Two years. I know nothing more about his driving history. He is a solo driver and contractor with FDCC.
How Can We Help This Driver?
- Thread starter ATeam
- Start date
Two years. I know nothing more about his driving history. He is a solo driver and contractor with FDCC.
Phil this is a very good post. I see the problem with this now, he needs to get a co-driver and run his butt off with FedEx Custom Critical. I almost lost my 1st truck with Roberts Express/ FedEx Custom Critical back in 1995 for running solo. I was 6 payments behind and got a co-driver and stayed on the road. I got the payments caught up in two months, and have never asked someone to run solo since. In this business you cant have a big truck payment running solo.
Most people don't plan to fail, they fail to plan. Phil, you and your wife set out many years ago with a good plan for this business and have done well. Why because you had a plan.
Just shows what a good business plan can do.
Lifes lessons are sometimes hard learned.
Maybe this gentleman should get out of this business.
If he were to stay, I think the end result will be the same or worse.
When Kathy and I were taking class, a man looked like he had lost his best friend. We like Phil, are good listeners.
Long story short, this guy had spent every last dime he had to get to the point he was. He had planned on living off his advances for the first couple of months. I mean he was sleeping out in the rental car he drove there. Well on this day, the instructor told everyone they better not plan on living off advances, it would be a receipe for disaster.
He also was not asking for money but like Phil, we have this need to try and help those less fortunate.
However, I told him in my opinion, this was not for him.
I asked him how much the rental car was costing him and gave him enough money for a return rental back home, which he did.
So, that is why I suggest, maybe he should walk away while he still has something.
BIG JOHN
Maybe this gentleman should get out of this business.
If he were to stay, I think the end result will be the same or worse.
When Kathy and I were taking class, a man looked like he had lost his best friend. We like Phil, are good listeners.
Long story short, this guy had spent every last dime he had to get to the point he was. He had planned on living off his advances for the first couple of months. I mean he was sleeping out in the rental car he drove there. Well on this day, the instructor told everyone they better not plan on living off advances, it would be a receipe for disaster.
He also was not asking for money but like Phil, we have this need to try and help those less fortunate.
However, I told him in my opinion, this was not for him.
I asked him how much the rental car was costing him and gave him enough money for a return rental back home, which he did.
So, that is why I suggest, maybe he should walk away while he still has something.
BIG JOHN
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I feel sorry for the guy, but the information is too incomplete.
Why? Because if he is in the process of a divorce, he doesn't know, or it isn't stated as to whether any component of their divorce decree/separation agreement has any direction with the truck. Remember, it is a asset. She may have a claim to it.
In that case, it would or might alter the final structure of the settlement he has with her.
It may be also advantageous to let the finance company seize it.
Additionally, if that is not the case, he can direct his divorce attorney to obtain a quit-claim-deed on their home.
That will take 24 hours and he then can 2nd mortgage the house.
Why? Because if he is in the process of a divorce, he doesn't know, or it isn't stated as to whether any component of their divorce decree/separation agreement has any direction with the truck. Remember, it is a asset. She may have a claim to it.
In that case, it would or might alter the final structure of the settlement he has with her.
It may be also advantageous to let the finance company seize it.
Additionally, if that is not the case, he can direct his divorce attorney to obtain a quit-claim-deed on their home.
That will take 24 hours and he then can 2nd mortgage the house.
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greg334
Veteran Expediter
I do hope people who want to enter this business are reading this.
I hope that this guy listens (through Phil?) and gets out of the situation.
I do think that he, like a lot of others just don't get it after two years but again a lot of others don't who have made it.
The sad thing is that many of us are in the same situation but some of us work hard to find solutions and actually succeed in doing so.
If people are listening, I will repeat what I have been saying for a long long time;
Get a lawyer and an accountant.
When dealing with agreements and contracts, have the lawyer read it and explain it to you.
When wanting to know how to stay out of financial problems, let the accountant advise you.
These two things cost less than a $1000 and by building a relationship with them, you are gaining an invaluble resource that will be there when you have problems in the future.
I hope that this guy listens (through Phil?) and gets out of the situation.
I do think that he, like a lot of others just don't get it after two years but again a lot of others don't who have made it.
