I am doing a lease purchase sell on and 18 wheeler to my driver and need advice on the contract he needs to sign?
I am selling an 18 wheeler to a driver that currently works under my company's name. He will pay $1000 per week for 25 weeks and will continue to work under my companies name until the truck is paid of. He also needs to pay me 8% of the gross weekly revenue for working under my company's name. Where can I find a good template to complete this contract. Once I complete the contract, can you help me correct it and modify it? how much?
- Anonymous4 years ago
Yes, this is probably a situation where paying an attorney would be worthwhile.
I don't know how much the guy can reasonably earn but if he doesn't have anything left to live on after $1000 a week and 8%, he isn't going to pay you as agreed.
This seems pretty darn risky even assuming he is a good guy with good credit. And if he had good credit, he could get a longer note with a lower payment.
Have you considered charging him a fee to cosign for him ? That might work out better for both of you but its still a risk that I'm not sure I would take.
What you may not understand is even assuming your contract is perfect and gives you repossession rights, you may still end up having to go to court for any number of reasons and even assuming you could win if the other guy defaulted for any reason, collecting would be almost impossible unless you could withhold his pay every week and what if he goes to work for someone else ?
What I'm saying is the contract being iron clad does NOT remove your risk of losing in this situation and that's a big part of why you want legal advice.
What if the engine blows up for whatever reason ? He isn't going to pay you,
What if he wrecks it and doesn't maintain full coverage insurance with you as loss payee ? Can you ensure he does ?
the legal advice is needed so he can explain all the ways you could possibly lose in this scenario. I know you feel like you have something to gain but don't be fooled into thinking the contract means a judge would help you collect. He wont. He just rules for you or against you. If he rules for you, its up to you to collect and that's hard if the other guy doesn't want to pay.
- Anonymous4 years ago
This is a good setting for failure. He's not going to be able to maintain 1000 per week in payments. 4-500 a week tops. What about repairs? A truck worth 25,000 is probably an old truck. You should be saving 500 per week for maintenance.
- 4 years ago
- boLv 74 years ago
see a lawyer this could turn ugly fast