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re: Advice on letting a hard working employee use one of my vehicles

Posted on 3/24/20 at 11:58 pm to
Posted by Earthquake 88
Mobile
Member since Jan 2010
3025 posts
Posted on 3/24/20 at 11:58 pm to
quote:

Here is another thing, Maybe this matters , maybe it doesnt. But, THE MONEY HE MAKES FOR ME in two weeks alone would pay for the truck . Please dont get this confused with The money he gets paid .. Still not sure if I should view it this way or view it by his pay being deducted OR maybe a combo of the two ?!


Doze think about what you just stated. He’s making you 3k a week. That’s $156,000 a year that goes straight to your company’s bottom line. Of course it matters. I’d give that kid the truck as a company vehicle and wouldn’t think twice about it and come Christmas time I’d give him the truck as a bonus for making your company that much money. The truck would be paid for in two weeks. Don’t worry about the liability that’s what full coverage vehicle insurance is for. Anything you can do to make his life easier, more profitable, and less stressful I would accommodate him in hopes of the young man staying with you a very long time. Competition for top tier employees is fierce. Employees come and go but you do whatever you have to do to retain your top earners.
This post was edited on 3/25/20 at 12:16 am
Posted by DuckManiak
Member since Nov 2011
3742 posts
Posted on 3/25/20 at 1:53 am to
quote:

More details please

From what I can remember of it, the employee’s truck broke down. My brother had an extra vehicle and decided to set up a rent to own for the employee. He took it to a pay day loan place and got a loan on the value somehow without the title. My brother got something in the mail saying he had a new lein on the vehicle.

Fired the employee and had to pay the loan off if I remember correctly.
Posted by Merck
Tuscaloosa
Member since Nov 2009
1693 posts
Posted on 3/25/20 at 6:37 am to
quote:

He took it to a pay day loan place and got a loan on the value somehow without the title


I'm not going to call bullshite on this, but I will say that sounds incredible illegal.
Posted by baldona
Florida
Member since Feb 2016
20635 posts
Posted on 3/25/20 at 6:42 am to
Don’t do it OP, you will get burned. Unless he is like 19-20 years old but even then still. If he is hardworking why is he in the situation he is now? Chances are he is going to do something detrimental.

Have you done a background check and seen if he can drive the vehicle for you under commercial insurance? Decent chance he wouldn’t qualify due to his background.
Posted by Mid Iowa Tiger
Undisclosed Secure Location
Member since Feb 2008
18842 posts
Posted on 3/25/20 at 6:45 am to
If you own the truck personally switch it to the company owning it “sell” it to the company and let him drive it as a company truck.

Make sure he has a clean driving record and it is insured. Put your company name on it and let him use it.

If he bails you still have it.
Posted by KemoSabe65
70605
Member since Mar 2018
5283 posts
Posted on 3/25/20 at 7:18 am to
Sell him the truck with a contract that list you as “loss payee” & “additional insured”. He can’t sell, trade or drop insurance without you being notified. Contract should specifically list these items, I am not an attorney.
He will need to purchase commercial coverage on both the truck and trailer. Send him to your agent to keep it close. Would also suggest a floater to cover those tools in trailer.
This post was edited on 3/25/20 at 7:24 am
Posted by real turf fan
East Tennessee
Member since Dec 2016
8851 posts
Posted on 3/25/20 at 9:38 am to
quote:

Would he covered under insurance if something happens?


Can he afford the minimum insurance required by law?
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