Here is our current policy on how debt is re-paid.
Any New Repair and Equipment Invoices will be deducted as follows:
*Total amount of the invoice is $350 or less the full amount will be deducted from the next settlement.
* If a maintenance account is available, the maintenance account will be used before any remaining balance is rolled into a recurring loan deduction. Maintenance will apply to new invoices first.
* Amounts over $350 will be charged a 3% finance fee and added to a recurring loan deduction.
* Recurring loans will be deducted at a rate of 8% of the established amount of the loan. As the loan increases, so do the deductions.
* If there is an outstanding loan balance, new shop bills will be deducted as above along with the established weekly payment.
* Comcheck fees are $3.50 per thousand or portion thereof issued.
Example 1: You have a $349 shop invoice. The full amount will be deducted from the next settlement.
Example 2: You have a $1500 Equipment invoice. We would add the 3% finance fee of $45.00. The total amount added to the outstanding loan would be $1545.00. The weekly deduction would be $123.60.
Example 3: You have a maintenance account balance of $350 and a shop invoice for $650. We would deduct the $350 from the maintenance account and the remaining $300 would come out of your settlement, as it is below $350.
Example 4: You have a $1500 Comcheck issued for a repair. You have $300 in a maintenance account. We would add the $7.00 Comcheck fee and deduct the $300 from your maintenance account. The balance of $1207 would be subject to the 3% fee. The total amount added to your outstanding loan balance would be $1243.21. The weekly deduction would be $99.46.
Example 5: You have an outstanding loan balance of $4550 being deducted at $350. You have $135 going into a maintenance account each week. You get a new shop bill for $375. We will deduct $135 from the maintenance account; leaving $240 from the new shop invoice and $350 from the outstanding loan balance to come out of your settlement.
Example 6: You have $3000 in your maintenance account. You get a new shop invoice of $2550. The entire $2550 will be deducted from the maintenance account.
Example 7: You have an outstanding balance being deducted at $350. You have no maintenance available. You get a new shop invoice for $300. Both the $350 and the $300 will be deducted from your settlement.
For Lease Purchase equipment, Buchanan Hauling & Rigging will hold the title to any equipment until all outstanding balances have been paid in full.
For any Owner Operators not contributing to a maintenance account, Buchanan Hauling & Rigging will not carry an outstanding loan balance of more than 6 weeks.
These statements are to be used as a guideline. Buchanan reserves the right to deduct in full any balances at any time as deemed appropriate by management.
