There are so many negative postings about leasing. So many negative and inaccurate postings about leasing. Most of the posts I read on here are replied to and started by people who have never leased. Its always second hand information they are referring to.
I have decided to start my own thread about leasing. Just to shed some light on 1 lease drivers experience and maybe change an opinion or two on the subject.
I have 2 years OTR experience. I started leasing 6 months after I went solo. I had read all of the stories and instead of listening to all of them, I did research. I looked at the contract, I ran the numbers, compared them to my company checks. Most importantly I was honest with myself about what my ultimate goals were.
I have been with 2 companies. Leased with both. The first company was bought by another company and I did not enjoy the new policies and the micro management. I left and came to the company I am with now. I am a flatbed driver for ATS.
Break down of my lease.
My lease is 52 weeks. This is NOT a lease purchase. Straight up rental. I am fine using the word rental, its honest and it suits me currently. At the end of my lease there is a completion bonus, and the refund of my escrow accounts. There are several options at the end as well including the opportunity to enter a lease purchase with current truck, different used truck, or new truck. Also the option to use the completion bonus as a down payment to finance a new truck. I will not delve too deeply into these options as I am not 100% on the details and it is not important to my current lease.
My fixed costs are $610 per week. This includes truck payment, insurance and qualcomm.
My variable costs are 15.5 cents per dispatched mile. 4.5 per mile is for the equipment I purchased through the company. Straps, chains, binders, tarps etc... This account is about to be paid off bringing my variable costs to 11 cpm. Included in the 11cpm is my maintenance, ifta, and 3.5cpm tire, oil change, brake and emissions charge. Means tires, oil changes, brakes and any emission repair are covered by the 3.5cpm charge and do not come out of my maintenance account. Maintenance account tops out at $10000.
My pay is as follows
I make 65% of the line haul, 100% of the fuel surcharge, 100% of any tarp charges, 100% of any stop charges, 65% of repositioning fees, 65% of any OD fees and 65% of any detention.
Now that all of that is out of the way I have one last thing to say before I really start this thread. I HAVE NO DESIRE TO OWN THIS TRUCK OR ANY TRUCK AT THIS TIME. Don't waste your time telling me I will never pay it off. You are right, I won't because I don't want to. Currently I can choose to walk away from this lease with no penalties. I can't do that if I am financing a truck. I am not 100% about the direction I want my career to head. I love what I do, I am just not ready to make the commitment of a true OO.
Now, I will be actually be discussing pay on this thread. Posting screen shots of settlements. I will be 100% open and honest about the good weeks and the bad.
Things I will not discuss.
Taxes. I pay them. What my deductions and amounts paid are my business.
Specific rates. My company probably would not want me to list exact amounts and breakdowns of individual charges. I will do this in a round about way, but nothing exact.
So... with no further gilding of the lily lets get started. Working on my next post now.
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My lease adventure
Discussion in 'Lease Purchase Trucking Forum' started by Rooster1291979, Aug 6, 2014.
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EatYourVeggies, carter36, dukeofearl and 9 others Thank this.
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All I want to know is how much you bring home weekly now VS when you were a company driver?
dukeofearl Thanks this. -
I am going to start this with a quick overview of my time at ATS. From May of this year until July 10th these are my figures.
Total revenue to the truck $48,718.20.
Total miles 24437.
Total take home revenue $21,901.14.
Average rate to the truck is $1.99 per mile.
Cost per mile to the truck is $1.097 per mile.
My profit is .90 per mile. (actually .896 per mile)Last edited: Aug 6, 2014
dukeofearl, willveagle, stevenneill and 2 others Thank this. -
So the pay week of 7/16
Took a load from MN to FL. Had just come from several days of time off and this is the only load for this week.
Total revenue $2505.67.
Total deductions $2328.46.
Take home pay $177.21.Attached Files:
dukeofearl, hal380 and missouritrucker Thank this. -
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Pay week of 07/23
Took a load of utility trailers from FL to the midwest. Stops in NE and KS and IA.
Total revenue $3696.88
Total miles 2120.
Picked up a load of equipment in IA with 3 stops in VA.
Total revenue $1860.19
Total miles 1112.
Totals for the week
Gross revenue to the truck $5557.07
Total cost for the week $3910.22
Fuel for the week $2105.87
Take home $1646.45Attached Files:
viper822004, dukeofearl, hal380 and 1 other person Thank this. -
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Forgot to mention I take a $150 advance every week. That covers all of my living expenses for the week. Its pulled every week, doesn't matter what the check from the last week looks like.
viper822004, dukeofearl, GoGetta07 and 1 other person Thank this. -
Pay week of 07/30. This was a GOOD week. Started it in VA empty on Friday morning. Picked up an oversize load in central VA heading to Los Angeles CA. Picked up the load friday afternoon. This load had to be tarped. The load was very tall and had to be tarped by the company. So... after taking 25 minutes to secure, I had to wait 4 hours before the forklift guys could lay the tarps over the load. Didn't get very far down the road that day.
Had to get from VA through TN into AR before sundown on Saturday or I would have been stuck in TN till Monday. VA and TN are 55mph states when you have a permitted load. Delivered the load Tuesday afternoon in LA. Here are the numbers.
Gross revenue to the truck $7072.69
Miles 2519.
I picked up a load picking up on Wednesday in EL Centro CA going to a forwarder in Laredo TX. Company wanted me to stop at our yard in Laredo to have the trailer inspected as the trailer was to be dropped at the forwarder. This load sucked. Machinery was tall, with sharp edges and needed to be tarped. Delivered the load, barely, at the last possible second they would take me on Friday.
Gross revenue to the truck $4158.71
Miles 1436
Totals for the week
Gross revenue to the truck $11,731.40
Total miles 3955
Fuel $2537.95
Total deductions $5115.65
Take home $6615.75
*Note This check does include a $500 bonus for sign on. The total sign on was $2500. $500 at orientation and $500 per month until its paid.Attached Files:
DarkhorseEnterprises, dukeofearl, scythe08 and 2 others Thank this. -
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What kind of fuel mileage are you getting?
dukeofearl Thanks this. -
Also forgot to add, I take a voluntary 13% of my take home net that goes into an escrow account. Helps covers taxes and incidentals.
dukeofearl and missouritrucker Thank this. -
Pay week of 8/06
I needed to get to Houston to get some repairs done to the truck. Nothing major, but I needed to get them done. 1 of the issues was with the qualcomm, so I had no choice but to go to a yard. Houston it is. Took a crap load to get there after taking a 34 in Laredo. So, I left Sunday afternoon and delivered monday morning.
Revenue for this load
Gross $719.90
Miles 310.
After spending the rest of Monday getting my truck fixed I picked a load picking up the next day heading to ND. Good load but, the rates coming out of ND are usually crappy for me. I ended up taking it anyway so I could swing by and see some family on my way.
Revenue for this load
Gross $3252.99
Miles 1456
Totals for the week
Gross revenue $3972.89
Total miles 1766
Fuel $1256.76
Total expenses (this number includes fuel) $2709.60
Take home $1263.29Attached Files:
dukeofearl, scythe08, hal380 and 1 other person Thank this. -
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