leasing a truck

Discussion in 'Experienced Truckers' Advice' started by fixer9510, Mar 12, 2011.

  1. fixer9510

    fixer9510 Bobtail Member

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    Mar 7, 2009
    Indianapolis Indiana
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    I have been driving off and on since 1985 i have all ways wanted to be a o/o but with bad credit i can not go out and buy my owen truck i have all ready been turned down several times. so i was looking into leasing one, can any one help me with this? were is a good company to lease a truck from? i have been looking into hirschbach motor lines, prime, and central refrigeration is there others that is out there that is better?
    Can any one help me out here? I just feel like it is time to either do it or just give up please help me i need the advice.
    thanks fixer9510
     
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  3. Meltom

    Meltom Road Train Member

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    So have you made any decisions yet? I know you didn't get any feedback, but maybe you can help others with the decision you made. Let us know how things worked out for you.
     
  4. CAGEtrucker

    CAGEtrucker Road Train Member

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    I never saw this one. Driving on and off since 85 yet a Wannabe. I am with Prime and am impressed so far. I need to get 20k mile with a trainer then I am going lease. I have meet several drivers lease and company all say Prime is a great company and it is just a personal preference to lease or go company. I like Primes lease, no down well 1000 down but they take it 20 a week, no credit check, walk away, 72% line haul 100% fuel surcharge so many positives. Good luck let us know what you decided.
     
  5. Saddle Tramp

    Saddle Tramp Medium Load Member

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    :biggrin_25513:Do not lease from the company that you are driving for. Go to a dealer & lease from them, then go back to the co. that you want to drive for. If you don't like the co. after a fashion you can quit & take the truck with you. Don't make the companies truck payment. You don't know many other drivers had your truck if you lease from a company.:biggrin_25513:
     
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  6. Tazz

    Tazz Road Train Member

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    Lynchburg,Tn
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    And if those are not your numbers on the door you are not an O/O despite what they tell you.


    I'll ask the simple question I ask them all.

    Given freight a company hauls has a set rate (or average), and given that the company is a for profit venture what in the world makes you think they would lose money hiring lease operator's?

    It is a zero sum question gentlemen. I do not care how you figure your stuff. There is a fixed amount a company makes per mile, they want lease operators because they are cheaper.

    If you buy your own truck and lease on you may be a little ahead but you'll fall even when replacing equipment.
     
  7. ukdon

    ukdon Light Load Member

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    Nov 21, 2009
    Pensacola, FL
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    Try JCT. One of the few lease companies where you can actually make money. Yes, costs more than any other options, but no money down, can get out without a bad credit report, no payments for first four weeks on the road, first fill up of fuel paid for, nice equipment, nice people and more than enough miles to make money.
     
  8. Bumpy

    Bumpy Road Train Member

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    What did you mean by this part of your statement?:biggrin_2556:
     
  9. Elendil

    Elendil Heavy Load Member

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    Ottawa, IL
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    I would have to ask myself why any company would give me control of an $80,000 truck with no money upfront and poor credit unless it was a sure winner for them and a likely losing situation for me................

    I am by no means an expert on trucking, but I am an expert on financial matters (leases, loans, etc). Over the past month I have read a ton of posts here and the leasing horror stories outnumber the success stories by 30(or more) to 1. While I'm sure some of the horror stories can be attributed to laziness, bad luck, and the like I have to believe not everyone of the failures was due to lack of effort. It would seem that you go into this type of situation with the deck strongly stacked against you in the first place.
     
  10. musicmaker

    musicmaker Medium Load Member

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    Dec 25, 2009
    Fort Madison, IA
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    You might try lone mountain, they have a web site and will show your down payment, payments, for how long as well as the truck. You can take the truck to anyone to have it inspected driven, etc before buying it. IMHO its never a good idea to lease purchase a truck with the same company that dispatches it.
     
  11. Tazz

    Tazz Road Train Member

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    Lynchburg,Tn
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    If you own your truck and lease it on to a carrier you will average more compensation than a company driver in a company truck. However (especially with new equipment that will be required fairly shortly in a lot of states) buying equipment will place the average L/O 10-15% higher in compensation when you figure in replacement costs of vehicle.

    Then you figure in payroll tax and the fact you are not covered under workmans comp, or unemployment insurance and to be on eqaul footing as a company driver ( in compensation) would need to purchase those your self.


    See that is how companies make money on a lease operator. They do not have the investment in an independent contractor. Now a smart person will cover their own costs of these insurances and fall to an equivelent level of compensation. It does allow for more personal responsibility and I am all for that.


    However this belief that leasing is the road to riches and a path to being an O/O is the fiction these companies sell to limit their risk, and in the case of many a purposeful fraud to further pad their pockets with ancillary charges. Some of which are legitimate,many that are not. Many use their lease programs as they do their "training programs" which is to say as financial support for their company because of the low rates they operate under. They need L/O to make money off them.
     
    drvrtech77 and Bumpy Thank this.
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