If the driver does NOT physically possess the title of the truck with their full name or their company name with controlling interest of the company owning that truck… the driver DOES NOT own that truck… the driver is not officially an owner/operator unless it’s all in their name.
If nothing is actually in their name the driver is just an independent contractor 1099 employee to the company who really holds/owns the title of the truck. And don’t be fooled by these companies that lie to you “it’s not your fault”… In fact, the government FMCSA/USDOT has shut down a ton of lease to purchase scams in the past five years that companies even mega carriers get off on for taxation incentives.
There’s three different types of drivers.
1) owner operator (1099 business owner, gets all the tax incentives)
2) company driver (w2 employee, gets no tax incentives the company they work for does)
3) independent contractor lease to purchase (1099 employee, gets no tax incentives on what the company reimburses them for or pays them for)
Even if you purchase the truck off the lot on the lease.. you’re just driving for that manufacture until you actually own the vehicle outright.. yeah you can say they’re an owner operator.. but the truth is… the trucks the banks and dealerships until the bank says notes paid. Trucks all yours.
Works the same has a house deed or regular vehicle title.
