At CloudTrucks, we want to keep things simple and transparent. This article helps you understand how to read your job statement so you know how much money you take home and what CloudTrucks collects for our fees and your deductions.
Here's how line items on your statement is prioritized. The following four items are based on the gross linehaul amount:
1. Lease on and insurance fees: 18-21%
2. Pickup pay: 0-50%
3. Fuel card payments: 0-50%
4. Deductions (advances, ELD, escrow, etc): 25-40%
If you opt into the maintenance fund, 25% of your net payout will be transferred to your maintenance account until we hit your weekly maximum.
Watch this video for a more in depth explanation:
Example of what your statement & deductions may look like
CloudTrucks lease-on & insurance fee
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Virtual Carrier: 18% of each completed load 13% of this goes towards lease-on service fee and 5% covers the group auto liability & cargo insurance we automatically enroll you in. |
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Road to Independence: 21% of each completed load 18% of this goes towards the Virtual Carrier fee—13% for the lease-on service and 5% for group auto liability & cargo insurance we automatically enroll you in. The remaining 3% supports essential services such as settlement deductions, management of your truck note terms (including any down payment assistance), and dispatch services, all designed to help you secure the best loads and maximize your earnings |
Pickup Pay
| Up to 50% of the linehaul |
Pickup pay is an optional program you can utilize to get your payment quicker. Teams with a fuel card will have a lower maximum pickup pay amount. Since you already received your payment, you'll see this reflected on your statement. |
CT Fuel
| Up to 50% of the linehaul |
CT Fuel is a line of credit you can take advantage of for on-trip expenses.
After each load is delivered, we will attempt to pay your fuel card down to $0. However, we will never take more than 50% of your linehaul. |
Deductions: 25-40%
| ELD: $30 per truck per month |
All Virtual Carrier customers are required to run on a Motive ELD which we provide. |
| Escrow account: $2,000 per truck |
We also require all drivers to contribute to an escrow account. We collect this deduction slowly at $100/week over 20 weeks, beginning two weeks after your first completed load. Once your escrow account is fully funded, those funds are held as a security deposit for when your account is closed, to cover any remaining balances. If there are funds left over, they are refunded to the driver. |
| Plates: ~$2,500 per truck per year (pro-rated) |
If you get plates through CloudTrucks, we'll charge you $50/week for them. |
| Trailer: $200-$250 per trailer per week |
You have the option of leasing a dry van or flatbed trailer through CT.
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| NTL and Occ Acc Insurance: |
We partner with Reliance for NTL and Occ Acc insurance for our drivers. The cost is $38/week. |
Other statement deductions
| Tolls or violations | If you have to pay for a toll or violation, CloudTrucks will collect that amount as a deduction. |
| IFTA taxes (quarterly) | This varies on the states you've driven through and the total amount of fuel you've purchased. |
| Truck notes | If you purchase or lease a truck through our partners, your truck note will be deducted weekly as well. |
Disclaimer: These deductions are subject to change. Any customer may opt out of many of these deductions (except ELD & escrow account) to keep their deduction % lower.
Maintenance Fund
| Maintenance Fund (required for Road to Independence drivers) |
As a Virtual Carrier driver, you can elect your Maintenance Fund contributions. If you are a Road to Independence driver, you are required to sign up for a maintenance fund either through your leasing partner or through CloudTrucks, depending on who your leasing partner is and what their requirements are.
Your maintenance is the last thing to come out of your job statement. By opting in, you are authorizing 25% of your net payout to be transferred to your Maintenance Fund. The contributions will max out at your pre-set weekly maximum, then resume next week. |
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