The sad thing is that many of us are in the same situation but some of us work hard to find solutions and actually succeed in doing so.
If people are listening, I will repeat what I have been saying for a long long time;
Get a lawyer and an accountant.
When dealing with agreements and contracts, have the lawyer read it and explain it to you.
When wanting to know how to stay out of financial problems, let the accountant advise you.
These two things cost less than a $1000 and by building a relationship with them, you are gaining an invaluble resource that will be there when you have problems in the future.
The divorce is over. I do not know the terms. The house may be in both names because of the decree. It may be that the house proceeds get split when the house is sold. I don't know. The quit-claim deed is a good thought and something I will mention to him. He has already considerd bankruptcy but not gone that route.
Your right on the quit claim deed. I wasn't focused as I was on the phone with a relative as I was typing.
24 hours should do it IF the divorce is actually finalized.
Probably should add, the 24 hours is also using the services of a courier to expedite the process.
A couple of processes to have it drafted, signatures rendered, and county filing.
24 hours should do it IF the divorce is actually finalized.
Probably should add, the 24 hours is also using the services of a courier to expedite the process.
A couple of processes to have it drafted, signatures rendered, and county filing.
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I am sorry to report that this story is not likely to have a happy ending. The driver mentioned above faxed us his lease. Initial information from him led us to believe it was a loan agreement. That is what he believed. It is not. It is a lease and not a friendly one.
Diane looked at it first and clammed up. Rules are restrictive in this regard because she is not licensed to practice law in his state. I read it next and found it not hard to understand that this is a lease, not a loan agreement. If the driver read it, he does not seem to understand it because what he is telling us about his truck does not match what the contract says.
All Diane can do at this point is direct him to read the contract and seek advice from an attorney that can help him.
OOIDA may also be of some help to him, but at this point, I see no way for this man to own his truck. I wonder if any of those sponsored memberships I bought a couple weeks ago remain available. This driver and thousands like him could use one. An OOIDA review of this lease before he signed it may very well have kept this situation from developing.
Diane looked at it first and clammed up. Rules are restrictive in this regard because she is not licensed to practice law in his state. I read it next and found it not hard to understand that this is a lease, not a loan agreement. If the driver read it, he does not seem to understand it because what he is telling us about his truck does not match what the contract says.
All Diane can do at this point is direct him to read the contract and seek advice from an attorney that can help him.
OOIDA may also be of some help to him, but at this point, I see no way for this man to own his truck. I wonder if any of those sponsored memberships I bought a couple weeks ago remain available. This driver and thousands like him could use one. An OOIDA review of this lease before he signed it may very well have kept this situation from developing.
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Folks, times are tough for many expediters right now and none of us have the resources to help them all. Helping strangers is also challenging because you want to be sure the money will be well used. An OOIDA sponsored membership costs only $25 for a one-year membership that avails a driver or owner-operator to kind of help OOIDA can provide. You don't have to worry about someone spending the money badly. Your gift helps OOIDA at the same time it helps the sponsored member. You can sponsor memberships by name or just leave them open for OOIDA to assign as people in need arise.
Hey buddy (or buddette), can you spare some cash for a sponsored membership? Can you spare a hundred for four?
If you can, call OOIDA at 800-444-5791 and ask for the membership department to make your contribution.
Hey buddy (or buddette), can you spare some cash for a sponsored membership? Can you spare a hundred for four?
If you can, call OOIDA at 800-444-5791 and ask for the membership department to make your contribution.
The driver found a family member to loan him the money to complete a buyout offer the lease holder made in writing. It appears that this driver will soon come to own the truck free and clear. He will be an owner-operator with a personal loan from a relative to pay off under friendlier terms. With the truck in his name, his cash flow improved, and no other debt, he can start building the reserve funds he knows he needs to build.
I'd like to say this is a story with a happy ending, but with him out here with bad credit, no cash reserves and freight as slow and low as it is, he is not out of the woods yet. He has demonstrated the ability to make financial progress by paying off his house as he did. He takes good care of his truck. He is not afraid to work and he certainly knows how to survive out here on little money. Let's hope the freight picks up and he does not have to for long.
