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re: Advice on letting a hard working employee use one of my vehicles
Posted on 3/24/20 at 10:07 pm to Earthquake 88
Posted on 3/24/20 at 10:07 pm to Earthquake 88
quote:
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.
Very well said
0
Posted on 3/24/20 at 10:10 pm to CMBears1259
Sell it to him(bill of sale) for agreed to amt..and have yourself listed as lien holder when he registers in his name.. until pd off through payroll deductions with signed pymt agreement and full coverage ins...
Posted on 3/24/20 at 10:12 pm to doze4
You've got one hell of an opportunity to have a very loyal employee if you help him out of this jam and just give him the truck, writing it off as a business expense. That's the kind of shite that means more than you can imagine to a person facing hard times. If he runs? I mean, yeah, you're out $6k and you learned your lesson. I think the chances of that happening are slim to none based on the way you describe him.
Posted on 3/24/20 at 10:17 pm to CMBears1259
Sell him the truck for a $150.00 a month. As incentive to stay on with you, if he stays with you for two years(24 payments) the truck is his. If he is as good as it sounds, you can make a boat load of money with him basically running a second crew. You take care of him, he takes care of you. So the truck is his for $3600.
Posted on 3/24/20 at 10:21 pm to doze4
Company truck let him use it take a deduction for taxes he quits or gets fired take the truck back
Posted on 3/24/20 at 10:28 pm to doze4
don’t do it. we did the same thing and in my experience they will take advantage of you and destroy your property,
also all sorts of liability if he gets in a wreck on personal time.
also all sorts of liability if he gets in a wreck on personal time.
This post was edited on 3/24/20 at 10:29 pm
Posted on 3/24/20 at 10:30 pm to doze4
quote:
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).
Yes you are being naive. No way in hell you should let someone drive a truck in your name for work on your personal Insurance.
Stop being a redneck. Sell it to him outright, have him sign a promissory note, put your lien on the title transfer. Make him register and insure it. People do this every day. Literally every day.
This post was edited on 3/24/20 at 10:35 pm
Posted on 3/24/20 at 10:39 pm to mmmmmbeeer
quote:
You've got one hell of an opportunity to have a very loyal employee if you help him out of this jam and just give him the truck, writing it off as a business expense. That's the kind of shite that means more than you can imagine to a person facing hard times. If he runs? I mean, yeah, you're out $6k and you learned your lesson. I think the chances of that happening are slim to none based on the way you describe him.
Good point.
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 ?!
Posted on 3/24/20 at 10:45 pm to doze4
My brother did this one for one of his employees. He then went and took out a payday loan on the vehicle’s value. A payed off vehicle had a lein on it in about 4 hours.
This post was edited on 3/24/20 at 10:46 pm
Posted on 3/24/20 at 10:50 pm to LSUFAITHFUL
quote:
Yes you are being naive. No way in hell you should let someone drive a truck in your name for work on your personal Insurance.
Stop being a redneck. Sell it to him outright, have him sign a promissory note, put your lien on the title transfer. Make him register and insure it. People do this every day. Literally every day
One of the best responses I've seen, but I've got a scenario for you. He has the truck For 2 months, doesn't service the truck like he should (oil changes, hell anything really) blows a head gasket or blows out the rear end of a perfectly good truck. He just reneges on the loan (credit isnt something he seems to value like some of us).I guess I just take that chance?!
This post was edited on 3/24/20 at 11:01 pm
Posted on 3/24/20 at 10:54 pm to doze4
What's the make, model, year and mileage of the truck?
Posted on 3/24/20 at 10:55 pm to DuckManiak
quote:
My brother did this one for one of his employees. He then went and took out a payday loan on the vehicle’s value. A payed off vehicle had a lein on it in about 4 hours.
More details please
Posted on 3/24/20 at 10:58 pm to bee Rye
quote:If OP is insuring the truck under his personal auto policy, it’ll probably be a sizeable rate increase to transfer to a commercial auto policy. Not to mention the liability falling to OP’s company if there was an accident. OP may be better off selling the vehicle to the employee with some kind of payroll deduction financing plan in place with a stipulation on how any remaining balance must be paid if he quits or gets fired
Can’t you sell the car to your company and have him drive it as a company vehicle?
This post was edited on 3/24/20 at 10:59 pm
Posted on 3/24/20 at 10:58 pm to JohnnyKilroy
quote:
What's the make, model, year and mileage of the truck?
2000 ford F150 Lariat 57,000 miles .
Rarely used , garage kept
This post was edited on 3/24/20 at 11:01 pm
Posted on 3/24/20 at 11:05 pm to doze4
quote:
He had the truck For 2 months, doesn't service the truck like he should (oil changes, hell anything really) blows a head gasket or blows out the rear end of a perfectly good truck. He just reneges on the loan (credit isnt something he seems to value like some of us).I guess I just take that chance?!
You are taking that chance if you let him drive it in your name and on your insurance. Although I guess it’s easier to take it back in that scenario.
My view is this...in my scenario...the most you have at risk is 6k, if he rags out the truck and doesn’t pay the note.
In your scenario, if he kills someone on the road in a car under your name and under your insurance, there could be legitimate ways insurance denies coverage. Also, you could be sued personally for negligent entrustment. Do you know his driving record, does he drink, etc.? Liability could be limitless depending on how bad of an accident he is in,
This post was edited on 3/24/20 at 11:06 pm
Posted on 3/24/20 at 11:15 pm to doze4
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 .
Sounds like you need to give him the truck straight up. Sure it might be slightly risky along with a small $6,000 hit, BUT the upside is potentially gaining a solid and loyal employee who won’t bail on you for a $1 an hour raise.
Risk/reward
Instead of trying to cover yourself against him leaving you, make it so that he won’t want to leave. Is it a guarantee? No, but that’s a damn good $6000 investment for you imo
Posted on 3/24/20 at 11:20 pm to LSUFAITHFUL
quote:
Also, you could be sued personally for negligent entrustment. Do you know his driving record, does he drink, etc.? Liability could be limitless depending on how bad of an accident he is in,
According to mutual friends , hes not a drinker, but smokes herb occasionally.
Posted on 3/24/20 at 11:23 pm to doze4
I think you are missing the point. That was really a rhetorical question. If you sell him the truck outright (with a note) the most you have at risk is losing the 6k value of the truck.
If you let him drive around with truck in your name on your personal policy without insuring him under a commercial policy, you are putting all of your personal assets at risk.
If you let him drive around with truck in your name on your personal policy without insuring him under a commercial policy, you are putting all of your personal assets at risk.
This post was edited on 3/24/20 at 11:24 pm
Posted on 3/24/20 at 11:30 pm to LSUFAITHFUL
Gotcha
Posted on 3/24/20 at 11:35 pm to doze4
quote:
I'm assuming that you kept the title until the deal was consummated ?
No, I wanted it completely out of my name. I would rather risk the price of the car vs. a lawsuit if something happened with them crashing the car into someone.
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