate. The paragraphs are written in plain English easy to understand. So even if those paragraphs are heavily in favor of the leasing company they still are an option for the OP to use. So you are 100% incorrect to say that he only has the choice of paying the truck off before moving to another carrier.

 

Don't really care what you think this is a bad deal and it dictates terms that are out of the norm. Having a carrier involved with payments or ensuring the safety rating meets the requirements of the contract seems to limit the ability to use the truck outside of that company.

The lease holder is the responsible party, not the carrier.

The safety rating is a joke because that's what insurance is there for.