Swift Transportation and their Lease Purchase Plan

Discussion in 'Report A BAD Trucking Company Here' started by jakebrake58, Jan 20, 2011.

  1. Guitar Man

    Guitar Man Medium Load Member

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    :biggrin_255::biggrin_255::biggrin_255: Too Funny!!
     
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  3. HEAVY DUDE

    HEAVY DUDE Road Train Member

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    Your calculator and mine don't agree. Using your numbers~I'll pay $120,551.01 and have the title. You will lease and pay $ 109,200 and have a residual of $49,000. If you buy it and get 11% (thats possible with a 780 FICO score) for 48 months you'll pay $60,788.67 then you get the title. You will have paid $169,988.67.We both own a 8 year old truck but, the difference is you spent $49,437.66 more than I did. Still a good deal?
     
  4. Injun

    Injun Road Train Member

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    HeavyDude: you are assuming I will finance a 4-year note for the entire balloon payment. Only a complete fool would do that. In 4 years leasing that truck, it is more than possible to save enough mney to either pay it outright or make a 50% down payment and then get your title after a 12-month note, making the same weekly payment you already have been...assuming 10% apr for simplicity sake.
     
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  5. HEAVY DUDE

    HEAVY DUDE Road Train Member

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    If you saved $49,000 and payed cash and got the title, your still paying $158,200. So in the end you still pay $37,648.99 more. I understand why folks lease, mostly because of credit issues, and if thats what it takes go for it. Its a costly way to drive a truck but, if folks save their money, improve their credit score then buy a truck, it may well be worth the extra cost. I leased a truck years ago and it was a financial mistake~that did get me in a better situation to buy a new truck when the lease was over.
     
  6. Injun

    Injun Road Train Member

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    Let's not forget, too, if I were to buy your 4-year-old truck for $60K, you would be getting $60K cash in your hand, but the bulk of that $60K would be financed...likely on a 48-month note for 11%.

    It's business. None of us are in this because we're running a charity. That was the point I was making.
     
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  7. 3rdGen

    3rdGen Bobtail Member

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    Shame on anybody that stays with these companies that have contributed to the fall of the rates. The only way to show them is to say no! But there seems to be those that will always be willing to haul for peanuts! Making it possible for these companies to ruin what was once a very well paying industry. I am not pointing fingers...alot of people do not know that it is posiible to make more doing what you do for a living and they become complacent. But there comes a time when you should ask am I part of the problem or the solution. after all if they profit a penny a mile at 17,000 trucks on the road well......you do the math, but don't be upset that you are looked at with a frown on the road as you are passed. What about the every ninety day DOT inspections at $27 dollars a o/o truck. Agian do the math, then ask yourself do they require the same on their trucks.
     
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  8. Boardhauler

    Boardhauler Road Train Member

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    You would be paying about twice its actual value. Used Wal Mart IH 9400's are selling everywhere for well under 30K
     
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  9. drvrtech77

    drvrtech77 Road Train Member

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    Your profile says you are a rookie driver/student. Whether you are or not I would think that a bank would want some exp in this business before they start loaning $$ for trucks. Plus u need a business plan so the bank knows what you are doing with that trk/trl.
     
  10. HEAVY DUDE

    HEAVY DUDE Road Train Member

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    Your talking to whom?
     
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  11. PainNdaNeck

    PainNdaNeck Light Load Member

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    My thoughts to....if you dont qoute it the person you didnt quote won't learn nothin
     
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