This is correct. The only thing I would add is that there is a bunch of gray area here, and a written lease looked over by your attorney would be a MUST. As mentioned, The plate owner is responsible for IFTA. So if its your registration and license then its your IFTA. IRP is separate from state registration and apportioned plates. IRP is easiest done through the State of Indiana's website, and for 1 truck, I believe its still $ 76.00?
If you are looking for an honest answer, The chances of you "leasing" to the salvage yard, and still being able to do your own thing are slim. My guess is that they will want you fully exclusive to them, or fully under your own authority since there would be no clear cut line when you would be on their dime, or on yours. The written lease would specify this. The reason being that they will have to add your truck to their policy, depending on the type of policy. If it specifies "scheduled autos" then your truck specifically would need to be listed on their policy, and would be insured for the term of the policy. This also will increase their premium, because it increases exposure.
Every policy ive had, always increases with truck count, unless they are not reported.
I am not familiar with Colorado laws, but many states have "exempt ifta" since you don't leave the state, you do not need to conduct a standard ifta filing as others do. The US DOT number is a must for "All commercial hauling" no matter who owns the materials being loaded. Basically, if you make money, and require a truck to do so, you have a dot #.
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