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Questions on owner operator stuff

Discussion in 'Lease Purchase Trucking Forum' started by spiritwolf716, Jul 11, 2014.

  1. Jul 11, 2014 #1
    spiritwolf716

    spiritwolf716 Bobtail Member

    22
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    Jul 4, 2014
    North East
    0
    I don't know much about how the whole owner operator thing works with respects to leasing on with a company so I bring my quesipns to those more knowledgable than myself.

    1. When leasing on with a company, is it standard practice fotr them to require your truck be registered under their company name & not yours? (Meaning like with DMV)

    2. Is it standard for the company you are buying the truck from to dictate who you can & can't lease to?
     
    Last edited: Jul 11, 2014
    spiritwolf716, Jul 11, 2014
    spiritwolf716, Jul 11, 2014
    #1
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  3. Jul 11, 2014 #2
    Allow Me.

    Allow Me. Trucker Forum STAFF Staff Member

    10,367
    11,207
    May 28, 2009
    Rancho Mirage, Ca.
    0


    1.. If you own the truck purchased from a dealer or private party, then YOU own it, it's registered to you.
    2.. Assuming you buy from a dealer or private, NO, they can't tell you who to lease on to. Some lenders will want a business plan in place before they lend you any $$$.
     
    Allow Me., Jul 11, 2014
    Allow Me., Jul 11, 2014
    #2
  4. Jul 11, 2014 #3
    spiritwolf716

    spiritwolf716 Bobtail Member

    22
    7
    Jul 4, 2014
    North East
    0
    he's making payments to the company he is leasing the truck from. He is leased on to a subcompany of theirs as an independant contractor. Truck is registered under name of company he is leased to drive for. I am confused because I don't see how he is an i/c if the truck is registered to them. He pays truck payment, insurance, qualcom fees, tolls & all expenses for a truck that is in their name with DMV.
     
    spiritwolf716, Jul 11, 2014
    spiritwolf716, Jul 11, 2014
    #3
  5. Jul 11, 2014 #4
    spiritwolf716

    spiritwolf716 Bobtail Member

    22
    7
    Jul 4, 2014
    North East
    0
    He's always in the negative somehow. The company he is leasing the truck from won't allow him to lease on with another better paying company without paying them an additional $8,000 fee AND their prior written approval.
     
    spiritwolf716, Jul 11, 2014
    spiritwolf716, Jul 11, 2014
    #4
  7. Jul 11, 2014 #5
    Lonesome

    Lonesome Mr. Sarcasm

    10,201
    19,951
    Dec 15, 2007
    Northern Indiana
    0
    Hmmmmm.....L/P plan, that ain't working out, never would have guessed...

    Personally, on too many of these L/P plans, the company holds ALL the cards. The person doing the lease is just making truck and fuel payments for the company. JMHO...
     
    Lonesome, Jul 11, 2014
    Lonesome, Jul 11, 2014
    #5
  8. Jul 11, 2014 #6
    spiritwolf716

    spiritwolf716 Bobtail Member

    22
    7
    Jul 4, 2014
    North East
    0
    I have read enough on here to understand the distaste for L/P programs. The company I am investigating right now has drivers 'thinking' they are leasing to own but the contracts are (in my opinion) designed to confuse. This particular company has 2 other companies tied to what they are doing. All 3 companies owned by same person. 1 leases trucks out with strict conditions allowing leasee to sign on with company 2. Then company 3 (garage) does maintenance, repairs etc. (which are charged to driver and deducted from pay prior to driver being paid). So between the 3, the owner of the company has complete control over every aspect of the truck. The contracts even forbid drivers from claiming certain tax deductions they should be entitled to IF they are truly I/C's orO/o. Which the contract identifies the leasee as.
     
    Last edited: Jul 11, 2014
    spiritwolf716, Jul 11, 2014
    spiritwolf716, Jul 11, 2014
    #6
  9. Jul 11, 2014 #7
    snowlauncher

    snowlauncher Road Train Member

    1,141
    2,321
    Mar 28, 2014
    Southeastern ID
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    Yea....I'm thinkin' an l/p plan through most companies is NOT the way to make good money. Especially if you are a newbie to the trucking industry. Seems to me only the few most experienced and disciplined drivers can be successful in managing an l/p and that also depends on the company they go through. In the end most get screwed and the company still manages to come out smelling like a rose.
     
    snowlauncher, Jul 11, 2014
    snowlauncher, Jul 11, 2014
    #7
  10. Jul 11, 2014 #8
    Grizzly1221

    Grizzly1221 Bobtail Member

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    Jul 9, 2014
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    Leasing sounds like a clever way of getting the driver to pay for things that drivers shouldn't be paying for, if the Driver can't call the truck their own and have it in their name then the only one who benefits is the trucking company who has tricked the driver into believing that one day that beautiful truck will be theirs. It may cost a little extra but with all binding agreements you should have a lawyer look over their clever little plan before signing or committing to anything, it may cost you a little now but it will save you lots later, including your sanity.
     
    Grizzly1221, Jul 11, 2014
    Grizzly1221, Jul 11, 2014
    #8
  11. Jul 11, 2014 #9
    Useless

    Useless Bobtail Member

    13
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    Jun 12, 2012
    cardboard box under an overpass
    0
    I have heard of these companies, who pretend to sell you a truck with "easy terms, no credit check, buy here pay here" plans, who offer mexican reject trucks at almost new Kenworth w900 prices, provide you "Lease" them to "certain "trusted" companies. Usually they are companies owned by the main owner, or a relative or "friend with benefits" type person, with a "maintenance plan to keep you rolling" provided you use "their facilities,at a discount rate". Their "contracts" for want of a better word are usually filled with threats to "sue you for FULL PAYMENT if you default", take your first born if you dispute anything in this "Contract" and promise all sorts of misery and woe if you even MENTION anything about this agreement to ANY outside individual. My advice is RUN, don't walk, as fast as you can from these shysters. Once you get hooked with these people, they will ruin your credit, your life and anything else they can. Get out while you can.......my 2 cents
     
    Useless, Jul 11, 2014
    Useless, Jul 11, 2014
    #9
  12. Jul 11, 2014 #10
    spiritwolf716

    spiritwolf716 Bobtail Member

    22
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    Jul 4, 2014
    North East
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    I agree Grizzley. I wish I could have saved this driver that headache. But he knows now and will be smarter about it going forward. These are biased contracts heavily weighted to benefit the commpany at driver expense. I may forward them to the Fair Trade Commission to see what they think.
     
    spiritwolf716, Jul 11, 2014
    spiritwolf716, Jul 11, 2014
    #10
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