Truck on a partnership going bad !!!

Great - so if you want out - and he alleges that he needs another week to BUY YOU OUT - then what's so horrible about ONE MORE WEEK?

By the time you finish "debating this" here, the week will be DONE.

If he falls short on the $7K at weeks end - go with him to re-title the truck, have him sign a promissory note stating the terms of his agreement on the balance of repayment and throw a lien on the title until he repays you (and it IS "reasonable" to add a "reasonable amount of interest" to his debt - you could even MAKE a couple of bucks on your "loan" to him). If he fails to repay you (according to the terms of a WRITTEN AGREEMENT that you BOTH SIGN) - REPO THE TRUCK.

Take "personal" out of the equation, and make it JUST BUSINESS - that way you can be a little more clear-headed than you (apparently) are.

As far as "ratting him out" if things don't go your way - I have NO PROBLEM with having folks who entered, stay & work in this country ILLEGALLY - get shown the door. "Illegal Alien" is not hate speech, it's a statement of fact. OTOH - if your (ex) friend is doing his immigration LEGALLY - YOU ARE WRONG IN ANY ATTEMPT AT DENYING HIM THE OPPORTUNITY TO STAY HERE LEGALLY, because of a "business deal gone bad" - REGARDLESS OF HOW IT TURNS OUT. No "grey areas" here.

Rick

This whole deal, of keeping the old owners tags, no written agreements, etc. - is "kinda shady" from the get-go. If it "goes south" on you, than lack of PROPER PROCEDURE from day one is at fault, not your friend, the economy, or anything else.

 

Yup, you caught me!! Shhhhhhhhh, don't tell know one!!

 

Don't do it. Why would you extend credit to someone you do not trust? What happens if he can't get citizenship?

Three options:

1. You buy him out
2. He buys you out
3. Sell the truck and split the proceeds

 

I agree with Bill's last post, if he is Mexican in less than a week he'll be in Mexico and bye bye truck and $7,000. don't do it.

 

What a situation to be in..how'd it work out?

 

Well, let's see here.

1. You went into business with a man who may or may not be legal to work in the US
2. This person doesn't even have a driver's license let alone a cdl
3. You never bothered to transfer title. ( I can only guess whose authority you're running under if any)

Is the truck insured ? Do you have IFTA registration and pay fuel taxes, we know you didn't pay tax on the truck purchase. When was the last DOT inspection performed on the truck ? Whose plate is on it ?

I think you have some nerve coming on here and asking for advice. Most of us work very hard and spend time and money setting our trucks up and running legal. Slip-shod operator's like you and your unlicensed, undocumented buddy go out there with a 14,000 truck and drive down rates.

 

Danny, did I miss something? Who said he was undocumented and didn't have a CDL? Many states you don't have to pay sales tax on anything used for Interstate commerce. It sounds like they went into this with no clue regarding plates and the rest but the tone that I got was never he is looking to "cheat" the system. Just a bad business man.

And for the record, I have no patience for those that take short cuts in this business and take advantage of drivers. Would love to see the FMCSA getting more aggressive with some of these clowns.