One problem, the QC, who is going to safely remove that. then the plates have to be removed, there are just so many problems, but if it is worth it, then it can be done. then need to b/t to the other new job, and need a temp plate.
Take it directly to QC and have them remove it ... odds are that QC owns it anyway and is leasing them to Swift.
Take it to the new carrier and have all their stuff installed, then take QC, plates and permit book back to Swift. You guys make things so complicated!
I'm a noob about to go to School, so take this with a grain of Salt. But I just walked away from a 15 year Business career and was talking to my CPA today. He is aware of my plans and then I asked what HE thought about these Lease Owner programs. He literally coughed and spit out some coffee, laughed, and said "You do realize that drivers are making payments into vehicles that they will never own, right? And they could have used that money to finance a newer truck on their own". It may work for some, but as a noob with financing background, it makes no financial sense to me. The little extra I may make is not worth the overall loss paid out, as well as the potentially substantial risk brought on by unforeseen breakdown of equipment. As a noob, my plan is to take it up the shorts for a year in return for good training and run my arse off taking any and all loads that I can get. If in two years I decide to stay with it, I will buy two newer but used trucks and go get some Oil Field contracts. Of course, plans change and I could end up changing mine as well.
Just remember, solarbronco, not everyone wants to end up with a well-used asset they have to sell at the end, which is the assumption your accountant makes. Many people lease cars and end up with no asset at the end; they do it for all kinds of reasons, knowing they will not have a car to sell at the end. The same thing applies to trucks. If it works for your long term oil field plans, great. As you gain experience, don't look down on those who choose not to own. You will hear from many who do.
Solarbronco, does that attorney OWN the building his office is housed in? If not, why not? I mean, after all, if he's renting (guess what LEASING) his office space he's just throwing his money, right? There are benefits to owning, sure. There are benefits to NOT OWNING. It's dependent on your own personal situation.
1. I would never look down on anyone, cept for the four wheeler sitting next to me at a light. My Truck buying idea is just a dream right now, haven't even driven a mile yet. I'm such a noob! 2.I lease a 2011 Volkswagen TDI and will never own it, but Volkswagen covers ALL maintenance costs so it works out nice with no risk. When I owned my Alarm company, I rented a building that I knew would never own, but if something broke, the Owner paid for and performed the repairs, no cost to me. 3. I agree with ya, both routes have benefits. Hell, I might end up changing my mind and doing a Lease ownership, but I doubt it. I'd rather buy it outright and write off the depreciation.
Well bronco you lease the truck, you fix the truck. Apples and cumquats between cars and trucks. Think they don't have the lease payments high enough to cover the maintainance? Got mileage penalties? Swift does. Swift's lease isn't a lease purchase.
Once you get done depreciating a vehicle...you can't claim the depreciation anymore. Of course then you may have all kinds of fun mechanical issues. You have to read any lease carefully. I know that the two locations I leased while grooming, some things were to be covered by the building owner, but not all. In the shop where my husband worked as a mechanic for several years, the building owner had a pretty sweet deal. Anything went wrong, my husband's boss was on the hook for it. It depends on the actual wording in the lease, and what is "normal" for your area. Same goes for truck leases.
Lease payments are tax deductible and there's a benefit to leasing new: w-a-r-r-a-n-t-y. Buy used and you are on the hook for repairs.
