YES I AM ASHAMED TO ADMIT I fell for the ol lease purchase program two times.
The other 2 were contractors 1099 gigs just as bad........
I was in a 06 379,with 533,000 when i got in it.
I was paying 1800.00 per month for tractor,500 insurance, IFTA, an fuel and repairs,tires.
So this time around I lost a lot of money in the year I ran it .
Just the truck was 21600, I started out pulling van hauling recycled paperboard from Hamel MN to Tama Iowa,350 per trip,I should have left there, no one else would pull it only new guys.
But I thought it was a test to see what I would put up with an how dedicated an how good of a worker/driver I was an how committed I was to his company
I stuck the tam /ham run out for 3 month with barley any money,fuel killed me bad,real bad, then I went on to hopper it was ok but then it dried up.
Then I went on flat an I was making money, But then it slowed way up in nov an now i know why, And now he took the truck back.
So what happen is he got in to some stuff to run from MN to PA,then PA to WI,$4500.00 round trip,then a local load when your back in MN.
So I couldn't run this cuz some issues I have an my kids,SO what i thought was this and now it has since been verified by another guy, i know at the same company.
He wanted me gone so he could get the truck back an resell it too another schmuck,and have him run PA. but make it look like i couldn't make it.
So he had the broker choke my loads off to try to make me go under. It did not work,so one Wednesday he said he is pulling the plug on this so I don't go back ward an owe him money.
I believe at this point I would have been able to leave with the truck to another company since I was not behind on any payment.
But i was kind an gave the truck back with no trouble.
We did not have a written lease agreement,he was going to have one made up when i started,but then it never happened and i forgot about it.
we basically had a verbal agreement on this relationship. He gave me 1500 total, back on the plate,and i didn't ask what the rest was for maybe equity.I do not need any lecture about what a dum ### i was trusting him an not getting a contract cuz i know this.He is a small company under 10 trucks an thought he was pretty sincere an straight up trustable.
always telling us he want to see us make it. I had some parts charge at peterbilt, an then when it was so tight i was not getting checks,he told me not to worry about the parts cuz at this point he was talking about getting me in to something cheaper ,and not worry about the parts, well he got the truck back an he said it needed 3000.00 in parts.and then continued to charge me for parts on my checks that i been getting since we parted ways. cuz he was out 4 weeks on pay. so now our agreement is done an he has the truck an still taking money. But any recourse to get some ,all,or more, money back. Also i was pretty screwed from the beginning i see now that I look back. he took 10% for the authority,and 10% for trailer,and the broker took 10% .be nice if you have good advice, if not just read an learn from my mistakes. I don't need anymore ###### on. thanks
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YEAH I FELL FOR IT two TIMES.......
Discussion in 'Lease Purchase Trucking Forum' started by cableclown, Feb 11, 2015.
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You still have a CDL. Life is tough some times...I work for Millis give Alice a call, dont dwell on this you know where you messed up.
Dave GLast edited by a moderator: Feb 12, 2015
cableclown and 123456 Thank this. -
Hopefully that guy that did that to you will have karma pound him into the ground.
cableclown Thanks this. -
We'll find you another job and don't ever lease again. Work for a company and save 10-15% Ina savings acct to finance your own truck next time. It might be 3-5 years from now but it will be worth it. I have 3500 save so far going for 10k to finance my truck thru my credit union and lease on with mercer or landstar as a o/o. Gl though
cableclown Thanks this. -
I have a friend that I met here, who is having a hard time finding work and has considered a lease/purchase, as kind of a last resort. I told him to be really careful with a L/P and this is exactly why.
Chinatown, rocknroll81 and cableclown Thank this. -
[QUOTE="semi" retired;4457491]I have a friend that I met here, who is having a hard time finding work and has considered a lease/purchase, as kind of a last resort. I told him to be really careful with a L/P and this is exactly why.[/QUOTE]Why is your friend having a hard time finding work?
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I try and tell everyone to take care of your CDL, with this new industry, tickets and other things can ruin your ability to find work, A L/P wont help, unless it's from a dealership, then get his own authority and run himself, Companies that have a lease steal, I mean deal, still will put you threw their hiring process, and more than likely wont hire him as well, Best of luck to your friend
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Seems to me if you never signed any type of agreement or contract, he cannot take be taking money out of your check to pay for repairs on his truck.
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