running money

dodgerblue · Feb 11, 2007

looking for info regarding expedite companies that front some percentage of the settlement,so that i can get back on the road. after dealing w/ illness to companion and myself,she and i have used monies from savings and breakdown stash, while i have some running money it would be helpful to get seed money to start traveling.the things you learn,here we have insurance, sizable savings,a chunk of dough in maintence&breakdown fund,ten years w/current company,in short doing ok,she becomes ill, i become ill,nothing coming since july 06.have finally gotten doctor's release to get back on the road,must say at first bummed out doc would not release sooner,but hindsight,clearly i was not ready.well,boohoo,that being said,i am back,i am ready. and of course,any and all info would be greatly appreciated. thank-you dodgerblue p.s. i drive six-wheeler,and more importantly,GOD BLESS AMERICA,long live expedite!

RichM · Feb 11, 2007

FdexCC advances up to 45% of a trips revenue at the time of departure from the shipper. This amount is loaded on to your ComCard. I believe Panther will make advances when a trip is completed. TriState also gives advances but recently they started charging a high fee of 5% of the amount requested. FedexCC charges you back $1.55 for the advance.

LDB · Feb 11, 2007

Panther pays up to 45% of the base amount which is your rate per mile times the paid miles of the run. It is paid once you deliver the load and have a signature from the consignee. I believe Express-1 also has a similar program but you'd have to call to get current information from them. Depending on company chosen you would need enough money to get through the first run and delivery before having some money coming in. The most important thing is being conservative with your spending on the road. Feed yourselves but not the game machines and other money pits out there. Good luck.

Leo Bricker, 73's K5LDB, OOIDA Life Member 677319
Owner, Panther trucks 5508, 5509, 5641
Highway Watch Participant, Truckerbuddy
EO Forum Moderator
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Support the entire Constitution, not just the parts you like.

Crazynuff · Feb 11, 2007

Just what exactly do you plan on doing ? It doesn't sound like you have a truck . Do you plan on driving for a fleet owner ? Whatever , I don't want to discourage you but you're inviting disaster . An advance will get you there but what if you need to deadhead to the next load or have any type of breakdown ? I wish you the best but you'd be better of taking another type driving job until you can save up some operating money .

nightcreacher · Feb 11, 2007

dont know about most of you,but my decission to take load, is if advance will get me to delivery,+ 200 miles to my next pick up
I always have a reserve in my com card for the unforseen
actually advances are for truck operation,not for food,but those that know me,i'm not going to starve

nightcreacher · Feb 12, 2007

rich,
I haven't been charged for taking advance,but I only have three tries to get money off card, or there is a charge for useing it.
of course if i use atm there is a charge for that,fom the atm

stormy67 · Feb 13, 2007

Express-1 is a great company to work for, and you can get upto 50% on your comdata upon excepting a load. before you even get loaded or unloaded.

Tennesseahawk · Feb 13, 2007

Stormy... they don't charge $15 for a comcheck anymore?

"If I claim to be a wise man, it surely means that I don't know." - Kansas

Broompilot · Feb 13, 2007

Great way to operate a business or least this type of business. Lets see not enough capitol so let me get advances and than when it comes time to get paid wonder where did it all go?

And Terry was speaking about what?

I wonder what % of underfunded people in this business is for loosing everything is. Were looking more like the guy at the end the expressway ramp everyday. I suppose that was politically incorrect.

I know I know before you rip a new rear end, that is how this business works. Well I just choose to operate on my own nicle without throwing anyone any fees and paying the bills when the WHOLE check comes in. Makes all accounting much easier without all those nasty waistfull dollars going to someone else.

Maybee one should think of an income generating job before comming out and than one could run 100% profitable without ties or worrying about running out of Capitol. Reading the first Signature line shows a perfect example of what Terry was speaking of being underfunded. Heck one can on a time part income make $1,500 a month delivering Pizza so X2 X maybee 2 months well lets see that could be 6K.

davekc · Feb 13, 2007

Does make you wonder? If someone is driving for someone, they should at least have 3 to 6 months of living expenses saved up. Many don't, and bad things happen.
Same when one buys a truck. Some give a totally blank look when told they should have $10,000 in reserves when buying a truck.
I think it comes down to getting blinded by potential revenue possibilities, and not having a full realization of what it costs to operate.
Remember,
"Businessman first, driver second"

Davekc
owner
22 years
PantherII
EO moderator

letzrockexpress · Feb 15, 2007

I have heard countless times that the majority of Americans are two or three paychecks away from being broke.If this is true it isn't likely somebody is going to have 3 or 4 months living expenses saved up in any walk of life, let alone expediting. I suspect most people who enter this business aren't in a whole lot better financial situation than dodgerblue.

FlameMerc · Feb 15, 2007

Hawk , Yes Express-1 charges $15.00 for a ComChek but only $5.00 to use your Comdata Card. I don't use Checks anymore. No Brainer Right.:7 :7 :7 Butch

fastman_1 · Feb 15, 2007

I started with nothing...and still have most of it.

Owner/Operator since 1979
Expediter since 1997
B Unit Semi Retired
Somedays are Diamonds and Somedays are Stones
Home is Wherever you Park.
The Price of Freedom is Written on the Wall.

Tennesseahawk · Feb 15, 2007

That's probably the biggest problem right there. Ppl are used to living paycheck to paycheck, and that works out to being unsuccessful in expediting. But ppl don't know that coming into the biz.

"If I claim to be a wise man, it surely means that I don't know." - Kansas

pelicn · Feb 15, 2007

This may be totally off base here, but here goes.
We drive for an owner, and he pays for the fuel, we will pay the tolls, maintenance etc, and he reimburses us. We never take advances! We run the loads, and when the PRO pays, we get paid.
This may not work for others, but it works great for us. When we started this segment of trucking, we started with a cash reserve so that we didn't have to take advances just to survive out here. I can't imagine living "advance to advance" out here, there's enough stress without adding money into the mix.

nightcreacher · Feb 16, 2007

broom
the way I pay myself wages is,
I take advance on load,then what money I have after road expenses:fuel,tolls,motels,truck washes,service on truck,this is my drivers wage,and over the month equals about 35% of the loads that Ive hauled.The rest of 65% I send home to cover what ever bills I have,or putting away for rainy day,such as Ive been off work now, except for 1 day, the whole month of feb.
so getting advance on load,people do for many reasons,some live day by day,and thats the only way they can operate.
also,by useing my comdata card I get fuel discounts at almost all truck stops,such as ambest,they give .04 cents per gallon,some stops are less some are more

jansiemoo · Apr 3, 2007

Just wondering, is there a way to transfer money from my comdata card to my bank account? I don't know exactly how this works...

Jefferson3000 · Apr 3, 2007

Hey everyone,

After reading Dodger's post again, it sounds as if he just hit a bad situation in life. Bad situations aren't usually the best time to just leave what you know and go do something else, just because road life is hard.

Dodger, if you can find a company that can front you a little in the beginning, so you can get back up on your feet again, then more power to ya! I pray that you can get back to where you ought to be in the next few months. Just plan to live lean and mean for the next little bit.

Drive Safe!

Jeff

Driver for 15 years
O/O for 13 years
OOIDA #829119

iheartfaye · Apr 3, 2007

Panther will also front you 45% of the load at the time of dispatch if you ask them. You have to call in for each load. A couple of years back I had an issue that made me extremely tight and had to do that for a couple of weeks.