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Maintenance Fund FAQ

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What is the maintenance fund?

The maintenance fund is an account that drivers can contribute to, to build peace of mind. This program allows Drivers to put aside funds for both scheduled maintenance and unforeseen repairs. Drivers decide on the amount they would like to contribute, which is automatically removed from completed jobs, as simple as that! Drivers can access their funds at any time by reaching out to support@cloudtrucks.com.

How much should I contribute?

CloudTrucks requires drivers to agree to contribute a minimum of $50 per week to participate. Common industry standards recommend saving at least $0.15 per mile for maintenance. 

For example, if you drive 1,500 miles per week, you should be saving on average $270 per week.

In the mobile app, you will see a blue banner suggesting how much you should contribute based on your team's driving mileage in the past 30 days. 

How do I sign up?

Sign-up is simple: 

1. Go to the CT Cash tab

2. Click the action menu and "View Maintenance Fund"

3. Click "Set up"

4. Enter your weekly maximum

How do the contributions work?

Once you complete a job, CloudTrucks will first collect funds for any fees or deductions you owe for the week, such as your lease on and insurance fee, your trailer and plates deductions, and any Pickup Pay if applicable.

Once those funds are collected, we’ll collect the lesser of the following to apply to your maintenance fund contribution:

  • The remaining amount of your weekly specified amount
  • X% of your remaining revenue

By default, CloudTrucks will set that percentage to 25% to smooth the collection of your weekly maintenance fund contribution throughout the week, but you can change this % at any time. Don’t worry, we will only collect the amount you specify in any given week - never more. However, if your weekly deductions take a considerable amount of your revenue, we may not collect the full amount, to make sure we leave you with the take-home pay you need.

Here’s an example:

John Smith delivers a load totaling $1000 and has specified a weekly maintenance amount of $150

  1. Remove CT Lease/Insurance Fee (18% unless otherwise specified): $180
  2. Pickup Pay removed: $500
  3. Payback trailer and plates deductions: $120
  4. Net Revenue Before Maintenance Fund Contribution: $200
  5. $200*25% = $50 contributed to maintenance fund

Can I make one-time contributions?

Yes! You can deposit money into the maintenance fund by clicking "Add funds" under the available balance. From there, you will select a funding source: CT Cash balance or Bank account. Funds will be available instantly with CT Cash or within 2-3 days with Bank account ACH transfers.

How do I withdraw my funds?

Contact support@cloudtrucks.com at any time to receive access to your funds. Our team will transfer the amount (provided there is a sufficient balance) to your CT Cash balance within 1 business day.

If the amount requested is over $250, you must provide a receipt from the Repair/Service/Maintenance center provided to an authorized CloudTrucks representative.

How do I see my balance and account activity?

There are two ways you can see your balance and account activity.

Email

You will receive the following emails from CloudTrucks:

  • Statement email from your completed job indicating how much has been put toward Maintenance
  • Weekly summary email showing your balance, contributions and withdrawals
  • Payout email anytime you withdraw funds from your fund

In-App

You can also check your real-time balance and account activity from the CT mobile app by following the steps below. 

1. Tap the $ icon to head to your CT Cash page and click the 3 vertical dots button next to 'See activity' 

2. Select 'View maintenance fund' and from there you'll see your balance and account activity.

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What information can I see on my in-app maintenance fund activity? 

When accessing your maintenance fund insights in-app you can see:

  • Available balance
  • Total contributions
  • Total withdrawals
  • Max weekly contribution (the amount you set yourself)
  • Max contribution per job 
  • Maintenance fund contribution from each job 

What if I’m an admin on a team with multiple drivers?

If you have multiple drivers on your team, the weekly specified amount will be the TOTAL applying to all drivers on the team. For example, if you specify $200 per week and have 3 drivers, it will collect from all 3 drivers until this $200 amount has been reached. As a rule of thumb, we suggest thinking of how much you want to collect for each driver and then multiplying that by the number of drivers.

Additionally, the collection percentage (detailed in linking section) will apply to all drivers and can’t be tailored to individual drivers.

How do I change the amount collected?

You can now change your contribution within the CT Mobile app. When you are on the maintenance fund page, click "Change" in the auto-contribution line. From there, you can alter your weekly maximum. Remember to contribute at least the recommended amount to avoid any emergencies on the road. 

 

What happens to my money if I leave CloudTrucks?

We will transfer the full amount of your remaining balance to your CT Cash balance during the off-boarding process.

Is this the same as the escrow account I was required to contribute to when I leased on to CloudTrucks?

No, your maintenance fund is completely separate from your escrow account. Although we highly recommend it, adding money to your maintenance fund is completely optional. This account is something meant to act as a savings account, where you can pull funds from any time for any equipment-related maintenance or repairs, including preventative maintenance and larger, unforeseen issues. 

Does the CT maintenance fund accrue interest? 

No the CT maintenance fund does not accrue interest.

Maintenance fund for Road to Independence (lease to own) drivers on Virtual Carrier

If you are a Road to Independence (lease to own) driver, please see maintenance fund details according to your lease partner set-up below.

If you have to sign up through the leasing partner:

This fund allows for easy access when needed, a 24/7 maintenance support team, emergency roadside assistance, and discounted rates on service. The maintenance fund only supports repairs that are required to keep the truck functional (including tires). Preventative maintenance or optional repairs are not included. Any maintenance that needs to be completed on the truck will require direct communication with the leasing partner's maintenance department.

To access your maintenance funds, you should contact the leasing partner directly. 

If you have to sign up for a CloudTrucks maintenance fund:

This fund will allow for easy access for repairs, scheduled or unforeseen; operating the same as a standard CT Maintenance Fund. Additionally, drivers will have access to CloudTrucks discounts with TA Petro, RoadRanger, Pilot/Flying J, Michelin, and Love’s. Maintenance funds can be accessed within 1 business day by emailing support@cloudtrucks.com at any time. 

As a Road to Independence (lease to own) driver, how much am I able to request from my maintenance fund? 

Depending on your leasing partner, the amount may vary. If you are enrolled in the CloudTrucks maintenance fund through the Road to Independence program, any withdrawals over $250 will require a receipt submission to an authorized CloudTrucks representative.

Video Walkthrough

Any other questions?

Don’t hesitate to reach out to your business consultant. In addition, you can find the full program terms and conditions here: Maintenance Fund Program Terms & Conditions

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