I own a finish carpentry business and have a guy that does some work for me as a 1099 contractor. He sets his schedule, usually 3 days a week, comes and goes when he needs, and has another job. Just info that he is a legitimate contractor.
He had a car that was a lease through his family, his dad died this year (as did mine), and in the process of traveling to help his mom move he got in a car accident (he was at fault to my knowledge, no DUI or anything like that though.)
Insurance paid the car off but he has been riding his bike to get to my shop and I pick him up when I can. Good kid, 21, lives with his girlfriend and I’d like to help him out with a vehicle. I already pay him more than he’s “worth” a lot of the time, so just bumping him up isn’t really an option.
The guy I rent my shop from has an F-150 he had wanted to sell at one point. I’m considering buying it and letting this kid drive it full time, take it home, personal use, etc. If it was a company owned truck obviously I’d insure it, but the places I have worked for in the past company trucks lived at the shop and were picked up and dropped off every day.
I’d like him to be able to use it as his own, but have him cover the insurance on it (liability only would be fine with me.) I don’t want to be on the hook for a high $ insurance payment every month, in addition to the risk of a lawsuit, my rates jumping up, etc, if he had another accident.
I was driving a truck I was buying from a friend of mine (he owned it outright, I was making payments to him) and my insurance dropped me when they found out I wasn’t the “owner” of the vehicle.
Is there a way to put this guy who works for me on the title as the owner, with me as the lien holder, and then it’s basically never paid off unless he wants to actually buy it? Or lease it to him for something like $1/month?
The other thing I’ve considered is just giving him a more generous Christmas bonus than I typically would with the suggestion that he spend it on a vehicle, or just buy something and give it to him. Unfortunately we all know what the used market is like these days and there aren’t a lot of $2,000 vehicles that run and drive out there.
This F-150 isn’t a ton of money, but it’s more than I’d be ok with just giving away if he decides he’s going to move out of town in a couple months.
Thanks for any input from those who have dealt with something similar.
He had a car that was a lease through his family, his dad died this year (as did mine), and in the process of traveling to help his mom move he got in a car accident (he was at fault to my knowledge, no DUI or anything like that though.)
Insurance paid the car off but he has been riding his bike to get to my shop and I pick him up when I can. Good kid, 21, lives with his girlfriend and I’d like to help him out with a vehicle. I already pay him more than he’s “worth” a lot of the time, so just bumping him up isn’t really an option.
The guy I rent my shop from has an F-150 he had wanted to sell at one point. I’m considering buying it and letting this kid drive it full time, take it home, personal use, etc. If it was a company owned truck obviously I’d insure it, but the places I have worked for in the past company trucks lived at the shop and were picked up and dropped off every day.
I’d like him to be able to use it as his own, but have him cover the insurance on it (liability only would be fine with me.) I don’t want to be on the hook for a high $ insurance payment every month, in addition to the risk of a lawsuit, my rates jumping up, etc, if he had another accident.
I was driving a truck I was buying from a friend of mine (he owned it outright, I was making payments to him) and my insurance dropped me when they found out I wasn’t the “owner” of the vehicle.
Is there a way to put this guy who works for me on the title as the owner, with me as the lien holder, and then it’s basically never paid off unless he wants to actually buy it? Or lease it to him for something like $1/month?
The other thing I’ve considered is just giving him a more generous Christmas bonus than I typically would with the suggestion that he spend it on a vehicle, or just buy something and give it to him. Unfortunately we all know what the used market is like these days and there aren’t a lot of $2,000 vehicles that run and drive out there.
This F-150 isn’t a ton of money, but it’s more than I’d be ok with just giving away if he decides he’s going to move out of town in a couple months.
Thanks for any input from those who have dealt with something similar.
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