Becoming A Owner Op?

Topic 9655 | Page 1

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Horace L.'s Comment
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Really serious about buying my own truck and signing it on to the company I'm with but nervous about making that first step, as for a matter of fact not sure if all my steps are in the right order. Can I get someone's opinion on buying a truck? Where to get a good deal on leasing a good truck? Thanks

Max E.'s Comment
member avatar

Hahaha you are on the wrong forum to get info about buying your truck. Most of us here are against that idea. There are some on this forum. A majority of us (including myself) are against that idea.

Best of luck to you though.. its a lot to become an O/O. not only a lot on yourself but a lot on your pocket book.

Errol V.'s Comment
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Yes, Horace, on Trucking Truth you will read many arguments against being a truck owner. Basically, the company will make you the proud owner of a brand new truck, and you are also the owner of the headaches and joy of running your own business.

Here's my argument against it: last Friday, the automatic transmission went out on my truck. Would not shift out of Neutral for nothing. Automatic tran$mi$$ion. As a company driver, I was most worried about getting back home. The company had to get a tow truck, move my truck to the nearest (non company) service shop, and get it fixed. This is Monday, no word on if the truck is worked on, I'm still driving (an O/O wold have to wait) and I'm not concerned for the bucks needed to fix an automatic.

Yes, the company pays you more - you have to deal with the expenses from everything from fuel to tires to transmissions that drop out. If you work it right, you will make more, but it's a 24/7 deal for you to make more money than a company driver.

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.

johnchapter1 (Nate W.)'s Comment
member avatar

Really serious about buying my own truck and signing it on to the company I'm with but nervous about making that first step, as for a matter of fact not sure if all my steps are in the right order. Can I get someone's opinion on buying a truck? Where to get a good deal on leasing a good truck? Thanks

The Question you should ask yourself is "why do you want to do this?" As Errol said above, it'll be alot of hard work and at sometimes a huge headache, but if your reasoning for doing this is a good driving force for you to stay motivated and make calculated business decisions, you can succeed.

Now if you're a believer, the best advice I can give is pray about it and trust in God fully and all things will be good in the end.

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.

johnchapter1 (Nate W.)'s Comment
member avatar

Really serious about buying my own truck and signing it on to the company I'm with but nervous about making that first step, as for a matter of fact not sure if all my steps are in the right order. Can I get someone's opinion on buying a truck? Where to get a good deal on leasing a good truck? Thanks

Oh yeah last thing. What i've come to learn from my family business is that upkeep is definitely the key to success. The business I'm apart of have homegrown mechanics and mostly fix our own issues. We do short-haul trucking which allow us to readily fix our trucks on a regular basis. If a truck is broke down, we can just drive to the location and either fix it ourselves there on the spot or tow it home no more than 45 min-1 hour away. I hope everything goes well with your decision!

Dennis R. (Greatest Drive's Comment
member avatar

If you really want to try it,celadon and eagle have walk away leases available,Eagle you can pull loads off of load boards,and broker your own loads,celadon is dispatched.Good way to learn first hand,whats involved.

Mud Dog's Comment
member avatar

First off, there is nothing wrong with a person wishing to achieve more in life than being a steering wheel holding drone. There are many benefits and privileges to being an owner operator. However, there is more to owning a truck than just driving. Spending countless hours working on your own vehicle to avoid $100 an hour labor charges, maintenance, permits, fuel estimating, book keeping, etc. As for the first step, DON'T LEASE! Find a dealer that will finance you a truck. The payments you make actually pay off the truck, and with a decent company to lease on to, as well as; good ole fashioned hard work, the title will be in your hand within a hear or two. Do not be discouraged by others. You wish to think for yourself, by all means do it.

Owner Operator:

An owner-operator is a driver who either owns or leases the truck they are driving. A self-employed driver.

Brian M.'s Comment
member avatar

Errol I hate to say this but I disagree with your analysis almost entirely. First being a good lease operator I have leased a truck that has a warranty that covers the drivetrain for the entire life of the lease. As far as being without income there is a variety of insurance policy's that cover breakdown pay and rental coverage if needed. The company that I lease through on the second day of breakdown gives me 140 dollars a day after the second day of breakdown and a loaner truck after a week. I've also sublimated my coverage with a policy that costs me 90 dollars a month. It gives me 300 dollars a day breakdown pay after the first week and up to 300 dollars a day on rental. I believe one should actually research something before making statements that aren't necessarily accurate. Again being an owner or lease operator isn't for everyone. It's a lot of hard work and dedication. But persuading people against it without all the facts isn't the trucking truth

Errol V.'s Comment
member avatar

Errol I hate to say this but I disagree with your analysis almost entirely. First being a good lease operator I have leased a truck that has a warranty that covers the drivetrain for the entire life of the lease. As far as being without income there is a variety of insurance policy's that cover breakdown pay and rental coverage if needed. The company that I lease through on the second day of breakdown gives me 140 dollars a day after the second day of breakdown and a loaner truck after a week. I've also sublimated my coverage with a policy that costs me 90 dollars a month. It gives me 300 dollars a day breakdown pay after the first week and up to 300 dollars a day on rental. I believe one should actually research something before making statements that aren't necessarily accurate. Again being an owner or lease operator isn't for everyone. It's a lot of hard work and dedication. But persuading people against it without all the facts isn't the trucking truth

Point taken, Brian. You have a good back-up plan with that lease. Is this leasing company a financial business, or is it related to the trucking company? I'm sure the trucking company doesn't want you broke down. And that second insurance is neat. I wish I could do that for my medical insurance! (I know it's available, but I haven't looked into that.)

Your lease and the extra insurance is income deductible, too! However, there's an old acronym I'll resurrect: TANSTAAFL. (There Ain't No Such Thing As A Free Lunch - RAH). Meaning your extra pay from the lessor. They aren't Santa Clause - the extra coverage ultimately comes from you also. Nothing wrong with that - that's what rainy day funds are for. I'm not knocking you - trucks will break down, and the owner will have a loss of income. But with the proper handling of your money, problems become almost painless.

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