PGT Lease Purchase

Discussion in 'Lease Purchase Trucking Forum' started by Honestsin, May 3, 2013.

  1. Honestsin

    Honestsin Bobtail Member

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    Aug 22, 2011
    Tennessee
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    Looking for any information on the PGT lease purchase deal ,if anyone has any. Good ,or bad. Any information would be great.
     
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  3. Lsv

    Lsv Light Load Member

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    Apr 13, 2013
    PA
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    Ur gonna do wut u wanna do, but from wut I've read and heard by mouth Sammonds has a rly gd lease purchase. I dnt know if u have FB exp., but I would check them out. IMO, LP is not worth it. It only benefits the company. That's my .02
     
  4. Passin Thru

    Passin Thru Road Train Member

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    VA
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    It's always a bad idea. Figure out how much a truck would cost you if you bought it outright. Now double that and be sure you are aware that they do your maintenence, then charge you for it. One MO company is known for taking a guys engine and swapping with another truck and painting it in the process and charging both for rebuilds. Save your money. You need 20k in the bank before you buy and you need a credit score of 675 or better. Then, when you run out of money, have another 20k run up on credit cards, your'e a truck driver, working 18 hr days.
     
  5. Les2

    Les2 Road Train Member

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    kicked back in my lazyboy...
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    PGT is different, or they used to be. I know several guys who have bought trucks thru them and they bent over backwards to help the succeed.

    I was leased to them a lifetime ago so some things may have changed, but of all the L/P deals I've ever seen, these guys are by far the best. They asked a fair/decent price, not over priced like most. Don't think they charged much if an interest. You used to be able to maintain the truck yourself. It used to be as close to owning the truck as you will ever get unless you go to a finance co of sorts.

    But like I said, things may have changed...?
     
    Honestsin Thanks this.
  6. Honestsin

    Honestsin Bobtail Member

    38
    18
    Aug 22, 2011
    Tennessee
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    Thanks for the replies. I have 8 years in flatbed and 12 years into trucking right now.My credit is great and I have plenty of money put back. Really wanted to find a walk away lease to get my feet wet and learn the other side of trucking that I don't know. Like the business side of things.Then take the risk on my credit and buy a truck. My living expenses are at a very low. I see that most the people that lease are in the van or refer business making $.95 to a dollar a mile.I pull flatbed and plan on not pulling it for a dollar a mile either.I understand what I am getting into was really interested in someone who has some insight on the company itself. I have all the info I need from a recruiter. But we all know how that is right? Thanks for all the response.
     
  7. MJ1657

    MJ1657 Road Train Member

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    Jan 28, 2012
    Isanti, MN
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    I'm in no way putting anyone down but someone please explain to me why anyone would lease purchase?

    If you're stable enough to run your own business why wouldn't you get a relationship with a banker and buy a truck so you can control your own destiny?
     
    insertnamehere and CenutryClass Thank this.
  8. L-Train

    L-Train Light Load Member

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    Jun 19, 2011
    21º 18' N, 157º 51' W
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    MJ he is wanting to learn the O/O side of the industry. So he is looking at this option to get "his feet wet" and see if it is a fit for him. I personally have spoken with about 6 L/P drivers from PGT and those 6 have said they are doing good even during the winter/slow season for the skateboards. I run for a small fleet owner leased on to PGT and I think that I have learned more about the O/O side doing it this way. I have plans on getting my own truck once my car and pick up are paid off. I have also considered the L/P at PGT but I am not one for a flat top 9400 :biggrin_25513: plus they ride like a brick.
     
  9. L-Train

    L-Train Light Load Member

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    31
    Jun 19, 2011
    21º 18' N, 157º 51' W
    0
    Ok so if anyone wanted to know some of the details I have emailed Rhonda at PGT and this was the document that she sent me......

    One PGT Way
    Monaca, PA 15061-0400
    724-728-3500
    www.pgttrucking.com
    The following is the basic information about our Lease Purchase Program:
    No down payment.
    Credit check required.
    No balloon payment at end of term.
    Must meet PGT standard requirements.
    Must have at least 6 months of recent verifiable tractor trailer flatbed steel hauling experience including coils as well as experience hauling several types of flatbed freight.
    All new Lease Purchase Operators are assigned to a Fleet Manager to assist them.
    Units available are 2005-2007 International 9400's.
    Prices and terms are based on unit year, mileage, and history of repairs and current market conditions.
    A $2500 escrow is required. Deducted $62.50/week for 40 weeks.
    A maintenance reserve account of $175/week is created to be used for future maintenance requirements.
    All LP tractors are equipped with a Qualcomm satellite system with elogs, there will be a $20/week usage fee charged.
    Paid 75% of gross revenue plus 100% fuel surcharge.
    The trailer rental fee is $185/week, with the first 30 days free.
    You will be responsible for your own securement equipment that can be purchased through the company at cost and deducted from your settlements in 10 payments, usually around $1200.
    Tractor payments range from $200-$250/week.
    Weekly total deductions range from $550 to $650/week plus trailer rental fee.
    Parts and tires can be purchased through PGT at our discounted prices.
    Freight available through our network of company terminals and agents in various areas of the country.
    Over 80% of those drivers who join the program are successful in completing the payment terms and reaching their goal of becoming an Independent Contractor.
    Highway Use and Fuel Taxes are prepaid by PGT and charged back at affordable weekly deductions.
    It is recommended that you set up a Downtime Reserve Account. This account was developed so that money will be saved in the event of breakdown or vacation to avoid getting behind.
    Free rentals are available if LP tractor is in the shop for an extended time.
    Flexibility in freight choices.
    Expectation of following all company safety guidelines.
    Help with combining maintenance bills for affordable payments, if necessary.
    Income Taxes, etc. are not withheld from settlements. It is the sole responsibility of the LP Operator.

    I hope this helps any one that is interested...
     
    The Challenger, Stilgar and Bigdaddy00 Thank this.
  10. Jumbo

    Jumbo Road Train Member

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    Sep 4, 2009
    Appleton, Wisconsin
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    $1200 sounds low for equipment doesnt it?
     
  11. Clasix1055

    Clasix1055 Even when I'm wrong I'm right

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    Jan 26, 2012
    Toledo, Ohio
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    I think some of PGT has covered wagons so that may be minus tarps
     
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