Prime's lease deal. The math gets done.

Rearranging a bit...

I freakin' hope so. Because I don't want to get myself into a little company-sponsored financial disaster like the former Arrow...

As I said... escrow accounts will be used to settle outstanding commitments, and to complete necessary repairs. I'm under no illusions here - if you break a lease, you're not necessarily going to get any of that. If you complete a lease, it goes toward the same things - but you will get any surplus, and if you've been careful with the equipment you're going to get a payout. That is zero sum. Federal law prescribes the way escrow accounts must be administered - so there is no LEGAL way for any trucking company to profit from a broken lease. OOIDA has taken everyone to court over this, and Prime's books came out clean. I see that as at least a neutral recommendation in this.

Since settlements are paid weekly, I fail to see how they're going to keep more than 1, unless your timing really sucks.

But at least with Prime, they're not out-and-out ripping contractors off like say CRE is reputed to do on a regular basis. Come on man... there's got to be some reality in these rants - you guys consistantly tear-down every business opportunity that is presented in trucking without really knowing if the deal is legitimate, on the basis that if one company is a rip-off then every company must be a rip-off. That's bogus and you know it. I've spent a long time looking at this, and I'm satisified that if one manages their affairs well this can work - in this case at this company. I didn't walk into this blind, and I certainly gave it enought internal research to know if people actually came out at the other end with a postive ballance. It won't work for everyone, especially someone whose bills exceed what you can reasonably expect to make from leasing - and especially a lead-footed company driver with no concept of how to figure out if he's getting ahead or drowning in debt.

Herds? I really don't think that's a valid choice of wording. With over 5,000 drivers, there's going to be some turnover - and they've been expanding the fleet over the last year. I agree... they're going to try to turn around trucks as quickly as possible. It would be stupid for them to not to.

A brand-new Cascadia is more like $120k these days, and banks aren't loaning money. Nor am I buying the dang thing. Its a cost of doing business...

Gross Revenue - Costs = Profit before Taxes

I don't disagree with that either - but I dislike the thought of jumping in the deep-end chained to a truck payment in the current economic environment. Going out and plunking down $20 or $30,000 on a used truck with no firm source of revenue is just plain stupid. Good way to loose your shorts - even if you could get a loan. Maybe 5 years ago, someone with my level of experience could pull that off financially with zero down, but folks aren't waving fists-full of money around any longer.

As far as "success rate" is concerned, I don't recall that Prime is as bad as many others are. There are going to be folks that fail at trucking no matter what kind of head-start you give them - and there are plenty who plunk their cash down for their own equipment who loose every last bit of it, as well as lease operators who can't figure out whether they're actually making money or not. Heck, there's company drivers who can't manage to get a block from the terminal without getting lost. Its my impression - from the inside of the company - that yes, they are interested in your success. Unlike many trucking companies, the people intimately tied to your success are paid based on that success. If I don't make money - my FM and the load planners don't get the commission side of their paycheck - works the same way for everyone in the management chain; that is different than most trucking companies. So it behooves everyone in the management chain financially to make sure that the operators make money.

So when I win the lottery, I'll consider buying the truck. Until then, its somewhat in the future for me - and for me this is just one step to that future. As I've said elsewhere... so far I'm doing just fine. Thanks for your concern. I've also stated on many occasions this isn't for everyone, it involves risk, and as such has the potential for reward.

 

Just because u buy a truck does not mean you are on your own

Most finance companies require knowing where the truck will work

Unless you have your own authority which at that point of course u will need to provide finacials and a solid business plan

But buying a truck does not put you out against tge world

 

Are they the real deal? I am still waiting for someone to post the numbers.

 

Where did you get that?

 

Those rates in that pic are so far from the truth!

 

Last year's advert. I think they're a bit low.

You want numbers? Here's some...

0123456789

There ya go!

 

when u can buy, buy, other wise be company driver. When u lease is alway paying twice the amount or more.

 

http://primeinc.com/

if you read the big blue dot; the new prices are...

Tanker = $1.15 per mile
Flatbed/Refer = $1.02 per mile

 

Not the same thing frosty... what you have here are the contractually guaranteed minimum linehaul rates. Alleycatt is beefing about what the maximums are - what he posted were the average rates paid a couple of years back.

 

http://www.truthabouttrucking.com/trucking.company.lease.purchase.programs/index.html