Trucking: Leasing, truck expenses, bob stephens

Question
Hello again!

Quick question-

When it come to leasing your truck to a person that you trust- how should the costs be divided (gas, maintenance, payments etc)??

I am really considering this- but, I am not sure how to attack the issue.


Answer
Hi Smith.

I'm sorry, I don't remember your exact situation, but it really varies.  If it's your driver, and your leasing out to another company, all the truck expenses fall on you.  If I remember correctly, you were going into a partnership.  In this case, you could split the profit down the middle (or whatever was agreed upon).  You would buy a truck (and take care of all the money) and then another guy would run it.  The drivers are in charge of doing everything else but are not the money people.  They're incentive is do do it on a low budget as to split profits at the end of the year (or just get a bonus).  If your in a partnership with another guy who has trucks, it all varies on what's agreed upon.  Every partnership is different and there are no set ground rules.  I would try to split expenses on running the truck, but if it breaks and it's your truck, that is your expenses.

Good luck!

Bob Stephens