The Consumer Financial Protection Bureau was slated to deliver a 30-minute presentation regarding the severity of predatory lease-purchase agreements in the trucking industry.
Instead, the Bureau’s Ryan Kelly spent close to two hours breaking down many of the ways the model is set up to benefit the motor carrier over the truck driver. What’s more: The presentation to the Truck Leasing Task Force on Thursday, July 18 was only preliminary. The bureau plans to release a written report that dives deeper into the predatory practices.
RELATED: TRUCK LEASING TASK FORCE SEEKING HELP FROM TRUCKERS
“This is only the preview,” Kelly said. “This is the soup before the meal. There’s much more to come on this.”
The task force, which was established by Congress with the goal of ending predatory lease-purchase agreements in the trucking industry, started in 2023. Since that time, numerous stories of truck drivers getting into bad deals with motor carriers have been relayed. In these predatory lease-purchase agreements, a carrier leases a truck to a driver but still largely holds control over the operation, including the driver’s ability to pay off the loan. It is common for drivers to report owing money to the carrier at the end of a pay period.
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