Please stop leasing.

Your EX maybe? I know mine would do it in a heartbeat.
Or a NY minute. Isn't she sweet?

 

But what advantage does renting a truck have over getting traditional financing and purchasing a truck? Why rent a truck and be locked in to one carrier who controls how much money you can make (the pure definition of lease-purchase), when you will not only pay less via traditional financing, but also have the freedom to give the current company the finger at any point (therefore they are incentivized to keep you moving)? Traditional financing also comes with the perk of a monthly payment, so it doesn't matter if you take a week off for vacation or a family emergency, you're not going into default the same week.

The only advantage I can see is it gives somebody with bad credit the opportunity to potentially own a truck in the future on the absolute worst terms possible because they cannot traditionally finance a truck... and I am not sure that could even be considered an advantage.

 

@Another Canadian driver

How about the sky today?
*Looks up.*

 

Still raining hard. Everybody wet and cold.
Miserable moments.
https://www.pexels.com/photo/eye-of-the-storm-image-from-outer-space-71116/

 

One word, opportunity.

Leasing is just that an opportunity to get a taste of what is like to be responsible for everything without having tens of thousands of dollars risked and tied up in equipment and business startup fees. I mean if you really think about it would you rather put nothing down and get handed a truck and trailer or put tens of thousands of your own money down to get your own equipment just to get out there and find out it's not for you. A large chunk of these set ups are overpriced but if you go out there and put in the work they are possible. I definitely would not do it with the goal of running the lease out and buying the truck. I would use it to get money saved up to buy my own equipment and set things up for myself. In fact that is what I have done. I have been leasing for 4 years and have bought two trailers. If everything goes as planned I will purchase a truck within the next two.

 

Agreeed. I did Schneider for about 8 or 9 years and was very sucessful.
Ultimately, your sucess depends largely on YOU........kinda like life.
If you suck at life right now, you will likely suck at a LP.
If you're focused, mature, and driven, you will likey succeed.
Like I said, kinda like life

 

Everyone is right on except for the Unionized part. It's not what people think and most O/O never worked for a Unizonied company before they got into being an O/o don't understand it. 90% of Unionized drivers are 'Kiss #####', most are the worse kinda people who only have tunnel vision expressing their own pretentious beliefs. After being a trucker for 28 years being a driver, O/o for a bit (I was extremely young and things didn't workout because I was still learning) etc. I'm in the processes waiting to obtain my own Authority again (currently waiting for my truck from the factory, cvor, insurance, Mc/UsDot #, Ifta etc.) and can't wait to leave the fakeness and b.s. to much drivers from Unionized companies think they're the #### and they ain't. Managers at these places think they own you even the ones who are 10 or 20 years younger then you the driver. Most think you're replaceable yet they're posting job ads daily begging for drivers to stay. The state of trucking is in problems more then they understand. A Good driver is the key to making or breaking a company regardless of its size and the Bigger ones that seem on top have more little holes ('issues') within. And pension at a unionized company, which 99% of drivers depend on believing is good but how can that be especially when most never learn to save they're quarters oppose spending most of it. Example, one driver retired with a pension of $260k after working for 35 years. After wanting it cashed out but maxed their RRSP account they got taxed so only received $165k. How do you stretch that out for the next 20 years if you live to 85?

 

Stupid is, as stupid does. Has nothing whatsoever to do with the company or the union.
Once again, take responsibility for your own life and you will be much happier.

 

The culture in these unionized companies needs to be revamp.

 

Who says you’re locked into 1 carrier? You have lease purchase like SFI, Wasatch, TEL, etc where you can take the truck to any carrier of your choosing or even run under your own authority. I have a SFI truck I went from Schneider to F2F and I just transferred over to Cloud. You can also take off that’s why they let us put money aside in credit or we can just put money aside in our bank accounts. I’ve taken 1-2 wks off at a time without going in a hole I was smart with my credits. I have a friend I met at SFI we both got our trucks at the same time she currently only works 1-2wks out of a month. A perk of lease purchase most don’t realize is we get to write off our weekly payments on our taxes.