Most are scams in lease, purchase programs

Failure rate of L/P around 80%,there is surely something smelly going on.

 

http://www.forbes.com/sites/ericwagner/2013/09/12/five-reasons-8-out-of-10-businesses-fail/

"According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. A whopping 80% crash and burn."

That quote is directly from Forbes. So it appears that lease purchase programs are no worse off than any other startup business in America.

So according to your advice and thoughts no one should ever start a business because 80% of them fail. Is that right?

Where would America be if everyone thought like that? The "well other people failed I shouldn't even try" attitude?

 

Hmmm... truck will be paid off 'n title in hand after the turn of the year. Five-figure reserve account with enough to pay this one off today or buy a used one if necessary. On track for $90k+ NPBT. Ah, yeah. How's it that I'm getting screwed again???

BTW, in a conversation with the former director of my carrier's affiliated leasing company, that 80% non-completion rate for what ever reason (not just financial failure) during a first lease is accurate, the majority occurring during the first year.

 

Not many other business can compare to trucking in that very few must operate with so much up front cost where O/R over 90% are the norm.

 

Start-up restaurants are popular—yet expensive—enterprises. Start-up costs vary enormously from case to case, but often range from the tens of thousands all the way up to millions of dollars. Most prospective owners do not have the total sum of cash available right up front. However, this does not necessarily dash all hope of ever opening your restaurant. Many people take advantage of one or more borrowing options when planning their new restaurant. - See more at: http://www.foodservicewarehouse.com...w-restaurant/c28287.aspx#sthash.LhxV6Zzc.dpuf

 

Owning a truck is no different than any other business. It has upfront cost and day to day cost. The only difference is you normally only have 1 employee to worry about and pay.
People have started this business with $10,000 truck and $0 to their name and made it work. Others have started with a $150,000 truck and $100,000 in the bank and ended up broke. It's all I how you run the business. You gotta have the drive and the want to succeed.

 

How long will your restaurant be open if it cost you 40 or 45 bucks to prepare a $50 meal?

 

"Failing to prepare is preparing to fail..."

John Gruden
Former NFL Head Coach

Gotta do your homework. Learning to drive the truck efficiently is only a small part of it. Becoming a businessman, amassing the capital to start a viable business is another. You still have to do the due diligence to determine if a given opportunity has the potential to be financially successful, as well as determining if the legal structure is to your advantage.