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Started By
Message
Advice on letting a hard working employee use one of my vehicles
Posted on 3/24/20 at 8:42 pm
Posted on 3/24/20 at 8:42 pm
I'm a small business owner (remodeling) & have a hard working employee who's truck just finally bit the dust. Gave up the ghost/ is unfixable . I have another truck I dont hardly ever use but it's in really good shape for an older truck . Ideally I would sell it to him , but naturally he doesnt have the money or credit to purchase it. I should add that it is very beneficial for me that he has transportation to jobs I might not be on that day (due to other jobs) but i cant in my right mind just give him the truck (value is approx $6 000). Although he is a tremendous worker, he has only worked for me for a short period of time, so the track record/ trust level is not quite there yet. I could lease it possibly but what if he bails ? Just wanted some opinions . I know a lot of you guys are a little more creative than me.
This post was edited on 3/24/20 at 8:56 pm
29
Posted on 3/24/20 at 8:43 pm to doze4
I mean, no one here can truly answer this. You either trust this person or you don’t.
Seems like you have 3 options:
1. Let them use the car
2. Don’t let them use the car
3. Let them use the car and have them sign some sort of indemnity contract.
Seems like you have 3 options:
1. Let them use the car
2. Don’t let them use the car
3. Let them use the car and have them sign some sort of indemnity contract.
This post was edited on 3/24/20 at 8:45 pm
Posted on 3/24/20 at 8:44 pm to doze4
quote:give him a dollar an hour raise and sell it to him at $250 a month,
'm a small business owner (remodeling) & have a hard working employee who's truck just finally bit the dust. Gave up the ghost/ is unfixable . I have another truck I dont hardly ever use but it's in really good shape for an older truck . Ideally I would sell it to him , but naturally he doesnt have the money or credit to purchase it. I should add that it is very beneficial for me that he has transportation to jobs I might not be on that day (do to other jobs) but i cant in my right mind just give him the truck (value is approx $6 000). Although he is a tremendous worker, he has only worked for me for a short period of time, so the track record/ trust level is not quite there yet. I could lease it possibly but what if he bails ? Just wanted some opinions . I know a lot of you guys are a little more creative than me.
retain ownership til its paid off
Posted on 3/24/20 at 8:45 pm to doze4
That’s very kind of you to think of helping him. Can he give you something to hold onto for collateral so he won’t bail? Would he covered under insurance if something happens?
Posted on 3/24/20 at 8:45 pm to doze4
Let him drive it as a company vehicle assuming he signs the appropriate documentation beforehand
Posted on 3/24/20 at 8:45 pm to doze4
In a lease you still hold the asset. Find a good happy medium and payroll deduct. If he bails, it's stolen property.
Posted on 3/24/20 at 8:46 pm to doze4
I have a hard time loaning any of my personal vehicles to anyone.
Is finding an affordable truck to buy him w/ payment coming out of his check an option? Is renting him something an option?
Is finding an affordable truck to buy him w/ payment coming out of his check an option? Is renting him something an option?
Posted on 3/24/20 at 8:46 pm to doze4
How is it insured?
ETA: Also could have workers comp implications if he happened to get in a MVA driving to/from work.
ETA: Also could have workers comp implications if he happened to get in a MVA driving to/from work.
This post was edited on 3/24/20 at 8:54 pm
Posted on 3/24/20 at 8:46 pm to doze4
You must not pay him enough if he can’t afford to buy an old truck.
Posted on 3/24/20 at 8:47 pm to doze4
Can’t you sell the car to your company and have him drive it as a company vehicle?
Posted on 3/24/20 at 8:47 pm to doze4
Certainly need a company insurance policy are something if it is going along those lines to protect yourself. But honestly if it is a older truck you don’t use tell him you will let him pay it off over the next few years interest free or something like $35 a week.
Posted on 3/24/20 at 8:51 pm to doze4
Have "the company" buy him a $2500 vehicle.
Ask your accountant the best way to write it off.
Wages..gift...something.
Ask your accountant the best way to write it off.
Wages..gift...something.
This post was edited on 3/24/20 at 10:03 pm
Posted on 3/24/20 at 8:53 pm to doze4
Do a payment plan and take it out of his check
Posted on 3/24/20 at 8:53 pm to doze4
You are asking for trouble. Either give him the truck or get a commercial policy and the right coverage for him. Commercial insurance isn’t cheap so it might be better to give him the truck.
Posted on 3/24/20 at 8:54 pm to tigergirl10
quote:
That’s very kind of you to think of helping him. Can he give you something to hold onto for collateral so he won’t bail? Would he covered under insurance if something happens?
He doesnt have collateral . But he does have a tool trailer that he hauls around with about $7,000 - $8,000 worth of tools in it , so I know he is somewhat responsible & doesnt have any problematic vices (just by the fact that he has that kind of money invested in tools & hasn't sold or pawned).
This post was edited on 3/24/20 at 9:48 pm
Posted on 3/24/20 at 8:56 pm to doze4
If you trust him, let him pay you a note but consider the truck gone.
Posted on 3/24/20 at 8:56 pm to doze4
You could let him have the company truck to use for strictly company business if he’s trustworthy just make sure you have the proper insurance. Tell him to maintain the truck and buy the gas.
Posted on 3/24/20 at 8:58 pm to doze4
Whatever you do, you should probably consult your attorney to figure out how to protect your assets and your business before you do anything with that truck. Note that The OT: A Professional Law Corporation is a terrible fricking law firm. Especially if one of the actual attorneys that posts here shares an opinion.
This post was edited on 3/24/20 at 8:59 pm
Posted on 3/24/20 at 8:58 pm to doze4
quote:
(remodeling)
You sure he has a drivers license
Posted on 3/24/20 at 8:58 pm to LegendInMyMind
quote:
I have a hard time loaning any of my personal vehicles to anyone.
Is finding an affordable truck to buy him w/ payment coming out of his check an option? Is renting him something an option
The truck he is using , I had considered selling anyway so there is no sentimental value/nostalgia or anything like that for me.
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