A truck driver 12 years in the making needs help

Turbo is really good at disecting lease plans, he has several posts on here about them. If you want to ask about a specific lease your planning to sign post it and I am sure when he gets a minute he will check it out for you, he goes way beyond the call of duty to help others out when it comes to this stuff....from all I have can remember seeing here the lease idea is a really good way to loose your shirt, and in some cases even your house.

 

If you want your own truck I would not try lease purchase, I have checked out most of them,ats,schanno,greenfield,van pac, hirshback,these last 4 are grogean companies,stay away them for sure,I have been thru the schanno thing,it does not work,you won't make enough to be worthwhile and your net from schanno doesn't even pay you enough to pay your income tax and ss and medicare.I would strongly suggest to any of you,if you want to get your own,go see freightliner and go thru their select program for 1000.00 down,have a contract where you want to work to show you can make the payments and do the deal. I have been an owner operator 3 times and got tired off fixing trucks trying to save money and fuel is so crazy,very few companies are giving you all of the surcharge,and thats a big problem.. good luck, happy company driver, its nice to pick up the phone,instead of worrying about how to pay for repairs or breakdowns.

 

I'm not a fan of them. The way I see it is "Your are putting all your eggs in 1 basket, and letting the Wolf hold it for you".

 

There are many Lease/Purchase plans out there, and every company that offers them advertises them the same way.

"Inquire about our Lease/Purchase plan. We have the best one out here."

I've analyzed many of them from a limited point of view, and three of them in detail. Not one of them was worth the risk involved, and all of them were disguised with one purpose in mind. The company reaped most, if not all, of the revenue generated by those trucks, and risked practically nothing in the transaction. Why do I say they risk nothing? Because their concerns are insured 100%, at the driver's expense.

The company dangles ownership, in most cases, of that truck in front of an eager driver, like a child molester would to a child, and in about 90% of the cases where a driver will take a bite, the driver will feel just as victimized at some point afterward.

When you sign those lease agreements and leasing papers on the truck, you take on the entire cost of operating that truck, the responsibility and entire cost of paying increased amounts in income taxes, the entire cost of any benefits if they are available to you at all, and you risk profit loss of immense proportions.

In every one of these plans, is buried fees and costs that are not normal and charged to those who purchase trucks from an outside source and then lease them on to a company. The effect is much like being offered a date rape drug, but in this case, the victim is wide awake while the act is being performed.

The lease payments are often structured to allow the company to collect 150% of what the truck cost them, if the driver completes the agreement in full, will pay for all maintenance costs while operating the truck, will pay all insurance premiums to fully cover all instances of loss that may be encountered in the course of operating the truck.

90% of all drivers on average, who enter into these arrangements will never realize ownership in the truck. The company controls all aspects of the generating revenue, in the form of providing you loads, and far too many of these companies will limit your production, if their goal is to keep that truck, and trust me, most of them don't want to sign over that title.

75% of drivers wind up in debt to the IRS, due to unpaid taxes, and the lack of income to pay them. They are barely making enough to pay their bills in most cases, but the company is getting their fair share and just about everything else the truck makes, long before you see yours.

I would dare offer, but cannot prove, that 50% of those that fail to do well under those programs, file bankruptcy or lose possessions that they previously were able to pay for, before they signed those papers.

The 10% that wind up with the title to the truck or who receive completion bonuses for completing the programs? They are selected for show and tell purposes. If a check of the actual miles that they have driven during the lease term were performed, there would be serious questions as to just how legal they were at all times. And fter all, if NO ONE made it through, they'd never have the copies of the fake checks or pictures of a smiling driver receiving the title or the check, to plaster on the wall, to essentially offer to those with wanting eyes, "See what he did? You can do it too."

Read a little on the in's and out's of a couple of the plans I've dissected for the forums:

http://www.thetruckersreport.com/tr.../6307-worst-lease-purchase-agreement-ive.html

http://www.thetruckersreport.com/tr...ng-company-here/6547-jb-hunt-2.html#post42054

 

You are also "tied" to the company in a sense.If you want to leave and go to another company.You'll have to pay that truck off then and there. Or walk away from it with a outstanding debt.

In the case of CRST, They even keep your unused maintaince fund. Charge you for a used truck. That you pay 3 times to much for.
I don't know every detail of their lease. But I have heard some of it.From my brother inlaws.

 

I can't add much to your wonders, but STAY AWAY from any company linked with TOM GROGEAN, he will starve you to death

 

very imformitive so should a person go with prime?

 

Yes...if you want to live in poverty.