Okay, so I bought a used truck from Crete Carrier.

Biggest mistake I see drivers making is that they use accounting services of the companies that they are leased to. These people have to serve two masters. First being the ones that can fire them and second being the driver. These book keepers are not going to be as willing to discuss items that fall outside the box. And often will recommend that you talk to someone else. Gee, isn't that way I am paying you?

In the first couple of years you should look at trucking CPA's or a book keeper the way you look at your insurance agent. Shop them every year to make sure that you are getting all the best information.

 

Confused? Considering in the previous post that began my request for validation you wrote, " You have a lease completion rate of around 20% compared to the industry at 11%." Now you write the completion rate is 60-80%. So yes I am confused.

I'm sure any information you can provide to substantiate your % rates will help clear up my confusion.

 

Crete won't take a truck that is older than 5 years old to start out either, so your friend better look for a newer one.

 

Just hope they didn't slug you to much for the purchase in some cases you can claim the interest payments off as a tax deduction your accountant could give you some better advice

 

I hope they would take him. We are talking about a truck they would be selling him.

 

Yeah, can see how that is confussing. The 20% rate is based on completions THAT year compared to how many they have in the program. For some reason they look at it this way compared to what the normal person would look at. So if you have a 1000 trucks all with 3-year terms that have been financed in 2008,2009 and 2010. In 2010, 200 of these trucks completed the terms then you have 20%.

I think the industry does it this way to boost the numbers for the CRE type programs. Remember, this is a group that is in no way driver friendly. It is all about the carrier.

I completed my taxes last night at about 11 and had to roll at 5 this morning. Will pull my booklet from the show when I get home and figure out how to post a document here.

It was in the forward to a presentation by some guy from Crete with wierd spelling name with like mm or nn at the end. Presentation on L/P programs and how they are changing the industry.

 

Tonn Ostergard. Word is that his name was supposed to be Tom, but his dad was too hammered to spell it right. Tonn's qualification to be CEO of a large trucking company? He's banging the owner's daughter. This guy is so far out of touch with this industry and what goes on out on the road. It's all about numbers to him.

He has been overheard on several occasions saying that drivers are a dime a dozen. And he runs the company with that in mind. If it will save $$$, screw the driver.

Unfortunately, this is all too common in trucking. A smart man builds up a company and looks out for his drivers, then a 7 day wonder son or son in law takes it over and can't resist the urge to fix what ain't broken.

 

Well, in the 17+ years I've been in the industry, 'we' use to refer to a lease-purchase for deals like Prime or England where you 'lease' a truck, and/or have an option to buy once you complete your lease with them and could walk away without harming your credit, if you walk away from a financing deal like Crete has, it goes on your credit just the same as if you bought it through any other financing company...I guess the new-age trucking industry considers any financing deal with anyone(including Volvo finance, Freightliner, Paccar finance) a Lease-Purchase...because like I said, even when I bought my 2nd truck through Freightliner, there were conditions for being 'leased on' to a company, or else show proof of having my own authority before they would approve financing...they didn't have any specific company, but I had to show proof that I had the deal set with someone to pull for pending BEFORE they would process the purchase.

 

Any bank is going to require that you be leased to a company or have authority before they will finance you. But they are not going to tell you who you must lease to. When you bought through Freightliner, you could lease anywhere you wanted. And they didn't tell you that you had to govern your truck. I think Bill's point is that Crete has basically tweaked the lease/purchase setup (barely) to try and paint it as something else. But for the most part, he's right. If you can't tell your carrier adios and take your truck elsewhere, it's a lease/purchase.