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Ray, Lawyer
Category: Legal
Satisfied Customers: 40993
Experience:  30 years in civil, probate, real estate, elder law
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I have a LLC for our food truck business. We are no longer

Customer Question

I have a LLC for our food truck business. We are no longer in business but I have a person who wants to lease the truck with option to purchase and he will be changing the name of the truck all
Together as well so adding a new wrap on outside of truck . What is the best way to protect my 40k investment incase I need to get it back for non payment ? He will be putting 3000 down and 1100 a month for 3 years and responsible for all maintainence and insurance policies.
Submitted: 10 months ago.
Category: Legal
Expert:  Ray replied 10 months ago.

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

Expert:  Ray replied 10 months ago.

If you have title to the truck here you can keep title here until it is paid for.He can have insurance on it with it still in your name.Keeping title here is really in your best interests.You can do a lease agreement but keep legal title so you have right to repo until it is paid for.I think that protects you the best in such an arrangement.

Expert:  Ray replied 10 months ago.

Having a lease agreement with payments listed but you keep legal title allows you to repo if they default.

Customer: replied 10 months ago.
Thank you
Expert:  Ray replied 10 months ago.

You are welcome, possible lease agreement

If you can positive rate it is much appreciated.

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