Lease onto a company

Ayub · Sep 2, 2015

I have been a truck driver for about 5 years, my last year being an O/O. I love the business but recently my back gave up on me... I now have 2 herniated disc's. Driving is not possible for me anymore and not everyday I am capable of getting out of the house. I heard of something called "lease onto a company" where I lease my truck to a company who will keep my truck running and take care of the loads and hire drivers on their own as I will receive a weekly or monthly income after all expenses and the company's percentage is paid. I know my income won't be much but as long as I get enough to live a comfortable life I'm okay with that but I would still like to know what kind of income should I be expecting? Is there anyone who can help me with more details about this? Which company's would lease my truck? And how would I go forth with the process? What are the pros and cons? Sorry for the long thread, and yet I know there's much more I should know about so please feel free to help me. I appreciate any advice. Thank you

spyder7723 · Sep 2, 2015

You can less your truck to any company that uses owner operators. However, you must hire the driver. While, with a good diver, and leased to a good company, this will generate some income. Work only one truck, it won't be enough to live on.

flood · Sep 2, 2015

it's your truck so you must find and pay the driver

Long FLD · Sep 2, 2015

It's going to be tough to have much left over after all the expenses. This recently happened to a friend of a friend. He hired a driver for his truck, let my friend and one other guy lease onto him, and he's now dispatching those 3 trucks. Even then it looks like he will only make enough for a modest living.

Ayub · Sep 2, 2015

JasonF said: ↑

The biggest obstacle is there's not a lot of profit margin left over on just a single truck.

The fleet owners I have talked to usually say you don't really start making enough to come off the truck until you have 4-5 trucks (or more, depending on your situation). It'd be a lot harder to grow, though, since you'd be using some of the profits to pay for your personal expenses instead of reinvesting them all into growing the business.

That's why a lot of fleet owners drive one of the trucks themselves, so they can use the driver pay for their truck to pay their personal expenses.

I think it would be a tough road to go down and nearly impossible to grow to a comfortable living starting with one truck, without a lot of money saved up.

If you leased out your truck, it could give you some time to keep the truck and lower what you pay out of pocket for living expenses while you try to let your back heal, though.

I have a free tool that can help you figure out what would be left over: http://www.rigbooks.com/income-estimation-tool

If you plug in what you normally make, what your expenses on the truck are, plus what you'd pay a driver, it will tell you what's left over.

This will at least give you a clear idea of what you've got to work with and see if it is even possible or not.
Click to expand...

Thank you so much for that information Jason, and that free tool really is helpful. I am definitely aiming on getting a second truck after the winter with the money I have saved up now. And hopefully more after that. I know it won't be easy but with my health, I don't have much options and truck driving is all I know. I will keep your advice in mind for when I find the right company to work with. Again, thank you for the great tips.

fivestar · Sep 8, 2015

Also looking for similar information on good percentage pay carriers. Hope some experts chime in here.

PXI Incorporated · Sep 9, 2015

JasonF said: ↑

The biggest obstacle is there's not a lot of profit margin left over on just a single truck.

The fleet owners I have talked to usually say you don't really start making enough to come off the truck until you have 4-5 trucks (or more, depending on your situation). It'd be a lot harder to grow, though, since you'd be using some of the profits to pay for your personal expenses instead of reinvesting them all into growing the business.

That's why a lot of fleet owners drive one of the trucks themselves, so they can use the driver pay for their truck to pay their personal expenses.

I think it would be a tough road to go down and nearly impossible to grow to a comfortable living starting with one truck, without a lot of money saved up.

If you leased out your truck, it could give you some time to keep the truck and lower what you pay out of pocket for living expenses while you try to let your back heal, though.

I have a free tool that can help you figure out what would be left over: http://www.rigbooks.com/income-estimation-tool

If you plug in what you normally make, what your expenses on the truck are, plus what you'd pay a driver, it will tell you what's left over.

This will at least give you a clear idea of what you've got to work with and see if it is even possible or not.
Click to expand...

Thanks for that link! Very useful.

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