Just looking to learn everything humanly possible to run a successful start up business as a L/P operator. I'm aware of the odds and Im still fully confident and capable of overcoming. To all who don't mind remaining positive, please feel free to share your knowledge. To any and every aspect of successful start up business tips. This thread is here because I have hopes of it being something a newbie could refer to when they decide to make the decision I have. Once again, I am looking for any and all information on becoming a L/P operator. It's my first time doing this and I don't wanna go into it blind. Things like what to look for in the lease agreement, how to take care of taxes,(what should be claimed or filed) , the importance of fuel conservation and what is a good speed to set the cc @ to maximizing fuel conservation? Would IOODA be of any help or assistance to someone who doesn't completely own the truck? Anything among the lines and boundary of these questions would really be appreciated. Once again, I want ask the knowledge I can get, prior to signing on the dotted line. Thanks
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Just Wanna Be Successful... What does it take in the L/P game to win... Lol
Discussion in 'Lease Purchase Trucking Forum' started by BoutMyMoney86, Nov 2, 2014.
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OOIDA will let you fax them the copy of lease or contract to make payments on your truck, they will take the time to point out any (hold harmless clause) an other rip off statements in your lease, if the trucking CO. you are working with wont give out copy of lease before arriving on the bus do not waste any more time with that CO.
Last edited: Nov 2, 2014
Chinatown, BoutMyMoney86, Boss Hoss and 1 other person Thank this. -
jbatmick, browndawg, blairandgretchen and 1 other person Thank this.
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I'm happy to tell you its a bad idea.
I'll pleasantly remind you to save and buy or finance your own truck.
I'll positively remind you the failure rate is high.
And cheerily listen to folks tell me I'm a L/P 'basher'.
However, I have a masters degree in using a calculator, and can show you the money, or lack thereof - in any 'deal'.browndawg, joseph1135 and 6 Speed Thank this. -
The odds of becoming successful with a lease purchase is definitely stacked against you. If you have made up your mind to lease a truck rather than save and buy one, I do have a few suggestions. First, read over any contract very carefully. Make sure the contract provides for you to actually own the truck at some point. Some of these contracts are for a straight lease with no provisions for ownership. OOIDA does have a spreadsheet on their website for lease operators. You can download their spreadsheet and plug in your own numbers. Any lease should list all deductions. I would expect about $900/week before fuel.
Doing a lease purchase will require that you not take time off if you want to make it work. You need to basically live in the truck until it is paid off. I have a friend who did a lease and took a week off a couple of times. It took him several weeks to get back to profitability. Remember, those lease payments and subsequent costs continue whether the truck is moving or not. He had weeks when he did not have any income due to taking time off.
It would also be best for you to have money set aside in case of an emergency. Trucks break down, leased or not. Even new trucks will break down.blairandgretchen, BoutMyMoney86 and joseph1135 Thank this. -
Most LP deals work on paper based on 3000+ miles a week 52 weeks a year. Very few can hold up to that kind of work.
.blairandgretchen Thanks this. -
if you lease to a good company like landstar or mercer, why would you then automatically recommend getting ones own authority?? is that what you have done? -
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Can any of you read?
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I clearly said at the top that I could care less about what your opinion is about whether or not this venture will work for me. One again, please stick to what I have asked for. Your 2 cents on if it's the right move is not needed. Thanks
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