I Think I Done Goofed.

I'm five months into a lease. I wanted to run my own truck and thought I could handle it. But I guess I'm not cut out for it. I haven't posted here in a while because I'm pretty embarrassed about the whole situation. I like the company I'm with and would like to stay, my lease is up in October.

I'm wondering if I should stick it out and fulfill the contract or turn the truck in and try and make a new start. By the way I'm not trying to make scene here, I just want some sound advice on what I should at this point. Nobody forced me into this, in fact when I asked my DM about leasing he asked if I was sure about doing it. I still have the same DM and we have a great relationship and he keeps me moving and I have great miles. But for me, the numbers don't compensate for the amount of stress of making ends meet and just covering my truck payment and fuel for each week. I'm doing ok, but everything you guys have said here about leasing is true. It works for some people if they are willing to put in the work and deal with stress. But I don't think that's for me, I can handle going seeing the lease through to its end, but I hate always feeling like I'm in financial damage control mode.

Any advice is greatly appreciated.

Dan

Breeze, Do you know and understand the early termination conditions in the lease contract? That's where I would start, and then weigh the cost/benefit of getting out early vs. continuing until the end of the lease term. Not sure if it's possible, but hopefully you can go back to company driver status with your company.

Good luck.

I feel for you for sure. I have been there and done that. No one else is in your shoes. We can give you all the advice in the world, but the final decision is with you. You have put little info here really. The things to consider in my mind are 1. Term of your contract. It looks to me by your post it is 1 yr. 2. Is it a straight lease?? I'm gathering it is vs a lease purchase 3. Is there monitary issues if you terminate early?? I have seen some contracts that would scare the daylights out of you with early termination fees.

First and foremost I would know my contract inside and out. Then figure what it is going to cost you to terminate early. Compare that to what you have been doing on an average. Every week is different but look at your average.

The numbers should guide you because it is a business decision.

I wish you the best

From what I have learned, most companies will welcome you back as a company driver, some won't.

It appears You have done better than the average lease driver, which says good things about you being able to make it work. However, you have also realized, that the added stress far out weighs any benefit. So in that I applaud you for getting this far, and wanting to do what is best, for your career, and peace of mind. I have seen a couple in laws sink with the ship, and then blame the company.

Is it a walkaway lease?

I'm leasing with Swift, the company I started with a little over a year ago. It's a 51 week lease/purchase on an older truck. As far as I know and how the contract reads, I can have someone else take it over, but I don't see that happening with an older truck. At the end of the lease, I could walk away. But anything in between I'm at the mercy of fulfilling my contract. I'd like to stay working for Swift, they're a good company and I have a good working relationship with my piers here. I don't know if this is something I should talk with my DM about and see if I have any options beyond what the contract states, or if I should just keep my mouth shut and rough it to the end and go back to a company position.

Breeze, Do you know and understand the early termination conditions in the lease contract? That's where I would start, and then weigh the cost/benefit of getting out early vs. continuing until the end of the lease term. Not sure if it's possible, but hopefully you can go back to company driver status with your company.

Good luck.

As stated above, the terms of your contract would dictate if it's even feasible to terminate early. Personally if I had made it this far and December was a clear end I'd stick it out. More likely that come December you'll have a payoff that you'll either have to pay it or finance out for another truck payment. Best of luck

Get rid of the truck lol

It's been covered time and time again as to why doing a lease to specifically haul company freight is a bad idea but I don't know that anyone has really covered the numbers of what it would take to even consider being somewhat successful in it. Put simply, if that truck isn't averaging $1.50 per mile to the truck, you're gonna lose and I can all but guarantee you'll never see that kinds of rate pulling a dry van.

Don't hit on the guy... the breeze one thing that is sure is that they are going to hit you on maintenance fees if you walk away.... did you have an escrow with them? look at how much the truck will cost, look and see if they are smaller companies that usually pay highrer rates that will take you on board.... weigh all of your options

Get rid of the truck lol

It's been covered time and time again as to why doing a lease to specifically haul company freight is a bad idea but I don't know that anyone has really covered the numbers of what it would take to even consider being somewhat successful in it. Put simply, if that truck isn't averaging $1.50 per mile to the truck, you're gonna lose and I can all but guarantee you'll never see that kinds of rate pulling a dry van.