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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PGT Lease Purchase
Discussion in 'Lease Purchase Trucking Forum' started by Honestsin, May 3, 2013.
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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
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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.
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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. -
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.
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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. -
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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. -
$1200 sounds low for equipment doesnt it?
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I think some of PGT has covered wagons so that may be minus tarps
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