Who has completed a lease purchase and fully owns truck with title?

Let's put aside the preconceptions and stereotypes of doing a L/P. There are differences in the vast amount of programs available in the industry. For me, it's very straight forward: either you have a plan and are disciplined, or you're not. Many drivers I talk to don't truly treat this as a business, but as a job with a paid-for truck at the end. BIG freaking difference, people. I know several within my company who have completed their L/P solo in 4 to 5 years. One took almost 7 years because he was negative in his maintenance fund, but he did it. Tenacity. Stick-to-it-iveness, financial discipline, and staying rolling.If you take regular home-time, you're not going to see much of an initial return on your time and investment. If you're burning fuel like Saddam Hussein, you're definitely going to feel a big pinch in your wallet. If you're getting stuck with repairs out-of-warranty or not maintaining your equipment, say bye bye to your reserve / maintenance fund. A solo L/P completion is a rare occurrence, I'll be honest. Then by the end if you HAVE completed it, is it worth paying the additional maintenance on your older truck with 600k+ miles or finance another truck (either through another L/P program or private financing). Your truck will probably be worth 20-30k depending on the condition, so either roll that over as a trade or sell it, up to you.I've been a lease driver for 3+ years and finally have a pretty little seat cover who's now in the driver's seat. After I'm done training her, we'll be teaming with intentions of running a full L/P then using the savings and equity in the rig to buy our own truck and run for whoever we want. Failing that, stick someone else in this seat and build the ground floor on our own small fleet. The sky's the limit, but I'm managing it all very closely, have a financial plan worked out with my accountant who knows my goals, a separate business account for my settlements, and an LLC.This ain't your father's trucking biz. Costs are higher and margins are tighter. You can do it, but it takes vision, planning, resilience, and determination.

 

The failure rate for lease purchases is about 77%

Many reasons,,used truck with high maintenance cost and starting out with no money in a maintenance fund, locked in with the company and can not pull the truck and go some where else, lack of business experience .
Many of the companies offering lease purchase programs have high driver turn over rates and offer lease purchase programs to keep drivers.
Prime has the worst lease purchase program,,

 

somebody help me find a truck rental company where I could work. Maybe somebody will help Council to begin searching for and what to look for in the first place? Prior to buying own truck but still far from what I know to rent a truck, can earn more than a driver working in the company. I may be mistaken. I'll be glad to answer any on the subject. thank you

 

Oops must have been very busy and missed this message! Sorry about that. I am looking at going into expedited with a van but so far no information on Panther I will continue searching till something pops up.
I'm at All Freight running refrigerated freight never did it before and so far it's fun but they have slow trucks and that's a no-no in my book and so it won't be long before I hit the door.
If I go expedited I know I'm gonna get into arguments with my dispatcher and so my other back up plan is my own truck and since Annie over at the FMCSA is stepping down I may get my own truck and authority and try it out since I know trucking more than expedited. I got a nice settlement coming from a major trucking company and I want to make sure I use that money wisely instead of just gong out and buying a sports car.
These guys have a lease program and I could go that route but I'd hafta go buy my own warranty and they just let go a driver that messed with their Qualcomm system but he told me they would run him dirty and knew he was running dirty and so the two faced way they treated him has me concerned as many other companies do and so lease purchase is just not my bag too many ways to wind up in court.

 

and that is virtually the same failure rate for all new small businesses (http://www.forbes.com/sites/ericwagner/2013/09/12/five-reasons-8-out-of-10-businesses-fail/). Why would trucking be any different?

 

Because most business quadruples or more their initial captal, while trucking operates on just a few pennies per dollar.

 

Lease purchase programs usually for one or all of two major reasons. First, money. Real simple. The freight you are hauling doesnt have enough profit in it to satisfy everyones needs. Trust me the carrier is gonna get that money first. They bid contracts based on THEIR needs, not yours. Hauling dry van freight for a $1.90 a mile is not gonna get it done. They usually take 20% of the gross from their lease-operators, .38. Which leaves you $1.52. Then an inflated truck payment on a truck that needs maintence all the time because its up in the 400-500k mile range. You see where this is going.Second, Drivers think for some reason that buying a truck does not involve sacrifice. Owning a truck while you are paying for it requires more time at work and even a slight cut pay. This is a business! Treat it as such.Nothing worth having coming without sacrifice. The reward comes after the truck is paid off. Not before. Stop trying to go home every 5 minutes.

