Lease Purchase

Topic 20821 | Page 1

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Dennis B.'s Comment
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What’s the best company to do a lease purchase with for a newbie

Tim H.'s Comment
member avatar

None. Why would you want to pay somebody so you can work for them? If a company is willing to let you drive their truck, take care of the maintenance, and pay for fuel, while you keep the money you earned doesn't that sound like a better deal?

Robert B. (The Dragon) ye's Comment
member avatar

The answer you seek is none. There's a bunch of info on here that talks about pretty much every scenario and the simple fact is that you're paying any outrageous price for a truck you'll most likely never own, hauling freight that you'll never have any real control over. Simple answer, don't.

ACO476's Comment
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Don’t do it. Stay far away. Read this: http://www.landlinemag.com/Magazine/2009/DecJan/BottomLine/want-to-avoid.aspx

Big T's Comment
member avatar

You need to learn the business before you worry about leasing or buying a truck.

Why would you want to be on the hook for a $100,000 plus truck while you are learning to drive?

Robert B. (The Dragon) ye's Comment
member avatar

Let me ask you this Dennis. I have a truck for sale. Now you can go buy this everyday truck that every company in the planet runs for roughly 140k. Now the companies don't pay that because they order them by the hundreds. I'm only gonna charge you roughly 235k for it and in 5 or 6 years when you pay it off and it's now out of warranty, it'll be worth roughly 25k on trade in because it's a dime a dozen vehicle.

If you say yes, you want to buy it, I really want to talk to you because I have a bridge for sale also.

Fatsquatch 's Comment
member avatar

Leasing from any company is a scam, pure and simple. It's the same truck the company has bought (or, more likely, leased themselves from the manufacturer/dealer for the warranty period) to give to their company drivers. Except you're paying for the privilege of buying their fuel, paying for their preventative maintenance, paying for all of their repairs that aren't covered by warranty, buying their tires and brakes and windshields and whatall else. And at the end of the lease period they call you in and say "hey, thanks for playing our little game, but we need that truck back now so we can trade it in for a new one. But if you'll just sign right here, we can do it all over again." You've just paid ~$90,000 towards a truck that you don't own so much as a screw on.

Lease-purchase is only a half step above that on the Scam-O-Meter. Because, as was already pointed out above, at the end of the lease period you may own the truck, but it's hardly worth a hill of beans. Not to mention it's going to have a bazillion miles on it, and things are going to start going majorly wrong in a very big and expensive way very soon.

Stay company. Drive the same equipment, keep more money in your pockets, and let someone else worry about all the expense of operating and maintaining it. The perceived "freedoms" of being an L/O or O/O just aren't worth it, ESPECIALLY at the beginning. Unless you like being perpetually broke and hungry, that is.

G-Town's Comment
member avatar

None. Is the correct answer. Click on link for a ton more of information on leasing, specifically why a rookie driver should not do this.

Leasing a truck

Diver Driver's Comment
member avatar

NONE ! However, of you insist on doing the lease purchase option, get financing from an outside source, get your truck and lease onto a company. That way, you won't have issues if you want to leave the company and take the truck with you.

Unholychaos's Comment
member avatar

Amidst all the hate, I'm going to say that Schneider has a successful lease program. You work off of a load board pull Schneider loads that their agents book. In a nutshell, you dispatch yourself, pay for all overheads yourself, minus anything company equipment related.

Schneider requires 1yr experience, truck needs to be equipped with a collision mitigation system, and elogs.

Aim for a MINIMUM of $500/day in revenue to be able to cover any expenses including fuel and truck payments, set aside money for taxes, 20-30%, pay yourself only what you need, set rest aside for your business.

Elog:

Electronic Onboard Recorder

Electronic Logbook

A device which records the amount of time a vehicle has been driven. If the vehicle is not being driven, the operator will manually input whether or not he/she is on duty or not.

Elogs:

Electronic Onboard Recorder

Electronic Logbook

A device which records the amount of time a vehicle has been driven. If the vehicle is not being driven, the operator will manually input whether or not he/she is on duty or not.

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