- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Advice on letting a hard working employee use one of my vehicles
Posted on 3/24/20 at 8:59 pm to diat150
Posted on 3/24/20 at 8:59 pm to diat150
quote:
Commercial insurance isn’t cheap so it might be better to give him the truck.
I would assume the OP has commercial auto insurance. If he doesn’t, commercial auto is high AF right now and won’t be going lower in the near future thanks to all the shitty drivers, litigious claimants and shitbag attorneys that support them.
2
Posted on 3/24/20 at 9:00 pm to CMBears1259
quote:
How is it insured?
ETA: Also could have workers comp implications if he happened to get in a MVA driving to/from work.
Right now it's just insured as one of my vehicles . Nothing more , nothing less
Posted on 3/24/20 at 9:01 pm to SavageOrangeJug
I would buy a 2500 dollar truck sell it to him owner finance that way you can take it back if he doesn't pay you and its not a 6000 loss if something happens
Posted on 3/24/20 at 9:03 pm to doze4
quote:
Right now it's just insured as one of my vehicles . Nothing more , nothing less
On a personal or business policy? I’m assuming personal.
Posted on 3/24/20 at 9:04 pm to CheEngineer
quote:
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.
True, but if he were to misuse it/rag it out & it breaks , no chance in hell he would continue to pay the balance
Posted on 3/24/20 at 9:06 pm to doze4
quote:
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.
Why don't you self finance it over a year or whatever?
Posted on 3/24/20 at 9:06 pm to doze4
Its hard to find good workers. I can see the risk of letting him use it, but it seems like you have a lot to use if he doesn't have transportation.
I say throw him a bone..
I say throw him a bone..
Posted on 3/24/20 at 9:07 pm to Rza32
quote:
You must not pay him enough if he can’t afford to buy an old truck
Believe it or not , some people arent great at managing money. There are people that make 75-80k a year that still live paycheck to paycheck. Not saying he does , naturally, I haven't asked him about what he does with his money/extra money.
Posted on 3/24/20 at 9:16 pm to doze4
Sell it to him for $3500.
Posted on 3/24/20 at 9:25 pm to doze4
When he plows into the back of another vehicle with your truck, guess who Gordon is going to bleed.
Posted on 3/24/20 at 9:27 pm to Sao
quote:This.
In a lease you still hold the asset. Find a good happy medium and payroll deduct. If he bails, it's stolen property.
Make sure he initially and consistently produces proof of insurance coverage to you. He’ll be paying for insurance monthly so let him know he needs to update the proof of coverage to you on a monthly basis.
If he’s a good dude, and it goes well, let him out of the lease early as a reward.
Sounds like your heart is in the right place but you gotta be defensive about your legal exposure.
Posted on 3/24/20 at 9:31 pm to doze4
I did this recently for an employee of mine. Had them put down a small down payment and sign an agreement for notes. I let them put it in their name just in case they wrecked so it wouldn't go on my record.
Posted on 3/24/20 at 9:33 pm to TigerstuckinMS
quote:
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.
They just don't like having to explain to us dumbasses why their answer is different than our cousin's seemingly identical situation.
They choose to just move on, bc they don't have time to deal with all the internet legal experts.
Posted on 3/24/20 at 9:45 pm to Aristo
quote:
I did this recently for an employee of mine. Had them put down a small down payment and sign an agreement for notes. I let them put it in their name just in case they wrecked so it wouldn't go on my record.
I'm assuming that you kept the title until the deal was consummated ?
Posted on 3/24/20 at 9:51 pm to CMBears1259
quote:
On a personal or business policy? I’m assuming personal.
Yes, just personal. Maybe I'm being naive , but if something were to happen (accident wise). I'm just letting him borrow a vehicle because his is broke . He would say the same (god forbid something did happen).
Posted on 3/24/20 at 9:53 pm to jamboybarry
quote:
Let him drive it as a company vehicle assuming he signs the appropriate documentation beforehand
This I believe is the correct answer. If the kid takes another job the vehicle is still yours. You should be able to use that as some form of tax break I believe. Giving the kid a company truck is essentially giving him a nice pay raise because he won’t be burdened by a vehicle note or insurance. In all my years of managing people I’ve learned not all employees are superstars. You have to find the right position for them to be successful. Having said that if you find a young superstar keep the kid happy or they will bolt for greener pastures. I do understand your concerns though. It boils down to trust and if you have to ask yourself this then you ultimately don’t 100% trust the guy which I can certainly understand. The company I work for supplied me with a company vehicle from day one. I’ve had chances to make more money over the years but my loyalty towards my company outweighs some extra cash. There is something to be said about stability in a job especially if your employer treats you good. Just my two cents.
Posted on 3/24/20 at 9:56 pm to doze4
Can you sell it to him with a loan?
Theorically if he bails you can try a reposse it. Risk
If he gets drunk and kills people it was in his truck not yours
Theorically if he bails you can try a reposse it. Risk
If he gets drunk and kills people it was in his truck not yours
Posted on 3/24/20 at 9:59 pm to Aristo
quote:
I did this recently for an employee of mine. Had them put down a small down payment and sign an agreement for notes. I let them put it in their name just in case they wrecked so it wouldn't go on my record.
I like this limit your risk to failure to pay failure not lawsuit
Posted on 3/24/20 at 10:02 pm to Earthquake 88
There is a surprising number of legitimate answers/advice in this thread. I can’t determine if I’m disappointed or impressed.
With that said, I go with the dollar an hour raise option.
With that said, I go with the dollar an hour raise option.
Posted on 3/24/20 at 10:04 pm to thelawnwranglers
quote:
I like this limit your risk to failure to pay failure not lawsuit
Page 2 of 4
Popular
Back to top
Follow TigerDroppings for LSU Football News