Thinking About Leasing With Prime

Topic 30665 | Page 1

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Jai W.'s Comment
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Hi guys. Newbie trucker here, 6 months in and me and my girlfriend have been considering leasing with PRIME INC after a year. But what concerns me is Success Leasing which kinda seems like a scam and the fact that I've heard that one of us would have to be company and one the lease operator. Any advice? Thanks alot

millionmiler24's Comment
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Hi guys. Newbie trucker here, 6 months in and me and my girlfriend have been considering leasing with PRIME INC after a year. But what concerns me is Success Leasing which kinda seems like a scam and the fact that I've heard that one of us would have to be company and one the lease operator. Any advice? Thanks alot

Stay Company drivers if you don’t want to wreck yourselves financially. ALL lease programs are scams to favor the company.

Mikey B.'s Comment
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Hi guys. Newbie trucker here, 6 months in and me and my girlfriend have been considering leasing with PRIME INC after a year. But what concerns me is Success Leasing which kinda seems like a scam and the fact that I've heard that one of us would have to be company and one the lease operator. Any advice? Thanks alot

I would be especially concerned about leasing in a team driving situation. Whomever signs the lease is going to be on the hook for all the expenses yet both of you are gonna want an equal share of the revenue. It is less of a concern if you lease and hire on a co-driver but as a couple but dating instead of married I see a serious relationship headache. You cannot co-lease a truck from a company so how do you decide who pays what and who gets paid what? If you're successful whomever signed the lease is obviously gonna make much more and if your endeavor fails whomever signed the lease is gonna be fleeced. With taxes, expenses and truck value/depreciation etc, it is impossible to evenly split a lease.

DAC:

Drive-A-Check Report

A truck drivers DAC report will contain detailed information about their job history of the last 10 years as a CDL driver (as required by the DOT).

It may also contain your criminal history, drug test results, DOT infractions and accident history. The program is strictly voluntary from a company standpoint, but most of the medium-to-large carriers will participate.

Most trucking companies use DAC reports as part of their hiring and background check process. It is extremely important that drivers verify that the information contained in it is correct, and have it fixed if it's not.

Old School's Comment
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Hello Jai, and welcome to our forum!

Only one of you can lease the truck. That makes perfect sense. I am not going to lease equipment to two people. What if one of them decides they don't like it? What if one of them gets sick? What if the two have some sort of parting of the ways. There are all kinds of problems with business partnerships. You will have to lease the truck and your girlfriend will have to be on your payroll.

The first question I always ask folks when they want to lease is why? Then there are more questions that should be answered. Have you decided that you are not doing well enough as company drivers? Are you thinking this will be a way to make more money? What makes you think that way? Do you have any evidence that you can and will make more money as lease operators? Do you understand why trucking companies lease trucks? Do you understand the monetary value of the company benefits you will be losing to operate as independent contractors? Do you understand the tax implications as a self employed person? Do you realize you won't be getting a W-2 anymore?

I am well experienced in both business and truck driving. I have owned businesses and owned a small fleet of trucks. Today I am a company driver with Knight. I would never consider leasing a truck. I make very good money as a company driver. I understand the desire to make more money, but I can never see that leasing is an avenue that will produce the desired effect.

I think the challenges of being a trucker really push people to try figuring out a better way to increase their income from this job. I empathize with anybody who thinks he is putting in more effort than expected. We’d all like to see more income when we consider the sacrifices we make. The problem with this is the way we fall prey to these foolish gimmicks. Leasing really is a gimmick.

You aren’t going to make more money by leasing a truck. It may feel good when you see several thousand dollars on a check, but you have to realize it’s not a paycheck. It’s basically a way to keep you pushing and trying to figure out how to make those big dollars actually end up in your wallet. There is that bait hanging right there in front of your face each week. Life would be really grand if you could just figure out how to keep the bait and not get caught in the trap!

Truckers are experts at keeping myths alive. This decades old myth that claims some trucking companies are out to squeeze every little drop of blood out of their company drivers, and then throw them under the bus, is still alive and well. It’s dead wrong, and goes against every business principle of success. Unfortunately every new driver entering the business is convinced of it from his internet research. This myth claiming we can make a lot more money by leasing a truck from one of these big trucking companies is just as bogus as it is ridiculous. The whole concept of leasing trucks to drivers was a profit driven incentive for the corporations who started this practice. Don't be bamboozled by such nonsense!

