Are These Lease-Purchase Programs Actually Just Disguised Debt Traps?

Lease Purchase programs are designed for those who haven't a strong financial backing and/or good credit. People just need to ask themselves 'Why wouldn't the just buy, finance or lease through a financial institution initially '?

I would want to think those who become Owner operators do it for more freedom and control of their work. However, 'Lease Purchase' only puts the expenses on the Owner Operators while the company leasing to the O/o
allows dispatchers, safety etc. To control what and where that truck goes when generating money. Once you upset a dispatcher, the debt trail begins and they eithergive you a weak paying lane or simply tell you "its slow when thing pickup they will call you", but the payments don't stop in the meantime.!!

Some say a Lease Purchase are for those who are to ignorant to see that they are glorified cdl drivers with a overhead expense. When realizing that the trucking business has a lot of deceptive concepts with many being implemented at the same time equivalenting to business it self. Then those same ones can avoid the obstacles inhibiting them from the right angles of succeeding especially in a time that has tariffs which already
exacerbated the magnitude of capacity.

 

For me, it wasn't so bad. While I didn't end up with the truck in the end, I made decent money. The reasons I didn't end up with the truck are here for your reading:

SRT/STAR/LandAir: I leased through TEL. I did excellent at SRT but the loving didn't last forever as David "False Prophet" Parker decided to close it down. I was on a dedicated, guaranteed mileage account hauling mostly hazmat with DOW/XPO. When the "merger" happened, I was rebranded to STAR which was closed to be LandAir. I sometimes went home with a $0.00 check after I was moved to their ECHO Global Logistics board. This is because nothing about how I managed my miles and driving changed and I was sometimes days early for delivery. When it got to the point where I was going home with $300 checks after expenses, I had to leave. TEL wouldn't let me take the truck without giving them $10,000 plus another $2,660 in truck rent. I was trying to transfer to A&A Express whom offered to front me the money, but TEL wouldn't budge. I had to leave behind a brand new Cascadia with barely 250k miles on it. When they went over the departure letter with me, they claimed I owed about $5,200. When I'd gone to A&A and had the money to pay them, they ignored me. Now they've sent that #### to collections.

A&A Express: I'll condense this one. After leaving LandAir, I went here where I was leased a 2017 Volvo 780. This thing cost me well over $50,000 in repairs in the first year. A&A had the freight, so that wasn't an issue. The issue was having a falling out with one of the dispatch. Just follow this link: A&A Express and read to #40.

So all of them aren't bad. For me, it was just finding someone that's good to work with. I've quit driving now but it doesn't me that I don't keep up with what's going on.

 

Some people do offer lease purchase.

 

Prime’s Lease Operators bought their owner this to live in, while they live in their trucks.

 

What did you go on to do after you quit? Did you find a job in a different field?

 

Hail and well met! Before I was a CDL holder, I was a corrections officer for half a decade. I've returned to doing that after the last two jobs I drove truck for turned out to be utter ####. I miss driving, but I don't have the patience anymore to deal with people who want you to feel like they can talk down to you and you're supposed to shut up and drive. My mental nor my pride will put up with it. I can detail it if you like.

 

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