I'd like to say this is a story with a happy ending, but with him out here with bad credit, no cash reserves and freight as slow and low as it is, he is not out of the woods yet. He has demonstrated the ability to make financial progress by paying off his house as he did. He takes good care of his truck. He is not afraid to work and he certainly knows how to survive out here on little money. Let's hope the freight picks up and he does not have to for long.
mjolnir131
Veteran Expediter
This type of mind set with these skills can go a long way in a lemons to lemonade situation
greg334
Veteran Expediter
I can't agree at all, if he had the skills he would not have the problem - he would have seen the signs and gotten out of the business altogether. These skills can't be liearned in a week or a few weeks.
What got him into this situation in the first place?
Was it failing to learn something that was easy to learn?
Was it the carrier who didn't provide him enough work?
From what I read since my return, some of you with the same carrier have been doing well, I know other carriers are doing well too so it is really the amount of work out there?
What if things don't improve for him?
He is on the ropes already, a loan to keep the truck may be worst than if he sold it for what he owed. He could have found a buyer for it and got out from under the loan. Maybe he got some bad advice to stay the course with fluff added who knows?
I am not saying this to trash this guy, I wish him the luck but sometimes you got to let things go to cut your loses and move on.
You do not know the terms of his lease, which, as I said was not a friendly one. The loan he received from a relative frees him from the lease and allows him to either keep running or sell the truck when he receives clear title. The loan gives him options he did not have before.
greg334
Veteran Expediter
You are right, I don't know the terms of the lease but again I question why he was in this situation with the carrier and why he didn't think of a way out.
I am using his situation to illustrate a point that this is not as easy as some make it out to be, some get trapped, like this guy while others get screwed.
I am using his situation to illustrate a point that this is not as easy as some make it out to be, some get trapped, like this guy while others get screwed.
Well in my opinion, he just dug himself into another issue.
Never borrow money from a family member, let alone this large of an amount.
I see future problems here.
Even if this were my son, I would not lend him the money.
Very bad business decisions were made to get him to this point.
My lending money will not make him instantly smarter.
Sounds like he is a good worker, that probably should work for someone, not for himself.
Takes more than good work ethics to run your own show.
BIG JOHN
Never borrow money from a family member, let alone this large of an amount.
I see future problems here.
Even if this were my son, I would not lend him the money.
Very bad business decisions were made to get him to this point.
My lending money will not make him instantly smarter.
Sounds like he is a good worker, that probably should work for someone, not for himself.
Takes more than good work ethics to run your own show.
BIG JOHN
greg334
Veteran Expediter
Big John,
Exactly, the problem is now that he owes the family, it puts them at risk. The prudent thing to do is sell the truck for exactly what is owed to the family and some extra to live on until he gets another job or drives for someone else.
But no one seems to want to tackle the carrier issue, if he has a great truck and others are running well, what is up with the carrier - maybe a bit of selective attrition?
Exactly, the problem is now that he owes the family, it puts them at risk. The prudent thing to do is sell the truck for exactly what is owed to the family and some extra to live on until he gets another job or drives for someone else.
But no one seems to want to tackle the carrier issue, if he has a great truck and others are running well, what is up with the carrier - maybe a bit of selective attrition?
It has now been nearly a week, since all of us have been trying to help this driver. So ATeam, I have a question.
Does this guy not have a lap top?
Seems to me I would have gotten on here by now thanking everyone for all the advice.
I'm sure some of us would like to personally email him to explain things in more detail and so we could get to know more first hand his situations (which seem to change daily)
Have you told him how much many are caring about his well being?
BIG JOHN
Does this guy not have a lap top?
Seems to me I would have gotten on here by now thanking everyone for all the advice.
I'm sure some of us would like to personally email him to explain things in more detail and so we could get to know more first hand his situations (which seem to change daily)
Have you told him how much many are caring about his well being?
BIG JOHN
guido4475
Not a Member
I would like to thank you, Mr. Madsen, for sharing this with us as well as sharing your knowledge and wisdom with this driver.If it werent for you, I can almost guarantee that he would be out of his truck come friday. It has really touched me to how you and your wife have went above what was expected to help this driver out.Not many people would of done that,not in this day and age.It is so easy for anyone to just say, "It's not my problem" and just let it go.You have shown a perfect example of how we all should try to look out for each other, in any way possible. The slightest bit helps.Thank you.