The way to making more money at trucking is to get better at it. You are barely getting started yet. How many miles are you guys turning on average? Ask yourself what you can do to improve that. Trucking is all about your performance. You have got to know how to set yourself up each week so that you can be the most productive. There is a lot to that formula, but it is fluid and changes moment by moment. Each load has it's own demands and or problems. You have got to be able to orchestrate things within your control and make things happen in your favor. There is a lot to this career, and you are barely getting started yet. I just don't see leasing as an answer to what you are looking for. But to be honest, you haven't told us what you are wanting to accomplish. Forgive me for assuming so much in this post, but I only had so much information to go on.

HOS:

Hours Of Service

HOS refers to the logbook hours of service regulations.
Truckin Along With Kearse's Comment
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Actually... Yes too people can lease a truck. You both go into a partnership and split it evenly. I know brothers and other relatives at prime that do that

For sooooo many reasons I am against leasing, especially for newbies. I have been a company driver at prime for 6 years. Guess how much I make? The same amount as most lease ops after all expenses... But I also have health insurance, dental, disability, life, vision and 401k. They dont. I also get $ back at the end of the year in tax return... They pay.

Lets play this game... How much do you think a solo lease or team lease truck makes AFTER expenses on a cent per mile... And how much do you think operation costs are for both a solo and team lease truck are cent per mile wise? I know. I have lease settlements from friends to prove it.

Take a guess. Please.

Bruce K.'s Comment
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The motto should be: Kids, don't do drugs or LEASES. 'Nough said.

Thomas D.'s Comment
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The motto should be: Kids, don't do drugs or LEASES. 'Nough said.

Or "Friends don't let friends lease trucks!"

Old School's Comment
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Actually... Yes too people can lease a truck. You both go into a partnership and split it evenly. I know brothers and other relatives at prime that do that

Thanks Kearsey. I started to mention that scenario, but I actually wasn't positive it could be done that way. It makes sense. I just try and not talk about things I don't really know about for sure.

Jai W.'s Comment
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Newbie trucker here, 6 months in and me and my girlfriend have been considering leasing with PRIME INC after a year. But what concerns me is Success Leasing which kinda seems like a scam and the fact that I've heard that one of us would have to be company and one the lease operator. Any advice? Thanks alot

Hey guys, Thanks so much for the responses and advice. Honestly the appeal of leasing isn't really appealing but Prime home time sucks and we both have elderly parents and have recently lost loved ones to Covid, so we just wanted to be home at least a week to see our family. One day per every week out with a max of 4 days kinda sucks. Now mind you, we've been out 6 weeks and only want to take home every 8 weeks. We are runners and average 4500 to 6000 miles a week. No goals in my mind yet other than just catching up on bills.

Rhino's Comment
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Maybe get your year in and then check out local or ltl jobs

Newbie trucker here, 6 months in and me and my girlfriend have been considering leasing with PRIME INC after a year. But what concerns me is Success Leasing which kinda seems like a scam and the fact that I've heard that one of us would have to be company and one the lease operator. Any advice? Thanks alot

Hey guys, Thanks so much for the responses and advice. Honestly the appeal of leasing isn't really appealing but Prime home time sucks and we both have elderly parents and have recently lost loved ones to Covid, so we just wanted to be home at least a week to see our family. One day per every week out with a max of 4 days kinda sucks. Now mind you, we've been out 6 weeks and only want to take home every 8 weeks. We are runners and average 4500 to 6000 miles a week. No goals in my mind yet other than just catching up on bills.

LTL:

Less Than Truckload

Refers to carriers that make a lot of smaller pickups and deliveries for multiple customers as opposed to hauling one big load of freight for one customer. This type of hauling is normally done by companies with terminals scattered throughout the country where freight is sorted before being moved on to its destination.

LTL carriers include:

  • FedEx Freight
  • Con-way
  • YRC Freight
  • UPS
  • Old Dominion
  • Estes
  • Yellow-Roadway
  • ABF Freight
  • R+L Carrier
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