any lease purchase deals that are not a rip off?

Discussion in 'Experienced Truckers' Advice' started by hammerjammer1958, Jun 29, 2009.

  1. hammerjammer1958

    hammerjammer1958 Bobtail Member

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    I've been driving for ,like 16 years now and if I'm going to continue doing it,I need to get into my own tractor and have some control over my life.The last few company driver jobsI had,I was treated like dirt,to the point where I just have considered getting out of the business altogether.I haven't made enough money to put a down payment on a tractor(hell, I can't hardly pay the car note now)so I'm thinking about the lease purchase thing again.I know the horror stories and have seen how some companies turn the same truck over time and time again,so heres my question,Is there an outfit that is honest enough not to screw an experienced,hard working driver? Or is this time to give up and quit the business?
     
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  3. 074344

    074344 Road Train Member

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    Drive safe
     
  4. DoubleDear

    DoubleDear Light Load Member

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    How many businesses out here in this world are Honest? . It's knowing if you're getting a fair share of the deal. , Yet most companies out there are only looking out for themselves, to profit more in their own pockets.

    Who wouldn't?

    In the business world, you need to be thick skin. It's a dog eat dog world out there. Compare the trucking industry to a car salesman, or a Life Insurance Agent.. the more they make, the better they like it. They know how to get over on you.

    My Personal Opinion on the matter of being an Owner Operator, one needs to be "Business Minded" in order to make it.. Look at Donald Trump. Follow his example and you'll get ahead in life.

    People who prefer to become an Owner Operator for the sake of "Freedom" or "Keeping the Nut Chucks off of you" are in the wrong frame of mind..
    Why?
    Being an Owner Operator becomes tougher with more decisions and responsibilities. That means more headaches,,, dealing with the public, shippers, Liability, Financially, more patience, making firm solid decisions,

    A Good Business Minded Person, has a " Strong Backbone" to keep their self afloat and learning how to say Yes or No when need be, when situations arise that will make or break you.

    Knowing how to speak up,compromising, making deals, and creating a fair shake in order to keep your business going.

    It's more stress, not less. And having the ability to handle this, makes you the Business Minded person that you need to be.
    Being an Owner Operator or a Lease Operator is a Business.

    Do you have what it takes?
    That's my question.
     
    Last edited: Jun 30, 2009
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  5. Dave27107

    Dave27107 Light Load Member

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    You want to become an o/o, I'd advise you to:

    (1) Consider the costs and responsibilities associated therewith;

    (2) If you can't float the loan thru your local bank, you probably can't afford to do lease/purchase. Find out why your local bank would not approve the loan and see what you can do to improve your options;

    (3) Lease/purchase is not driver friendly no matter what the company tells you. It is set up more for the company to make money than the lease operator.

    I'm not saying lease/purchase won't work, there are some who have made it work, just that it would behoove you to check out all available options prior to entering into a lease/purchase agreement.
     
  6. TripleSix

    TripleSix God of Roads

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    The only lease that I would reccommend is leasing through a company/financial institution/whatever that has absolutely NOTHING to do with the company you drive for.

    -Theres no conflict of interest. Your carrier make money off you delivering freight...not the truck payment
    -The truck goes with you if you and your trucking company part ways
    -You can get an owner operator spec truck, not pay top-of-the-line largecar money for a fleet truck
    -The weekly/monthly payments are CHEAPER!!!
    -
     
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  7. RECON08

    RECON08 Light Load Member

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    I know here in Michigan, banks will no longer finance trucks, you have to goto the BIG banks now to do it. Most of them also will no longer do buisness loans either, no matter how good your credit is. If you noticed alot of these buy here pay here scam places have started poping up all over the place.
     
  8. Allow Me.

    Allow Me. Trucker Forum STAFF Staff Member

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    :biggrin_25525:HammerJammer Dude, listen here. A lease/purchase is NOT an O/O. You don't have any control. You are still obligated, you are still controlled, you buy fuel where they tell you to, you pay them for a truck maintainence program, you cannot do anything to the appearance of the truck, THEY do ALL the bookeeping and then disburse any $$$ to you. Your insurance, payment, fuel tax, reefer fuel, plates etc all come out of your settlement first. You can probably refuse loads, but, you are at their mercy. Refuse enough loads, and you aren't making any $$$ and will be on dispatch *^#% list.

    You have to buy your own truck/trailer and have your own authority to be a true O/O.:biggrin_25525:
     
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  9. Paddington

    Paddington Medium Load Member

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    Lease purchase is for those who enjoy the carny games on the midway at any 2-bit county fair.

    Rule of thumb in this biz is to NEVER EVER lease a truck from the company that controls your freight.

    If the business relationship should ever sour, the company holds all the cards. They can starve you out and take your (their) truck back and re-lease it to the next starry-eyed fool.

    If you own your own truck, you can lease it on wherever you want.
     
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  10. gearjammer-2000

    gearjammer-2000 <strong>Clutch User</strong>

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    short answer to your question NO,NO,NO
     
  11. DoubleDear

    DoubleDear Light Load Member

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    I Applaud to YOU ALL ! Very Good Answers!


    I have seen for Years,, Many , Many, Drivers Losing not only their shirts, and Trucks from Lease Purchasing with a Trucking Company,, but also their HOMES too! From the deal they made!

    Ask the trucking company if they care, if you lost the truck.!

    Be Very Careful on signing Your lease with them. Read the fine print,, if you get an uneasy feeling? Somewhere reading it? Don't Do!

    Some companies if you lose the truck for nonpayment,, you still owe the balance on that truck and thats where drivers lose their homes too.

    (Oh, Lord, be with these drivers!)
     
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