Leasing is an important focus of OOIDA’s Truck to Success course
August 11, 2020
•Land Line Staff
There are many topics to consider when a driver starts thinking about becoming an owner-operator. That is why OOIDA is offering its Truck to Success course.
The Truck to Success course is designed to inform professional drivers considering the jump to becoming owner-operators. The three-day course covers a variety of topics following a logical transition from a company driver to an independent contractor.
One of the course topics is leasing.
Adam Kleinschmidt of OOIDA’s Business Assistance Department, is one of the Truck to Success instructors. He says he thinks leasing is the first place to start when considering the jump to being an owner-operator or getting your own authority. Finding the right carrier to drive for is of vital importance, and the lease can tell you a lot. Drivers need to read the fine print.
“If the contract is bad, likely, they’re not a good carrier to lease on to,” Kleinschmidt said.
Worse, if you end up in a legal battle with a bad contract, there isn’t much recourse, he warned.
During the Truck to Success course, Kleinschmidt will give an overview of leasing regulations. He will explain what some of the verbiage means and point out what to watch for in a contract.
“I recommend doing this before you even start shopping for equipment, because a lot of carriers have specific requirements on the truck,” Kleinschmidt said.
Truck specs, such as year and color, should be in the contract.
Common problems that OOIDA sees in bad contracts include how escrow funds are handled, the length of the payment period, and drivers not getting copies of rated freight bills, Kleinschmidt said.
There also will be a discussion about potential problems with lease-purchase programs.
Truck to Success is scheduled for Oct. 26-28.
The first Truck to Success course was an in-person course in March 2019. This year, because of the coronavirus crisis, the course is offered via teleconferencing.
The 2020 course will offer the same in-depth instruction from OOIDA in-house experts and others with focused expertise brought in to teach.
Other course topics:
- Devising a business plan.
- Buying a new or used truck.
- Equipment financing.
- Running under your own authority or leasing on to a carrier.
- New entrant safety audits and compliance reviews.
- Drug and alcohol testing requirements.
- Permits and licensing.
- Taxes and business structures.
- Brokers and factoring.
Registering for Truck to Success
The 2020 Truck to Success course, offered via Zoom teleconferencing, is scheduled for Oct. 26-28. Tuition will be $250, which is about half the in-person course cost last year, and there won’t be travel expenses.
There are a limited number of logins available for the course. If more than one person wants to view the course from one computer with one login, they are welcome to do so. If a guest needs their own login, there is an additional guest charge of $150.
Attendees will be asked to indicate whether they would like to receive a physical copy of the Truck to Success course materials or an electronic copy.
For more information, click here.
To go directly to the registration form, click here.
Here is a rundown of some of the topics covered during the first day of the 2019 Truck to Success course.