 

A few tears ago a friend did a lease purchase from Stevens ,,he had only worked for them for about six months when they talked him into the lease..The truck had about 550,000 miles on it and was 4 years old, For the next nine ,months he spent every dollar the truck made after he paid for his fuel and truck payment,,He walked away from the lease when he realized that the truck would be about 9 years old and have well over one million miles on it if he completed the lease..Stevens dinged his credit and gave him a bod DAC report.
It never pays to lease a used truck from a carrier.Their only interest is to sell off a used truck that has has little preventive maintenance done on it and lock in the driver to reduce their driver turn over rate. There has to be a reason why many carriers for the last 20 years or more continue to loose most of the drivers they recruit with in the first 6 months after they are hired..Companies are looking for suckers..

 

I was one of those suckered BUT I did learn how to drive a truck, at the time I had a bad driving and so I had to put up with making just enough to eat on while time marched on and the DUI fell behind me.
It's just not worth it to lease a truck as in my case they knew I could not go anywhere till that fell off my record and so the best thing to call it is slavery when you cannot go anywhere else.
Lease purchase programs are a joke at best at worst a time bomb waiting for the right time to get the owner of some trucking company's head blown off because some poor trucker realizes he gotten taken for a ride.
I hope the driver that does walks away from court with a grin on his chin and the media finally does the right thing and focus on this scam.
Hey while I spent time at Dart they installed bullet proof glass to protect the dispatchers in the name of national security? Yeah right!!!!

 

[Q=Mr&MrsPete;4163207]Lease purchase programs usually for one or all of two major reasons. First, money. Real simple. The freight you are hauling doesnt have enough profit in it to satisfy everyones needs. Trust me the carrier is gonna get that money first. They bid contracts based on THEIR needs, not yours. Hauling dry van freight for a $1.90 a mile is not gonna get it done. They usually take 20% of the gross from their lease-operators, .38. Which leaves you $1.52. Then an inflated truck payment on a truck that needs maintence all the time because its up in the 400-500k mile range. You see where this is going.Second, Drivers think for some reason that buying a truck does not involve sacrifice. Owning a truck while you are paying for it requires more time at work and even a slight cut pay. This is a business! Treat it as such.Nothing worth having coming without sacrifice. The reward comes after the truck is paid off. Not before. Stop trying to go home every 5 minutes.[/QUOTE]

It's all in how much capital you start up with that dictates how much time you will be allowed to spend at home, you start out up under one of these lease purchase scams you will live in the truck you save up your cash or go to your local bank and get a good loan you can go home just like anyone else with some sense.
I have spoken to several people and just yesterday a gentleman told me he goes on the road for about 18 days a month gross income of $12,000.00+ He runs his business not the other way around and I spoke to another driver who knows a guy who specializes in heavy haul making $100.00 a mile and in some cases more!!!
I spoke to a driver the other day who is leasing a truck with his new carrier (he used to work for the company I now work for) and he's crying like stuck pig that it's hard out here??? Duuu??? Sorry but anyone who does a lease purchase knows the risk unless you are a straight up newbie and so you should know better.
In my humble opinion they are all pure scams of one degree or another some guys making a few bucks others just enough to eat on if that!
It's your life you wanna take chances and run up on Uncle Sam go for it! Ya wanna take a chance and lose what little you have now go for it it's your life just don't say I didn't warn ya!
Trust me the people that are running these bogus scams aint gonna lose any sleep if you go broke because they'll just sit back and wait for the next sucker to come walking through that door and any lawyer will tell you he knows those contracts quite well and you will more than likely lose in court if they pull freight from you at the end of your lease or refuse to help you if you are broken down in some truck stop somewhere far away from home.