Who has completed a lease purchase and fully owns truck with title?

Well people that I actually know One guy showed me a few of hie pay stubs and not one was over $200 one had a you owe us and another $10 and some change and he tole me if I wanted the truck I can take over the payments it was sitting out at the truckstop. Another one left one company after one year and still owes them $11K and what did he do went to another company to make their truck payments but he si doing better he is making about $300 a week after expenses. Know one guy that turned his truck in and now making 4 times as much driving a company truck with the same company. Know a guy that lost his house and family. All I actually seen was disaster stories Now I do know a guy that started out in an older company truck and after about a year into the lease up graded to a new one havent talked to him lately so dont know how he is doing. These companies dont do lease/purchase to help you become O/O the do it to make money most of them have no intention of you ever owning the truck. Back when this lease/purchase started these companies was making a killing off it then the federal government caught on and told them that they could only resale the truck once so now some of them have come up with ways around it. If you want to own a truck the best way to do it is finance it. work for a company for a while learning the business save you money even if it means doing without some of the luxuries. You dot need to waste money on big radios stop spending a lot of money in truck stops. If you cant manage and save money as a company driver there is no way you will make it as an O/O.

P.S. Walmarts or Food Lion...1 loaf of bread $2.19 1lb cheese $3.99 1lb bologna $2.99 small jar mayo$2.49 28 pack of bottled water $4.69 and you can figure out the rest

 

It is a little hard to understand some of your post. There is a spell check that might help make your post easier to understand.

I have not heard anything about the government preventing any carrier from leasing a truck that a driver turned in. The carrier has a right to get their money back or a return on their investment. I am not condoning leasing, but if that is the direction a company takes, then they have a right to get their money back. I don't see how the government can dictate how many times they can lease a truck. I would expect that they can lease it as many times as they want.

 

it would be nice if the governement did something about it though.

i'm sure the irs is losing billions cuz the leasers didn't make any money to claim taxes on.

 

This is funny lol. Yeah when you're getting negative paychecks, doesn't the IRS owe you money???

To answer the other poster, I had 20 months remaining on my lease, I came up with the cash to pay those payments, plus the residual balloon payment, plus the sales tax so I have done did completed my lease and now own the truck-- just fast forwarded the whole process with one big check.

 

Actually no you didn't complete the lease. If you completed the lease that means you paid every payment for the entire length of the lease. What you did is pay the lease off early before they had the chance to screw you out of the money you paid on the lease because they don't expect someone to have the money to pay it off.

 

I am in a lease and I have taken home $22783 since I started there on 3/17 and I have taken quite a bit of timeoff also. There are a few places that have leases where they really are not that bad. Well at least one place anyways. American Central Transport.

 

Well I cant find it right now but I read it some years ago. I has to do with back when lease/purchase started a few companies was doubling and tripling their investment on trucks. I don't remember all the details but it forced companies to change the way they ran their Lease/Purchase program

 

I had a guy from Prime tell me once that they leased the same truck 3 times before someone completed their lease. I don't see how the government would have any authority to prevent a company from leasing a truck to another driver if one defaulted on the lease. It would be no different than a leasing company leasing a truck after someone defaulted on their lease.

 

I have said this before and will say it again.

Most of the people that do leases could not make it in this business with a paid for truck and money in the bank. If I handed them a truck, told them they had $20k in reserves to be paid back when profitable I would end-up loosing 20 grand and have a beaten up truck.

Based on zero down, poor credit, no reserves and no trucking exprience they are getting a better deal on the lease than they could ever hope for.

These people are idiots not because the company is scamming them. But just plain idiots for entering into a business arrangement that they do not have a clue about.

I did a lease for many years. Not because I thought I would own the truck at the end of the day. But because if I worked hard, ran it as a business I could make more than being a company driver. And I did. A LOT MORE.

The details on every lease program I have looked are based on the person running it as a business and having to work hard. Excessive time off, late to pu/delv, running with the foot to the floor, bad attitude towards people you work with - the list of things these half-wits do to make the business fail is endless.

Can't count the number of lease drivers over the years I have talked to that are complaining about loosing everything and I ask "what is your break even point?" And only a few could tell me anything. Got a lot of blank stares.

They can tell you how small the check is. Or how much they are in the hole. But can't tell you that they have to run X miles at X mpg before they start to make money.

Or what their fixed expenses and variable expenses are.

And sure, these companies allow someone who can't add 13+ 12 in their head to sign a complicated lease agreement.

And as far as cheating people.

OOIDA is all over these deals. They would love to find another company that they could go after. But the most they could find is a minor detail in a contract based on how a business entity is established. And even then they only won on a few of their points.

 

i agree with most of the post , from what i have seen around here you cant make money trying to lease thru one of these companies they ask outragous payments in my opinion (but you know what they say about opinions) like one of the guys said 400.00 a week i believe it was thats 1600.00 a month for a four week mont and 2000.00 for a five week month . me personally i wouldnt do it . the truck im trying to get is only gonna be 318.00 a month and then give him his little extra it will be around 10000.00 when im done and the truck is in excellent shape , and its a small condo . it will take me about two and a half years to pay for it if i make the minimum payment but i can afford it , and save about 1300.00 a month according to the other guy. It might be older than three to five years which is when most companies swap out trucks but it is still a truck . its like a early 2000 model international , but it is a truck . the point is it might not be what you want but you can get a hold of trucks in excellent shape for a lot less just take your time and look around.