An in depth look at the various lease programs

Great idea Kinghunter! I made up a chart with information just like this several years ago when I was going over lease-purchase deals in the industry... wish I had saved it.

Jim

P.S. Here is what I have for the company I'm leased on to, Hill Bros:

Hill Bros (Omaha, Nebraska)

Requirements: Must have two year's recent OTR experience, clean MVR, clean DAC, clean criminal history. Must pass workwell physical assessment test. Must spend at least three months as a company driver before being eligible to lease a truck.
Type of lease: 4-year lease on new trucks; used trucks also 4 years but with lower payments.
Governed Speed: Not governed. (Truck may be governed on delivery but you can have the computer reflashed)
Reefer fuel: Company paid.
Fuel programs: Comdata cards supplied for Pilots, TCH for Flying J. Hill Bros pays the DoE-listed fuel surcharge (FSC) for all dispatched miles, loaded or empty.
Equipment: Volvo 780s and some International ProStars, though only the Volvos are for lease I believe.
Cost of Lease: My 2007 Volvo is $474 a week to lease. Insurance, HUT and other deductions total approximately $325 a week, for a total of right at $800 averaged over a year. Note that some of the escrows like HUT have odd schedules so during a year it will be more or less each week. There are no mileage penalties or CPM you owe to run miles. There is a 5 CPM maint escrow deduction until that account reaches $5,000 at which time that is suspended.
Pay: Fuel surcharge (FSC) on all dispatched miles, loaded or empty, plus 90 cents per mile for loads of 350 or more miles. 93 CPM for loads between 150 and 349. 110 CPM for shorter loads. 1 CPM yearly longevity pay. 2 CPM quarterly safety/compliance pay. 1 CPM quarterly productivity pay (driving more than a certain number of miles in a quarter). Plus occasional extra drop/pickup pay ($30), detention, etc. Company pays for lumpers and tolls, and supplies i-Pass, PrePass/ezPass, PikePass and k-tag transponders, though sometimes they don't have enough for all the trucks so you might have to wait for a bit to get some of them.
My opinion: I drive for them. It was the best plan I could find that suited me of all the companies I reviewed, and I looked at every L-P deal in those trucker mags you get at truck stops. It isn't a "fog the mirror" type lease program -- you have to qualify. Loads are about 60-70% reefer, the rest van.

 

Prime (aka New Prime,Inc.)

Requirements: Prime has no requirements at all.
Type of lease: 3 years or used at remaining of lease, basically what ever truck is available at the time.
Governed Speed: 64 mph
Reefer fuel: Your responsiblity
Fuel programs: You pay for your fuel with a Prime (Comdata) fuel card providing you maintain 6.5-7 mpg all of the time. Prime discount varies 6 cents to 25 cents per gallon within their network.
Equipment: Freightliner Cascadias, Centuries, and Pete 387's
Cost of Lease: $900 to $934 a week with about $200 in variables a week with another $100-200 fixed added on weekly. About $1,334.00 a week to lease a truck.
Pay: 72% of the line haul range from 35 cents to $2.00 a mile avg line haul around 75 to 90 cents per mile. they have their own forumla for Fuel Surcharge right now 18 cents per mile, 2 cents under DOE Fuel Surcharge.
My opinion: Based on so many failures at Prime, I have no choice but to NOT recommenced the company for future L/o's. I do not want to see any more failures at Prime because a company only wants too make money off them and does not have feeling for a driver. Finally, Prime pushes new drivers and seasoned vets to do their lease.


Wow sounds a lot like Cr England doesn't it.

 

Maybe you should first, actually obtain a CDL-A and gain a tad bit of experience before you "analyze, compare and advise " on lease programs..... Just an idea......

 

Leave the guy alone
Its great he puts the effort into compiling lease info
Your negativity does not benefit our board
If you cant keep your post's positive please don't post!!!!!!!!!!!!!

 

I just point out what it is like in the real world of trucking...... It is not all pretty sunsets and sunrises....

But if you wish to have someone whose only experience in this industry is what they have read on the internet...... How does that benefit the forum ???

 

To analyze every company, it would take years. This is just a compilation of searching companies websites. Kinda cool Idea. Good job KH

 

I see that he has been on KH's butt since his first post. And every post there after. I guess I'll add my first ignore. LOL
Keep up the good work KH!!