Company Purchase - Truckers' Trucking Forum

larryaz · **^ Top** #1 10.05.2009

If one was looking to become an O/O, having little capital and not so good credit, would it be alright to buy your truck from the company you are working for, stick it out for a year until the truck is paid off, then move in your own direction once the truck is paid off?

Thanks

Gears · **^ Top** #2 10.05.2009

Without knowing any other details, yeah sure...why not? You'll have more expenses if you lease-on that truck to your current employer. Make sure you figure that in your equation.

southernpride · **^ Top** #3 10.05.2009

GOOD MOURNING LARRY: now as far as buying a truck from a company it can be a good way to start BUT i would use caution most of those deals are geared for the company and not you i doubt that you will find much money there and there contracts leave a lot to be desired so proceed with caution remember no trucking company does anything with the driver in mind.
now i understand the problem that poor credit creates and it extreamly dificult to overcome and may be that purchasing a truck from a company is the only way you can and if i were in those shoes i would it is a start just dont expect to much out of it.
now if your talking about a lease purchase deal try your best not to get envolved most that offer those deals are crooks but again if that is the only way you can get started go for it just go slow and do your research.
good luck to you my friend.---saouthernpride

pullingtrucker · **^ Top** #4 10.05.2009

Quote:

Originally Posted by larryaz

If one was looking to become an O/O, having little capital and not so good credit, would it be alright to buy your truck from the company you are working for, stick it out for a year until the truck is paid off, then move in your own direction once the truck is paid off?

Thanks

A person could do this, but it is really difficult at best. More guys fail the first year due to underplanning and lack of cash in the bank. Also if someone (a company) is selling you a truck and controlling your income that that could turn ugly real fast. Most lease purchases fail because of the driver wanting to work, but the company not dispacthing them effectively to make money. I suggest that with the low freight volumes and other economic factors that you stick it out as a company driver until you have at least $10,000 (emergancy repair money) plus a down payment and 1-2 months of payments in the bank. Yeah thats a lot of money, but it will rescue you if the need arises.

jtrnr1951 · **^ Top** #5 10.05.2009

Little cash, and poor credit. Sounds like a good recipe - FOR FAILURE !!!
Are you nuts, a company driver will make more money than you will !!
Please think hard about this, and talk to many others before proceeding !!

Old Man · **^ Top** #6 10.05.2009

Why is it that everyone that wants to become a O/O has no money and bad credit? Is buying a truck the magic cure all?

Beechvtail · **^ Top** #7 10.05.2009

Quote:

Originally Posted by Old Man

Why is it that everyone that wants to become a O/O has no money and bad credit? Is buying a truck the magic cure all?

And that is why leasing from the company will not work 99 percent of the time.

You are broke so leasing a truck will make you successful? It will actually create more bad credit when the default comes.

And the company has your best interest in mind. NOT! This is the Bernie Madoff scam of the trucking business.

Hardlyevr · **^ Top** #8 10.05.2009

If you can't manage your cash flow as a company driver, and have a good credit rating, how will you be able to handle the added work, paperwork, taxes, and insurance costs of being an owner operator?
Any time you buy a truck from a company, and want to continue to work for that company, be sure that you have a sales contract that will let you go to work for who ever you want, as soon as, or when ever you want. Anything else could lead to problems.

Kinghunter · **^ Top** #9 10.05.2009

Granted there are lease purchase companies out there but one rule taught to me was not to #### in your own backyard regardless of where it is.

KH

Big John · **^ Top** #10 10.05.2009

Stay a company driver and save your money, in ten years you will thank me.

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