Family Center - A Trucker's Wife
Cover Your Husband's Assets When You Can
I know a lot of you have husbands who are leasing their trucks. Well, I learned a hard lesson this week that I want to share. Depending on who you lease the truck from, it can be a nightmare if your leasing company has a say-so over which trucking company you must lease your truck to.
We leased our Peterbilt from a company in Phoenix, Arizona and they in turn had us lease to a trucking company in Missoula, Montana. The trucking company was great and we loved working for them. But eighteen months later, the trucking company ran into money difficulties and had to close their doors. It was a sad day, but what made it worse was that the leasing company we leased our truck from decided all of its trucks were now going to work for another trucking company. The only choice offered was to move to this new company or buy our truck out. Now how fair is that? We didn't like the company they chose, so I guess we would just have to lose our truck. They would not allow us to pay the $522 payment each week to them directly, they wanted it paid through their chosen trucking company.
A lot of time and money go into a truck??"all the chrome, the repairs, the heart. We are sad, confused, and disheartened by this turn of events, but we have also learned a big lesson. Review your leasing contract and find out whether you can choose or change trucking companies in the event of major changes. Have it changed if possible, or maybe find another leasing company that will give you this flexibility. And have you considered this: if your husband dies and the truck is not paid off, will you lose the truck and all the equity it has built up? If you can't afford to buy it out, buy extra life insurance to pay it off. You can also have it written into your leasing contract that you will be allowed to buy out the lease should something happen to him.
So ladies, check that leasing contract and have your husband buy out your truck if at all possible. Take control of your life before the leasing company does. We have not only lost our truck, but since we were team drivers on that truck, we have also lost two incomes. So now the search begins for a new truck and trucking company. Cover your assets.