Want to avoid getting burned by a lease-purchase agreement?

I remade my post, i dunno why it did that.

Ive not seen anywhere where anyone has recently stated that a L/p was a better option where they can and will make more money than traditional financing, or an outright purchase. The one I am in is a third party lease, 100% no fee walk away, $1 buyout at the end, an option to purchase early without penalty, I can haul the company freight or book my own from a list of over 80 brokers (landstar, TQL, CH Robinson, Coyote, Mercer, just to name a few) and that list gets bigger every week. I can add anything I wont to the truck so long as I do not drill holes, or weld. I can service the truck wherever I want, on whatever schedule I want. The maintenance funds that I have are set aside but any repairs that are done, are used from that account, I can also take the truck to whatever companies I want that the lease company has an agreement with 38 at this point.

Yeah its a bit more costly, its a 0 down lease. Its gonna cost more because the leasing company is assuming more risk. I can get the money if I want to buy a used truck outright. All I gotta do is tell my father in law and he will give me $60k from my wife's inheritance. Id rather do it my own way and if I can complete it or even go a year or two in the black, then I will consider going that route. At this point, id much rather do it this way. At lease this way if the truck goes down, its under a warranty, and I dont have to worry bout the seller lying to me about how he took great care of the truck, and changed the oil every 20k miles. and made sure every little issue was fixed. At least this way I know what the service history is and know whats going on with it.

In the end, failure isnt an option for me, I have to make this work. Its the only income I have. Yeah I could go back to being a company driver. Ive gotten several offers. One paying really well at 35% of every load. In this set up, its all on me on how I do. If i cant make it, its all my fault.

 

A lease purchase is a lease purchase regardless who its through. My carrier has its own freight contracts, but I also have the option to book my own freight off the spot market. Yeah rates are harsh, but im hardly at $1 a mile.

 

Hey Gunner, every lease purchase is stupid. There are thousands of drivers that have been duped into signing on to agreements that rape them. They're all just utterly stupid. !Trucking companies --- all they do is piss off the folks they contract with. It makes them tons of money. C'mon! Truckers are stupid, and companies are evil.

LOL.

 

Gunner, let's be clear. I never said all l/p are stupid. My first comment that got all this attention a page or two back was that they are never better than traditional financing.
If it's working for you, that's awesome. my comment wasn't directed to someone like you doing a third party lease purchase. That sounds an awful lot like loan mountain. I use them as an example of third party leading, probably cause they are the most well known, or were until quality leasing came into the picture. and even that isn't as good of terms as traditional lending, but it's a hell of a lot better than any carrier in house l/p I've heard of.

I applaud you for that stubborn failure isn't an option attitude. It will serve you well. It certainly has for me.

 

I went through Quality and am with Eagle. If things dont go go with Eagle. I have other options I can take the truck too. Assuming I dont go into the red. I looked into loan mountain, even spoken with a couple of close friends who have tried their program. Yeah it works great, but both my buddies got screwed because despite taking their trucks to a Rush truck center and having them looked over, both of them had catastrophic failures with their engines. One had his engine grenade on his used 379, and the other had a runnaway on his used volvo. Both were set up (financially) prior to getting into it and were able to get new engines. but still the downtime made things hard.

 

I'm heading there next week

 

To eagle? Good luck, it's a tough road. Lots of things i thought i knew, i realized i didn't. My first settlement comes tomorrow, going over it, ive realized that i can't drive like i used to.

 

I'm having very cold feet as of today. Really really cold feet.

 

I did as well, all the way up and even after i got in my truck, it's a tough decision.