Semi truck lease agreement

[Shelby6718]

What is the name of your state (only U.S. law)? Oklahoma

I am going to purchase a semi-truck and lease it to my son. He will not be working for me but will (sub) lease on to a national carrier. What type of lease agreement do I need with him? I have researched downloadable vehicle lease agreements but they mainly seem to pertain to passenger vehicles. Every commercial semi lease agreement I find deals with owners leasing directly to a national carrier rather than an individual to individual lease. From what I've found there may also be DOT regulations, etc on what such a lease must cover. What type of attorney would handle this type of lease? I don't think my family law attorney would want to get involved and most attorney's who advertise dealing with trucks are handling accidents or tickets nothing with just "normal truck stuff".

Any thoughts, suggestions or direction to more information is appreciated.
I'm over my head with this.
Shelby

 

[quincy]

What is the name of your state (only U.S. law)? Oklahoma

I am going to purchase a semi-truck and lease it to my son. He will not be working for me but will (sub) lease on to a national carrier. What type of lease agreement do I need with him? I have researched downloadable vehicle lease agreements but they mainly seem to pertain to passenger vehicles. Every commercial semi lease agreement I find deals with owners leasing directly to a national carrier rather than an individual to individual lease. From what I've found there may also be DOT regulations, etc on what such a lease must cover. What type of attorney would handle this type of lease? I don't think my family law attorney would want to get involved and most attorney's who advertise dealing with trucks are handling accidents or tickets nothing with just "normal truck stuff".

Any thoughts, suggestions or direction to more information is appreciated.
I'm over my head with this.
Shelby

You are right that a family law attorney would not be a good choice for drafting a lease agreement but, if you trust your family law attorney, you can ask him/her for a recommendation. Attorneys are often aware of who in their area has a good reputation for handling specific legal matters.

Good luck.

 

[adjusterjack]

This sounds like a recipe for financial disaster. Couple of amateurs getting into something they know nothing about that they think they will make a lot of money at. Business with family to boot.

However, do it if you like.

Here's a few points to consider.

1 - In addition to a lawyer for the creation of a lease between you and your son, you both will need a lawyer to review any leases with national carriers before signing them.

2 - If you are borrowing money to buy this truck, get a copy of the loan contract in advance and have it reviewed by a lawyer in case there are any restrictions on what you can do with it.

3 - Both of you sit down with a commercial auto insurance agent because you are both going to need the proper insurance for the vehicle damage, the vehicle liability and cargo coverage.

4 - Do you and your son have Commercial Driver Licenses. I don't know if you will need one just to own it but he will certainly need one to drive it and there are plenty of strict rules and regulations to comply with.

I'm sure that there is a lot more that I haven't thought of.

 

[FlyingRon]

I don't disagree with anything else stated, but in addition, if YOU are financing the purchase of this truck, you better make sure you have consent to lease from the lender. It's regularly granted but YOU DO NEED IT.

 

[Shelby6718]

I don't disagree with anything else stated, but in addition, if YOU are financing the purchase of this truck, you better make sure you have consent to lease from the lender. It's regularly granted but YOU DO NEED IT.

I guess I should further explain. My son has been an owner/operator and leased to a national carrier for years so we are not strangers to the trucking business. However, he has depreciated his current truck out and needs a lease payment for a deduction. Thus I will purchase a truck and lease it back to him for enough to cover my investment. No financing involved. I just need a good lease agreement to cover all aspects. I will check with my family attorney for a reference.

Thanks,
S

 

[quincy]

I guess I should further explain. My son has been an owner/operator and leased to a national carrier for years so we are not strangers to the trucking business. However, he has depreciated his current truck out and needs a lease payment for a deduction. Thus I will purchase a truck and lease it back to him for enough to cover my investment. No financing involved. I just need a good lease agreement to cover all aspects. I will check with my family attorney for a reference.

Thanks,
S

We appreciate the thanks, Shelby6718.

The attorney you see can iron out any wrinkles that might exist in your plan when he helps you in the drafting of the lease agreement.

Good luck.

 

[blairmn23]

I'd like to help you, but I am not familiar with that.

 

[quincy]

I'd like to help you, but I am not familiar with that.

You took the time to register on this site just to post in this older thread that you don't know anything?

Seriously?