Leasing?
- Thread starter C5BILL
- Start date
Establish an escrow account that takes a certain percentage of the leasee's revenue each week until an agreeded amount has been made. This account will not be refunded unless, whatever requirements you put in to the lease are acheived. Make sure if the leasee's breaks the lease he/she will be held accountable for the condition of the truck etc.
This stuff can get nasty,best to have legal advice before you or the leassor rush into things. Those TV Attorneys have to pay for those adds somehow.
This stuff can get nasty,best to have legal advice before you or the leassor rush into things. Those TV Attorneys have to pay for those adds somehow.
C5:
I'm sure there are exceptions to the following. I just have not seen them.
Most folks that are in a position to not be able to purchase a truck have real reasons why they cannot.
Many folks have laid awake nights thinking of ways to get over.
The only way to do this (possibly) is to remain in complete control
of ALL activity concerning the equipment until the obligation has been fulfilled.
I'm sure there are exceptions to the following. I just have not seen them.
Most folks that are in a position to not be able to purchase a truck have real reasons why they cannot.
Many folks have laid awake nights thinking of ways to get over.
The only way to do this (possibly) is to remain in complete control
of ALL activity concerning the equipment until the obligation has been fulfilled.
I think it would be easier to hire them as a independent contractor verses an out right truck lease. As Rich mentioned, have a very clear and legal agreement in addition to an escrow account. We do that with a very specific recovery addendum. This spells out the costs and how they are calculated in the event of a abondoned vehicle.
Davekc
owner
20 years
Davekc
owner
20 years
Broompilot
Veteran Expediter
Just a thought, when I sold my business I stayed in charge of all recievables thus I was in charge. When he failed to live up to his end of the agreement, (did not renew existing accounts or look for any new accounts). I called a meeting and pulled the plug, since I had almost enough in his reserves to cover our agreement I ended it there and took 80% of what was owed to me before he went completely belly up.
Lots of crying from his wife, but too bad. Not being unsymptahic. But they went out and bought new cars, furniture etc.. Against my advice but when the $ was first rolling in it was big than it kept dwindling down. See a trend developing here, you do not stay in control of the $ flow your way more likely to get burned. I regreat not getting all of my $ but most is better than none. P.S. get a lawyer it would have been easier for my lawyer to demand payment than me. Even though there was not enough to cover his expenses and pay my loan back.
Lots of crying from his wife, but too bad. Not being unsymptahic. But they went out and bought new cars, furniture etc.. Against my advice but when the $ was first rolling in it was big than it kept dwindling down. See a trend developing here, you do not stay in control of the $ flow your way more likely to get burned. I regreat not getting all of my $ but most is better than none. P.S. get a lawyer it would have been easier for my lawyer to demand payment than me. Even though there was not enough to cover his expenses and pay my loan back.
C5:
Remember the "Golden Rule" (Them that gots the gold, rules) You
can do anything like that, as long as you don't pinch so hard they can't function. Also, I'd be real careful who's name the equipment is registered in.. The safest for the owner would be a 50/50 lease for a period of time and sell the truck when it has been amortized to the lessee for a buck.
Remember the "Golden Rule" (Them that gots the gold, rules) You
can do anything like that, as long as you don't pinch so hard they can't function. Also, I'd be real careful who's name the equipment is registered in.. The safest for the owner would be a 50/50 lease for a period of time and sell the truck when it has been amortized to the lessee for a buck.