Sold On Leasing... No, Lease Purchase!

Topic 25014 | Page 3

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Rainy D.'s Comment
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BTW the settlements only show from Prime to the LLC. The accountants or accounting software would need to set up W2s to the employee (owner) and pay all employer taxes etc, which would be completely separate from the Prime settlements.

There are different ways to.do.this. You need to soecify which way you want the LLC to be classified with thw IRS.

Im not.sure how this trainer has a W2 for $300k+ because as an employee, he would not be permitted to deduct all of that overhead. His annual wages would be considered an expense of the LLC and would be listed as overhead, but the other way around he would be screwing himself tax wise.

PackRat's Comment
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You will fail. Lease is the dumbest thing going in the industry, doubly so for someone with zero experience behind the wheel or writing the checks. Actually, more like hemorrhaging money. You have no clue what you’re doing. Obvious that you don’t read the tons of advice given here.

Old School's Comment
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Jason, I've been a business owner most of my life. I've signed way more paychecks than I will ever receive. I've even owned a few big rigs.

Do you ever stop and ask yourself why isn't everybody jumping headlong into leasing or lease/purchasing? If it was a clear cut windfall we would all be right in there. We all make a ton of sacrifices to be in this career. Don't you think we would all be leasing trucks if it had such potential to bring us higher incomes. Everybody wants to maximize their income, just like you do.

It's funny how the guys who are brand new to trucking can always get it all figured out. Some of them think it's the type of freight you haul that will make you rich. Others think the big money comes from working for the small "family run" trucking companies. Some think you have to own the equipment and be able to select your own loads. Everybody has their own theories, but they're all void of what it really takes to be successful at this.

Every successful driver I've known, be they Owner/Operator, or company driver, knows how to get things accomplished out here. They don't simply rely on specialized freight or put all their hope in specific companies. They make sacrifices, they take calculated risks, they have an inner motivation to be the best of the best. They are working while others are sleeping, they know how to get the most out of their time management practices, and they have great relationships with the support people/staff/dispatchers in the office. They are like the star athletes on a team. They are always going to score when they get the ball.

To put it simply... they make things happen. None of that has anything to do with setting up an LLC, or structuring some goofy corporate arrangement to get yourself a real paycheck. It's all about motivation and execution. Motivation seems easy to come by for some, but execution is where reality starts to come into focus. There are a lot of failures in trucking. Many are willing, but few are able.

Jason, my advice would be to learn how to execute your newfound craft as a company driver first. Make sure you are really good at making things happen in your favor out here. That in itself is a tall order. If you can't prove to be a really awesome company driver, you'll likely never make it as a lease/operator. You'll realize pretty quickly if you've got the mojo it takes to be at the top of your game consistently out here. Very few have that ability, but that's the only thing that will set you apart and mark you for success out here.

I feel like I'm banging my head against a brick wall, but I still feel better for doing it. Good luck my friend - you will definitely need it!

Dispatcher:

Dispatcher, Fleet Manager, Driver Manager

The primary person a driver communicates with at his/her company. A dispatcher can play many roles, depending on the company's structure. Dispatchers may assign freight, file requests for home time, relay messages between the driver and management, inform customer service of any delays, change appointment times, and report information to the load planners.
Tractor Man's Comment
member avatar
Lease is the dumbest thing going in the industry ..

Not for the Companies that are Leasing the trucks to unsuspecting dupes! They have not been dubbed "FLEECE PURCHACE" by accident! If it was such a great deal for Drivers, there would not be a Company Truck on the road. Believe me, if the BIG Companies could find a way to do it, EVERY Driver in their fleet would be a Lease Driver.

Tractor Man's Comment
member avatar

Jason..........still waiting for your reply!

Am I being a pain in the ass? Probably.........but you opened this can of worms. If you spent any amount of time on this site, you should have expected these responses. So.......put on your big boy pants and agree to post your weekly settlements. You are a self admitted tech geek, so it will be real easy to do!

confused.gif

Dm:

Dispatcher, Fleet Manager, Driver Manager

The primary person a driver communicates with at his/her company. A dispatcher can play many roles, depending on the company's structure. Dispatchers may assign freight, file requests for home time, relay messages between the driver and management, inform customer service of any delays, change appointment times, and report information to the load planners.
Cwc's Comment
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Dead horse...rofl-2.gif

Tractor Man's Comment
member avatar

Yes, I believe I am beating a dead horse WITH a dead horse at this point. Time to go to bed.

smile.gif

Jason's Comment
member avatar

Please post your weekly settlements on this site for us to see what we are missing. Seriously.......we want a weekly update.....will you commit to doing that?

Absolutely I will.

So long as my posting does not violate some company policy I will happily post my weekly settlement. I have no secrets to hide.

LDRSHIP's Comment
member avatar

I am thinking I am going to be a little ****y today. Did you take any notice of our (Old School and Myself) brief convo in another thread. We both have reservations about what I am about to do. I am going to get a full on taste of small business side of trucking and I won’t Even have my own money in the game. I’m doing it because I am a man of my word. Doesn’t make it less risky. I’m not even the one risking bankruptcy and financial suicide. My job will be to move freight and try my best to make my truck as profitable as I can, so my employer will be able to pay my paycheck. My point is if two seasoned and experienced drivers have reservations about a situation with no skin in the game. How can you be so naive and foolhardy about something you obviously know nothing about? Trucking companies big and small close their doors EVERY SINGLE DAY and file bankruptcy. Btw, as a lease op, you are still a type of owner op. You are just an owner op that doesn’t own their truck, as Rainy so aptly pointed out.

Drive Safe and God Speed

Jason's Comment
member avatar

It’s quite hilarious- or sickening per your viewpoint how folks are waiting on my response to your BS... no Bull****... better?

Truth is I’ve done my research. I’ve done my due delugence and the trucking industry today... isn’t what is was 5 years, even 2 years ago. Its an evolving industry... so folks, no offense, who try to lay down the law as black/white, who are no longer in the mix... come off as bias and BS or worse.

Truly- I apreciate all your viewpoints- they force me to think of the variables... but today you are full of ****; that’s how you come off with your nay sayer on lease etc. You need to re-educate yourself on the reality of it,

I’d readily agree leasing isn’t for everyone.. just as Britton made obvious OTR... isn’t for everyone regardless.

Those of us- who have no family, friends, etc... who can submit on $500/week forever,... can do quite well making more than that building up a reserve, etc... and eventually getting ourselves paid 6 figures.

Yes- I’m the exception perhaps- you need to get over it... already!

Think I”even proven I’m not going away... more am I going to go anywhere quietly.

OTR:

Over The Road

OTR driving normally means you'll be hauling freight to various customers throughout your company's hauling region. It often entails being gone from home for two to three weeks at a time.

BMI:

Body mass index (BMI)

BMI is a formula that uses weight and height to estimate body fat. For most people, BMI provides a reasonable estimate of body fat. The BMI's biggest weakness is that it doesn't consider individual factors such as bone or muscle mass. BMI may:

  • Underestimate body fat for older adults or other people with low muscle mass
  • Overestimate body fat for people who are very muscular and physically fit

It's quite common, especially for men, to fall into the "overweight" category if you happen to be stronger than average. If you're pretty strong but in good shape then pay no attention.

HOS:

Hours Of Service

HOS refers to the logbook hours of service regulations.
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