Reinstating an old authority or start new

Hello,
I am new here and have a few questions. Any info would be greatly appreciated.
I have been doing a lot of homework and considering getting my authority. I can get approval for a truck, I have companies lined up that I can haul for, I'm checking on all the costs I can think of. My question has to do with operating authority. A truck driver that I work with has an inactive authority. I called the FMCSA, they said it can be reinstated and that he could sell and or transfer it to me. If I did do that, would I assume any debt that was left from his trucking company. There was debt. ( He said apprx $15,000 ). Not sure if I should mess with that or just get my own authority. His company folded about 15 years ago but was never legally disolved. (not sure if that is the right term) I would appreciate any thoughts.

 

What is his company's safety record like? Might be better to get your own authority.

 

When I did it back in 02 it took a couple months and this is what I remember needing for start up money. There might be more but these were the big things.

Truck payments for a couple months
Down payment for insurance(25%?) and a couple months worth of payments
IRP, SSR, IFTA,

Aside from buying a trailer, I don't think I spent more then 10,000 to start up. Not including fuel money before you start recieving income.

 

His company never had any safety issues. My only concern is with the old debt. Not sure if his creditors can come after me. When you buy authority, is it considered just buying the authority to run or are you actually buying the company, the authority and the debt.

 

That part I am not sure about. Might want to think about contacting FMCSA regarding that.

 

I guess I don't understand what the advantage of reinstating his authority would be versus getting you own. It may save a little time but I bet it would still take several weeks to get everything lined up. Your still gonna have to get your truck, insurance, plates and all that stuff and that's the most expensive part. Your still gonna have to do a drug screen, and get all your filings in order. Filing the paperwork or hiring someone like OOIDA to do it for you is not too much from what I can remember, but even if it is, it will still cost money to have his reinstated. I personaly just can't see any benefits of buying somebody else Authority, especially since it has to be reinstated and it's associated with bad credit. I could be wrong though.

 

I did contact them, unfortunately the person I spoke to was not sure. I called a lawyer hoping they could answer it for me, but of course they don't work for nothing and they wanted $250.00 for me to come in and they would answer.

 

Thanks for your reply. The only advantage would be it would speed things up a little. I was hoping to get things going in time to get in with the company that needs the loads hauled. I do have some time to work with, but it may not be worth the risk of taking on someone elses debt if that's how it works.

 

Man opening up someone elses just sounds like a can of worms to me, better to start your own and get out there with it.

 

It costs $300.00 for your MC #... why screw around with anybody's else's trouble for that amount of money?